Here is some tentative evidence that the credit curve may have moderated slightly in the last month or so. According to the British Bankers Association, the Sterling LIBOR yield curve has fallen slightly. The moderation is most marked at the 12 month section of the curve. The 12-month LIBOR rate has fallen some 27 basis points.
Has this drop in LIBOR rates convinced the banks to start lending to each other? To find out, we will need to wait until the Bank of England publishes interbank lending data.