Half of US banks that compete with European rivals said they have increased lending due to a drop in competition, according to a new Federal Reserve survey.

The Federal Reserve said on Monday that it had surveyed opinion on lending to, and competition from, banks headquartered in Europe. The July Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply and demand for bank loans to businesses and households over the past three months. It was based on responses from 64 domestic banks, and 23 US branches and agencies of foreign banks.