Overview
As part of our mission to maintain monetary and financial stability, we need to understand trends and developments in credit conditions. This quarterly survey of bank and building society lenders is an input to this work. The survey covers:
- secured and unsecured lending to households; and
- lending to non-financial corporations, small businesses, and to non-bank financial firms.
This report presents the results of the 2022 Q4 survey. It was conducted between 21 November and 9 December 2022. Any impact from more recent developments will therefore not be captured.
Lenders were asked to report changes in the three months to end-November 2022 (Q4), relative to the period between June and August (Q3), and expected changes in the three months to end-February 2023 (Q1), relative to the period between September and November.
The results are based on lenders’ own responses to the survey, and are reported as net percentage balances. The results do not necessarily reflect our views on credit conditions. You can read a full guide to interpreting the survey and copies of the questionnaires at the end of this page.
You can also read more background information on the survey in the 2007 Q3 Quarterly Bulletin article ‘The Bank of England Credit Conditions Survey’.
The 2023 Q1 Credit Conditions Survey will be published on 13 April 2023.
Supply
- Lenders reported that the availability of secured credit to households decreased in the three months to end-November 2022 (Q4). Lenders expected the availability of secured credit to decrease further over the next three months to end-February 2023 (Q1) (Chart 1).
- Lenders reported that the availability of unsecured credit to households decreased in Q4 and was expected to decrease further in Q1 (Chart 2).
- Lenders reported that the overall availability of credit to the corporate sector was unchanged in Q4. Within this, the availability of credit to small and large businesses remained unchanged in Q4, but decreased for medium-sized firms. Overall, corporate availability was expected to slightly decrease in Q1.
Footnotes
- (a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question. The blue bars show the responses over the previous three months. The orange diamond shows the expectation over the next three months. Expectations data can be used as an indicator of the potential direction and magnitude of the change expected in the next quarter, but should not be treated as a realised outturn. Previous expectations balances are available in full in the annex.
- (b) Question: ‘How has the availability of secured credit provided to households changed?’.
- (c) A positive balance indicates an increase in credit availability.
Demand
- Lenders reported that demand for secured lending for house purchase decreased in Q4, and was expected to decrease further in Q1. Demand for secured lending for remortgaging decreased in Q4, but was expected to increase slightly in Q1 (Chart 3).
- Lenders reported that overall demand for unsecured lending decreased in Q4, and was expected to decrease slightly in Q1. Within the overall figure, demand for both credit card lending and other unsecured lending decreased in Q4. Demand for other unsecured lending was expected to decrease in Q1, while demand for credit card lending was expected to decrease slightly (Chart 4).
- Lenders reported that demand for corporate lending from small and medium-sized businesses decreased in Q4, while demand from large firms was unchanged (Chart 5). Demand for corporate lending in Q1 was expected to be unchanged for small businesses, but was expected to decrease for medium-sized and large businesses.
Loan pricing
- Lenders reported that overall spreads on secured lending to households – relative to Bank Rate or the appropriate swap rate – widened in Q4, and were expected to widen slightly further in Q1.
- Lenders reported that overall unsecured lending spreads narrowed in Q4, and were expected to be unchanged in Q1. Lenders also reported that the length of interest-free periods on credit cards for both balance transfers and purchases decreased in Q4, and were expected to decrease further in Q1.
- Lenders reported that spreads on corporate lending to small and large businesses widened in Q4, but remained unchanged for medium-sized businesses. Spreads on lending to small and medium-sized businesses were expected to be unchanged over the next three months, while for large firms they were expected to widen.
Defaults
- The net percentage balance for changes in default rates on secured loans to households was unchanged in Q4, and was expected to increase in Q1. The net percentage balance for changes in losses given default on secured loans was unchanged in Q4, and was expected to increase in Q1.
- The net percentage balance for changes in default rates for total unsecured lending increased in Q4, and was expected to increase in Q1.
- The net percentage balance for changes in default rates on loans to corporates increased for small businesses, slightly increased for medium businesses, and was unchanged for large businesses in Q4. These were expected to increase for businesses of all sizes in Q1 (Chart 6).
How to interpret this survey
This report presents the results of the 2022 Q4 survey. It was conducted between 21 November and 9 December 2022. The results are based on lenders’ own responses to the survey. They do not necessarily reflect our views on credit conditions. To calculate aggregate results, each lender is assigned a score based on their response. Lenders who report that credit conditions have changed ‘a lot’ are assigned twice the score of those who report that conditions have changed ‘a little’. These scores are then weighted by lenders’ market shares. The results are analysed by calculating ‘net percentage balances’. The net percentage balances are scaled to lie between (+/-)100.
In this report, changes in balances are described as an ‘increase’ if greater than 10 in absolute terms, as ‘slight’ if between 5 and 10 and as ‘unchanged’ if less than 5.
Annexes
To calculate aggregate results, each lender is assigned a score based on their response. Lenders who report that credit conditions have changed ‘a lot’ are assigned twice the score of those who report that conditions have changed ‘a little’. These scores are then weighted by lenders’ market shares. The results are analysed by calculating ‘net percentage balances’ – the difference between the weighted balance of lenders reporting that, for example, demand was higher/lower or terms and conditions were tighter/looser. The net percentage balances are scaled to lie between ±100. This annex reports the net percentage balance of respondents for each question in the secured lending questionnaire.
Positive balances indicate that lenders, on balance, reported/expected demand/credit availability/defaults to be higher than over the previous/current three-month period, or that the terms and conditions on which credit was provided became cheaper or looser respectively.
Where the survey balances are discussed, descriptions of an ‘increase’ refer to a net percentage balance greater than 10 in absolute terms, and a ‘slight’ change refers to a net percentage balance of between 5 and 10 in absolute terms. Survey balances between 0 and 5 in absolute terms are described as unchanged. (The 2019 Q2 and earlier reports also described changes greater than 20 in absolute terms as ‘significant’).
The first Credit Conditions Survey was conducted in 2007 Q2 and additional questions have been included since 2007 Q4. A full set of results is available in Excel file at the end of this page.
Net percentage balances (a)
2021
2022
Q3
Q4
Q1
Q2
Q3
Q4
How has the availability of secured credit provided to households changed?
Past three months
15.3
23.1
-2.7
-22.0
-13.3
-33.6
Next three months
18.3
15.1
-22.3
-5.1
-40.9
-24.1
Factors contributing to changes in credit availability: (b)
changing economic outlook
Past three months
30.4
20.2
-18.0
-34.5
-14.3
-44.8
Next three months
24.2
13.3
-19.3
-37.6
-28.0
-55.1
market share objectives
Past three months
6.8
5.9
6.1
2.6
12.6
2.8
Next three months
0.0
0.3
-5.0
3.5
6.8
-1.3
changing appetite for risk
Past three months
7.8
13.9
5.6
-5.3
5.2
-15.1
Next three months
14.6
18.9
-7.4
-9.2
-11.0
-27.6
tight wholesale funding conditions
Past three months
-1.7
0.0
2.4
-7.7
-8.4
-35.8
Next three months
0.0
-1.7
-8.0
-1.8
-8.4
4.3
expectations for house prices
Past three months
16.7
23.0
11.7
-0.1
1.7
-15.4
Next three months
10.8
6.4
-0.6
-9.1
-27.2
-42.3
How has the availability of household secured credit to the following types of borrower changed?
Borrowers with low loan to value ratios (75% or less)
Past three months
0.7
19.5
4.4
-4.4
-14.9
-30.7
Next three months
11.8
4.6
-17.2
-5.0
-39.3
-24.9
Borrowers with high loan to value ratios (more than 75%)
Past three months
23.2
23.5
14.0
-4.0
-12.3
-45.4
Next three months
19.3
24.7
-5.8
-5.9
-44.1
-37.3
Have you become more willing to lend to borrowers with housing equity less than 10% of the value of their home?
Past three months
23.9
19.8
9.6
0.9
0.8
-16.5
Next three months
14.2
30.7
10.8
-0.9
-1.5
-31.1
How have credit scoring criteria for granting loan applications by households changed?
Past three months
-0.6
27.3
7.4
4.9
-11.5
-32.4
Next three months
28.2
12.5
14.0
3.9
-25.1
-24.7
How has the proportion of household loan applications being approved changed?
Past three months
-5.6
12.5
12.5
-5.3
-5.8
-26.0
Next three months
24.9
-6.2
2.4
0.3
-12.3
-17.1
How has the average credit quality of new secured lending to households changed?
Past three months
6.7
11.9
-2.6
-0.8
-13.6
-18.9
Next three months
-6.4
6.7
0.3
-4.2
-0.5
0.4
How has the default rate on secured loans to households changed?
Past three months
-37.1
-11.1
-21.9
-7.6
7.0
-1.4
Next three months
20.9
13.9
18.0
37.0
29.1
44.3
How have losses given default on secured loans to households changed?
Past three months
-23.3
-8.7
-31.7
-25.1
-0.1
3.1
Next three months
-8.1
-3.8
-1.2
0.6
-2.3
24.6
How has demand for secured lending for house purchase from households changed?
Past three months
-35.3
-34.8
6.0
30.4
-36.5
-75.4
Next three months
-35.0
-28.7
17.3
-41.9
-37.2
-14.5
of which: demand for prime lending
Past three months
-35.3
-34.2
3.6
28.8
-36.5
-67.7
Next three months
-36.7
-28.7
11.8
-41.9
-37.2
-14.5
of which: demand for buy-to-let lending
Past three months
-9.1
26.9
11.3
5.9
8.0
-62.5
Next three months
8.0
-13.4
18.9
-26.7
-16.1
1.9
How has demand for secured lending for remortgaging from households changed?
Past three months
34.5
70.4
14.9
-6.3
10.5
-17.4
Next three months
31.7
-7.2
11.1
4.4
23.0
5.6
How have overall secured lending spreads changed?
Past three months
75.2
87.9
88.3
9.6
-7.6
-19.0
Next three months
56.1
2.1
0.0
-24.1
-9.1
-8.4
of which: spreads on prime lending
Past three months
75.2
93.8
88.3
7.9
3.4
-44.5
Next three months
56.1
3.7
1.6
-24.1
-9.1
12.0
of which: spreads on buy-to-let lending
Past three months
58.4
79.4
90.1
17.8
5.9
-15.9
Next three months
54.3
18.0
1.7
-24.1
-15.2
7.4
How have fees on secured lending changed?
Past three months
17.6
3.2
3.3
-1.6
-12.2
0.0
Next three months
7.3
7.4
0.0
0.0
-7.8
0.0
How have maximum loan to value ratios changed?
Past three months
9.0
5.2
-5.3
1.6
0.0
2.7
Next three months
2.9
2.0
0.0
1.6
-8.2
-26.4
How have maximum loan to income ratios changed?
Past three months
7.1
19.5
7.8
1.6
-1.5
-0.9
Next three months
24.2
22.9
0.0
1.6
1.0
-1.8
Footnotes
- (a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question by their market shares. Positive balances indicate that lenders, on balance, reported/expected demand/credit availability/defaults to be higher than over the previous/current three-month period, or that the terms and conditions on which credit was provided became cheaper or looser respectively.
- (b) A positive balance indicates that the changes in the factors described have served to increase credit availability.
The methodology for calculating, and interpretation of the aggregate results are as described in Annex 1. A full set of results is available in Excel file at the end of this page.
Net percentage balances (a)
2021
2022
Q3
Q4
Q1
Q2
Q3
Q4
How has the availability of unsecured credit provided to households changed?
Past three months
41.3
44.7
31.1
6.3
-8.2
-36.2
Next three months
49.6
21.2
29.7
-30.2
-17.2
-50.2
Factors contributing to changes in credit availability: (b)
changing economic outlook
Past three months
35.1
39.5
24.6
0.7
-16.6
-19.0
Next three months
44.4
20.2
14.3
-7.0
-14.3
-37.6
market share objectives
Past three months
19.6
23.7
24.3
8.5
-0.4
-0.4
Next three months
32.2
22.4
26.8
2.1
0.8
-0.4
changing appetite for risk
Past three months
8.3
11.8
5.2
0.2
-1.5
-3.8
Next three months
11.8
4.4
9.6
-3.3
-1.3
-12.8
changing cost/availability of funds
Past three months
0.5
-0.4
7.8
-12.5
-17.0
-16.3
Next three months
0.0
-0.3
6.7
-12.1
-21.6
0.6
How have credit scoring criteria for granting credit card loan applications by households changed?
Past three months
32.6
37.6
15.3
12.4
-5.2
-20.9
Next three months
29.3
36.5
17.7
-4.6
-7.3
-34.2
How have credit scoring criteria for granting other unsecured loan applications by households changed?
Past three months
23.5
36.9
22.6
10.9
-21.9
-22.3
Next three months
30.1
21.6
9.8
-22.0
-15.4
-27.6
How have credit scoring criteria for granting total unsecured loan applications by households changed?
Past three months
31.3
37.5
16.4
12.2
-7.6
-21.1
Next three months
29.4
34.5
16.5
-7.0
-8.4
-33.3
How has the proportion of credit card loan applications from households being approved changed?
Past three months
49.3
14.5
23.2
30.8
-11.1
17.3
Next three months
36.0
25.9
17.4
-18.6
1.0
-44.2
How has the proportion of other unsecured loan applications from households being approved changed?
Past three months
29.9
23.9
16.6
10.7
-19.7
-17.1
Next three months
27.9
20.5
9.9
-33.3
-24.0
-25.1
How has the proportion of total unsecured loan applications from households being approved changed?
Past three months
46.7
15.8
22.2
28.0
-12.3
12.4
Next three months
34.9
25.1
16.3
-20.7
-2.5
-41.5
How has the average credit quality of new credit card lending to households changed? (c)
Past three months
-3.6
-9.3
-26.9
-11.5
-4.1
-4.6
Next three months
-23.7
-16.3
-6.8
1.2
1.1
-13.3
How has the average credit quality of new other unsecured lending to households changed? (c)
Past three months
-25.3
-25.9
-12.4
-13.0
-1.0
-9.0
Next three months
-33.9
-23.7
-12.8
11.9
-3.8
-16.0
How has the average credit quality of new total unsecured lending to households changed? (c)
Past three months
-6.6
-11.6
-24.6
-11.7
-3.6
-5.2
Next three months
-25.1
-17.3
-7.7
2.7
0.4
-13.7
How has the default rate on credit card loans to households changed?
Past three months
4.5
-1.7
-4.6
9.8
4.8
20.3
Next three months
46.9
7.1
17.1
23.3
35.2
29.2
How has the default rate on other unsecured loans to households changed?
Past three months
-15.2
-22.5
-9.8
6.8
-6.3
17.0
Next three months
12.8
5.5
28.1
27.1
28.8
37.3
How has the default rate on total unsecured loans to households changed?
Past three months
1.8
-4.5
-5.4
9.3
3.3
19.9
Next three months
42.2
6.9
18.8
23.8
34.3
30.3
How have losses given default on credit card loans to households changed?
Past three months
1.1
-30.6
1.6
-5.6
-19.7
0.0
Next three months
-10.8
0.0
0.0
-5.5
-11.1
6.2
How have losses given default on other unsecured loans to households changed?
Past three months
16.4
-20.1
-5.8
-8.9
-6.3
2.7
Next three months
-16.9
3.6
0.0
0.0
-6.5
-9.1
How have losses given default on total unsecured loans to households changed?
Past three months
3.2
-29.1
0.5
-6.1
-17.8
0.4
Next three months
-11.6
0.5
0.0
-4.8
-10.4
4.0
How has demand for credit card lending from households changed?
Past three months
40.0
41.2
40.7
33.2
1.2
-19.3
Next three months
43.1
11.4
17.4
6.0
8.3
-7.2
How has demand for other unsecured lending from households changed?
Past three months
31.5
13.2
16.8
27.3
22.1
-43.8
Next three months
28.4
1.3
24.4
-5.4
-18.6
-18.4
How has demand for total unsecured lending from households changed?
Past three months
38.8
37.4
37.0
32.4
4.2
-22.8
Next three months
41.1
10.0
18.5
4.4
4.5
-8.8
How have spreads on credit cards changed?
Past three months
3.5
-4.3
-14.5
2.2
-1.2
12.3
Next three months
9.4
18.4
4.7
-12.1
8.4
5.1
How have spreads on other unsecured lending products changed?
Past three months
-10.2
21.0
1.4
36.5
23.2
31.4
Next three months
8.9
-1.7
8.0
10.4
0.8
2.8
How have overall unsecured lending spreads changed?
Past three months
1.7
-1.0
-12.1
6.8
2.2
15.0
Next three months
9.3
15.8
5.2
-9.1
7.3
4.8
How have credit card limits changed?
Past three months
3.5
-11.5
1.9
-5.8
6.5
12.2
Next three months
-7.4
-5.1
-10.0
4.7
0.0
-21.2
How has the minimum proportion of credit card balances to be paid changed?
Past three months
25.4
0.0
4.7
1.5
1.4
10.5
Next three months
17.2
0.0
0.0
0.0
7.6
1.5
How have the following terms on new credit card lending to households changed?
Length of interest free period on balance transfers
Past three months
18.9
35.9
42.9
24.3
-4.2
-22.2
Next three months
16.0
43.3
16.1
8.5
0.0
-20.3
Length of interest free period for purchases
Past three months
34.0
23.8
27.8
12.8
-12.1
-20.9
Next three months
19.2
16.7
16.1
5.7
-13.6
-19.1
How have maximum maturities on loans changed? (d)
Past three months
0.0
4.9
8.7
2.9
2.7
0.0
Next three months
0.0
4.9
3.2
2.9
0.0
-5.7
Footnotes
- (a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question by their market shares. Positive balances indicate that lenders, on balance, reported/expected demand/credit availability/defaults to be higher than over the previous/current three-month period, or that the terms and conditions on which credit was provided became cheaper or looser respectively.
- (b) A positive balance indicates that the changes in the factors described have served to increase credit availability/demand.
- (c) A positive balance indicates an improvement in the credit quality of new borrowing.
- (d) A positive balance indicates an increase in maximum maturities on new loans. The sign convention was changed in 2009 Q4 and was applied to the back data accordingly.
The methodology for calculating, and interpretation of the aggregate results are as described in Annex 1. A full set of results is available in Excel file at the end of this page.
Net percentage balances (a)
2021
2022
Q3
Q4
Q1
Q2
Q3
Q4
How has the availability of credit provided to the corporate sector overall changed?
Past three months
0.7
3.5
0.8
0.9
0.3
-0.7
Next three months
0.7
2.8
-1.3
-2.5
-8.3
-5.0
of which: commercial real estate sector
Past three months
3.9
-4.3
25.1
9.9
-1.5
-6.2
Next three months
2.4
11.9
14.4
8.6
-8.7
-7.4
How have commercial property prices affected credit availability to the commercial real estate sector, and/or secured lending to PNFCs?
Past three months
12.7
28.1
13.2
9.8
-1.5
-29.6
Next three months
7.7
23.4
7.7
-2.1
-24.9
-28.6
Factors contributing to changes in credit availability: (b)
changing economic outlook
Past three months
3.3
4.3
6.4
1.5
-2.3
1.7
Next three months
16.4
9.4
11.3
2.0
-7.8
2.7
changing sector-specific risks
Past three months
1.4
3.0
0.8
2.6
-3.7
-8.3
Next three months
14.8
7.4
6.8
2.3
-11.1
2.4
market share objectives
Past three months
1.0
3.6
1.6
2.8
0.0
0.0
Next three months
1.0
2.6
-0.7
2.8
0.0
0.0
market pressures from capital markets
Past three months
10.4
0.0
1.6
1.0
-1.4
-1.6
Next three months
10.4
0.0
9.0
0.3
-1.4
-1.6
changing appetite for risk
Past three months
4.4
3.0
0.8
1.8
2.6
1.5
Next three months
5.9
1.5
-1.5
1.4
2.3
-2.8
tight wholesale funding conditions
Past three months
0.0
0.0
0.1
0.9
-4.1
0.0
Next three months
0.0
0.0
5.8
0.0
-0.9
0.0
How has the availability of credit provided to small businesses changed?
Past three months
-2.0
-2.1
-2.0
0.6
-2.1
-3.1
Next three months
10.4
-2.1
1.4
1.0
-10.9
-5.5
How has the availability of credit provided to medium PNFCs changed?
Past three months
-0.9
-1.8
-1.7
-0.7
-1.8
-12.0
Next three months
0.9
-1.8
5.7
-4.2
-9.4
-4.8
How has the availability of credit provided to large PNFCs changed?
Past three months
11.1
4.7
2.7
0.0
-4.7
-1.8
Next three months
6.5
3.0
10.4
-2.9
-12.8
-0.9
How has the proportion of loan applications from small businesses being approved changed?
Past three months
-3.1
1.6
-4.2
-13.7
-1.0
-15.3
Next three months
15.2
0.0
0.0
-0.8
-1.2
-9.1
How has the proportion of loan applications from medium PNFCs being approved changed?
Past three months
1.9
-0.9
-1.7
0.1
-0.8
-3.8
Next three months
17.5
1.9
1.9
1.1
0.9
-16.7
How has the proportion of loan applications from large PNFCs being approved changed?
Past three months
13.1
3.2
3.5
0.9
-0.8
-2.5
Next three months
12.0
1.6
3.5
-1.8
-2.7
-2.5
Has there been a change in average credit quality on newly arranged PNFC borrowing facilities? (c)
Past three months
12.2
1.8
0.8
2.8
2.9
-3.1
Next three months
10.5
0.0
1.6
0.0
-0.8
-2.2
Has there been any change in ‘target hold’ levels associated with corporate lending?
Past three months
-10.0
0.0
-1.7
-0.8
-1.9
5.3
Next three months
-10.2
-0.8
-1.7
-1.1
6.1
6.2
How have loan tenors on new corporate loans changed? (d)
Past three months
14.7
5.4
3.5
0.9
0.0
-6.0
Next three months
15.7
1.0
-0.8
0.9
-4.2
-5.0
Has there been a change in draw-downs on committed lines by PNFCs?
Past three months
-4.4
3.3
19.4
0.8
0.9
1.6
Next three months
-3.8
9.8
13.7
7.3
3.0
-1.1
How has the default rate on loans to small businesses changed?
Past three months
44.0
17.9
3.4
9.3
34.9
11.2
Next three months
17.5
35.0
25.0
24.7
34.7
33.9
How has the default rate on loans to medium PNFCs changed?
Past three months
-5.7
-6.4
3.3
-2.1
24.8
7.9
Next three months
15.7
20.7
22.0
22.5
36.3
17.1
How has the default rate on loans to large PNFCs changed?
Past three months
0.9
-1.6
-0.9
4.1
4.0
-1.0
Next three months
1.6
1.9
7.7
8.5
27.3
18.0
How has loss given default on loans to small businesses changed?
Past three months
0.0
0.0
0.0
5.9
6.1
1.4
Next three months
0.0
0.0
5.3
6.2
16.8
2.1
How has loss given default on loans to medium PNFCs changed?
Past three months
-0.9
1.2
-0.9
5.1
5.3
1.2
Next three months
1.2
0.0
4.6
5.4
14.6
6.0
How has loss given default on loans to large PNFCs changed?
Past three months
-0.9
0.0
-0.9
5.8
4.0
0.0
Next three months
0.0
0.0
3.3
4.1
13.0
0.2
How has demand for credit card lending from small businesses changed?
Past three months
3.1
30.5
-5.3
0.0
-11.4
0.0
Next three months
4.6
-1.0
22.4
0.0
0.0
0.0
How has demand for other unsecured lending from small businesses changed?
Past three months
11.1
-20.4
3.8
-2.8
-7.1
-11.7
Next three months
9.5
-2.9
7.4
2.2
0.0
-12.8
How has demand for total unsecured lending from small businesses changed?
Past three months
4.2
23.1
-3.8
-0.4
-10.8
-1.8
Next three months
5.3
-1.3
19.8
0.3
0.0
-1.9
How has demand for secured lending from small businesses changed?
Past three months
-31.9
-19.2
1.4
0.2
-5.4
-14.2
Next three months
-2.3
-4.5
8.5
-19.4
-23.2
-21.6
How has overall demand for lending from small businesses changed?
Past three months
-13.4
-13.1
-2.0
-2.0
-6.4
-17.1
Next three months
7.4
7.3
11.4
-9.4
5.1
-3.5
How has demand for lending from medium PNFCs changed?
Past three months
-5.5
-1.7
-1.7
-0.9
-4.8
-12.9
Next three months
5.1
-0.8
10.5
-15.0
-1.8
-19.5
How has demand for lending from large PNFCs changed?
Past three months
20.3
9.5
2.9
3.2
-6.1
-0.6
Next three months
31.8
1.8
17.2
-7.7
-3.4
-17.6
How has demand for lending from OFCs changed?
Past three months
12.2
0.0
-1.3
-5.0
10.1
7.0
Next three months
13.3
8.0
0.1
1.0
6.1
5.2
What have been the main factors contributing to changes in demand for lending: (b)
mergers and acquisitions
Past three months
28.9
15.1
-7.6
3.7
-24.5
-17.9
Next three months
27.7
4.5
6.6
-13.7
-15.0
-6.6
capital investment
Past three months
7.1
-6.1
2.6
-5.3
-17.0
-13.4
Next three months
14.1
1.6
-3.1
-5.4
-10.2
-14.9
inventory finance
Past three months
14.8
11.8
14.0
19.2
19.6
24.8
Next three months
21.4
17.5
21.5
13.3
25.1
18.4
balance sheet restructuring
Past three months
-13.4
-1.5
0.8
-0.8
-0.7
-0.8
Next three months
0.7
0.0
13.1
0.9
3.8
-1.7
commercial real estate
Past three months
16.7
22.7
31.2
15.0
0.3
-34.1
Next three months
7.4
18.7
15.9
-8.9
-11.2
-33.3
How have spreads on loans to small businesses changed? (c)
Past three months
0.0
0.0
0.0
-10.0
1.2
-12.1
Next three months
0.0
0.0
-11.2
0.0
0.0
0.0
How have fees/commissions on loans to small businesses changed?
Past three months
0.0
-12.1
0.0
1.4
0.0
0.0
Next three months
0.0
-12.1
1.4
0.0
0.0
0.0
How have collateral requirements for loans to small businesses changed?
Past three months
0.0
0.0
0.0
0.0
0.0
0.0
Next three months
0.0
0.0
0.0
0.0
0.0
-4.6
How have maximum credit lines for small businesses changed?
Past three months
0.0
0.0
0.0
0.0
0.0
-0.9
Next three months
0.0
0.0
0.0
0.0
0.0
-0.9
How have loan covenants for small businesses changed?
Past three months
0.0
0.0
0.0
0.0
0.0
0.2
Next three months
0.0
0.0
0.0
0.0
1.8
0.0
How have spreads on loans to medium PNFCs changed?
Past three months
-8.5
10.5
-0.9
0.9
0.0
-2.3
Next three months
0.0
0.0
4.7
-10.2
-6.5
0.0
How have fees/commissions on loans to medium PNFCs changed?
Past three months
0.0
10.5
0.0
0.0
-1.0
0.0
Next three months
0.9
0.0
0.0
0.0
-1.0
0.0
How have collateral requirements for loans to medium PNFCs changed?
Past three months
0.0
0.0
0.0
0.0
0.0
0.0
Next three months
0.0
0.0
0.0
0.0
0.0
-3.8
How have maximum credit lines for medium PNFCs changed?
Past three months
0.7
0.0
0.0
-0.8
0.0
-0.8
Next three months
0.9
0.0
0.0
0.0
-5.6
-1.6
How have loan covenants for medium PNFCs changed?
Past three months
0.0
0.0
0.0
0.0
0.0
0.1
Next three months
0.0
0.0
0.0
0.0
1.2
0.0
How have spreads on loans to large PNFCs changed?
Past three months
29.7
23.7
4.2
-19.3
-22.3
-27.8
Next three months
31.1
1.0
-17.1
-9.3
-31.5
-26.3
How have fees/commissions on loans to large PNFCs changed?
Past three months
28.0
23.7
-6.1
-16.6
-14.3
-27.6
Next three months
31.9
2.6
-17.1
-3.0
-33.0
-18.8
How have collateral requirements for loans to large PNFCs changed?
Past three months
0.0
0.0
0.0
0.0
0.0
-1.8
Next three months
0.0
0.0
-9.8
0.0
0.0
-1.8
How have maximum credit lines for large PNFCs changed?
Past three months
10.4
12.8
3.5
4.5
0.0
1.0
Next three months
11.3
9.6
2.2
-0.8
-8.9
-8.8
How have loan covenants for large PNFCs changed?
Past three months
9.4
0.0
-0.1
0.0
-9.0
-2.8
Next three months
0.9
0.0
-2.2
0.0
0.0
-18.8
How have spreads on loans to OFCs changed?
Past three months
29.2
14.3
0.0
-1.4
-11.5
-20.6
Next three months
13.1
11.1
-1.4
-12.5
-26.9
-27.5
How have fees/commissions on loans to OFCs changed?
Past three months
13.1
14.3
0.0
-1.4
-11.5
-22.6
Next three months
13.1
11.1
-1.4
-12.5
-20.9
-22.6
How have collateral requirements for loans to OFCs changed?
Past three months
0.0
0.0
0.0
-1.4
0.0
-2.0
Next three months
0.0
0.0
0.0
-1.4
0.0
-2.0
How have maximum credit lines for OFCs changed?
Past three months
11.3
12.8
0.0
1.4
0.9
-0.8
Next three months
11.3
11.1
-1.4
1.4
-10.9
5.3
Footnotes
- (a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question by their market shares. Positive balances indicate that lenders, on balance, reported/expected demand/credit availability/defaults to be higher than over the previous/current three-month period, or that the terms and conditions on which credit was provided became cheaper or looser respectively.
- (b) A positive balance indicates that the changes in the factors described have served to increase credit availability/demand.
- (c) A positive balance indicates an improvement in the credit quality of new borrowing.
- (d) A positive balance indicates an increase in new corporate loan tenors. The sign convention was changed in 2009 Q3 and was applied to the back data accordingly.
Next publication date: 13 April 2023
ISSN 1755-8247
