Bank lending to the private sector declined in the Eurozone during the third quarter, despite indications that the 16-member community achieved growth during the period.While the latest European Central Bank (ECB) data showed a 0.3 per cent contraction in total private lending - the first ever recorded - the same poll suggested the Eurozone economy may have now turned a corner.However, the Financial Times reports the private lending figures are likely to strengthen the case for the ECB to maintain its "ultra-loose" monetary policy."A lack of credit growth could certainly undermine the pace of recovery,” said Colin Ellis, European economist at Daiwa Securities SMBC Europe, speaking to the paper.Further data from the latest ECB poll also pointed to a recovery in bank lending to the private sector in the final quarter of the year, with a strong demand for mortgage funding expected to drive growth in net lending figures.