Figures also show that 70% of respondents feel that oil prices will peak at around $180 a barrel, falling short of the recently predicted $200 a barrel.
Leslie Holstrom, EuroFinance, commented: "These and other figures show that the malaise affecting the banking sector is showing signs of spreading to the wider economy. However additional data from the survey shows that over 65% of European corporates believe that M&A activity over the next 12 months will increase."
"Almost half of the European corporates have seen the credit crunch as an opportunity to buy strategic assets." Ms Holstrom continued:
"Fromthis data it's clear that the European corporate sector sees 2009 as a year in which banks may still be feeling the fallout from the credit crunch but one in which the European corporate sector will start to recover. Indeed nearly 76% believe that there is more bad news to come from the banks in 2009 and nearly 82% believe that banks'
reputation has been materially damaged by the credit crunch."
The quarterly survey will be updated in September, ahead of EuroFinance's flagship international Treasury Management conference which attracts over 2,000 finance executives.