Bank lending survey 2009 Q1

The results of the bank lending survey indicate that the credit standards for loans to enterprises and households remained broadly tightening during the first quarter of 2009. The most important driving forces behind this net tightening continued to be the same as in the previous surveys: the actual and expected economic activity, the sector or firm-specific problems and households financial situation. In contrast to the previous survey, the net tightening of credit standards was higher for enterprises than for households. Thus, the net balance (the net percentage of banks reporting a net easing of credit standards) of credit standards change is -66% for enterprises and -44% for households. As regards the terms and conditions for granting loans to enterprises, they continue to be more tightened for large enterprises than small and medium enterprises and for loans granted for long term investments than for working capital. Credit standards for loans to households tightened further in the first quarter of 2009, with the net tightening for consumer credit reaching a similar level to that of lending for house purchase.