Leaseurope's data shows that new leasing production for vehicles fell by 24.4% in last year.

Piero Biagi (BCC Lease, Italy), chair of Leaseurope's Statistics & Marketing Committee, said that 'leasing, like many other European businesses, has been severely affected by the crisis. In terms of new production, we have returned to the level of business that was granted in Europe seven or eight years ago.'

Leaseurope chairman, Prof Rüdiger von Fölkersamb (Deutsche Leasing, Germany), commented that 'the lack of investment by European businesses in 2009 has led to a significant downturn in the leasing market'.

He added: 'Looking forward, investment levels are expected to be somewhat less negative in 2010; however, it could be 2011 before we see some real improvement in business investment and, consequently, the European leasing market. Stimulating demand from businesses to increase capital expenditure is vital if the European economy is to experience more than a tentative recovery in 2010 and will be necessary if leasing is to continue to fulfil its investment enabling role.'