The euro area bank lending survey. First quarter of 2015, April 2015.
Date: 2015-08-27
Institutions: European Central Bank
Subjects: European Central Bank, bank, economic analysis, euro area, loan, serial publication

The euro area 
bank lending survey 

First quarter of 2015 

April 2015 

 
Contents 

Introduction 

1 

2 

Overview of the results 

Developments in credit standards, terms and conditions and net 
demand for loans in the euro area 

2.1  Enterprises 

2.2  Households 

3 

Ad hoc questions 

3.1  Banks’ access to retail and wholesale funding 

3.2  Banks’ current level of credit standards 

3.3 

The impact of the ECB’s expanded asset purchase programme 

Annex 1 
Results for the standard questions 

Annex 2 
Results for the ad hoc questions 

Annex 3 
Overview of changes in the bank lending survey questionnaire 

Glossary 

3 

4 

8 

8 

13 

22 

22 

22 

25 

30 

44 

44 

47 

 
 
 
Introduction 

The results reported in the April 2015 bank lending survey (BLS) relate to changes 
during the first quarter of 2015 and expectations of changes in the second quarter of 
2015. The survey was conducted between 6 and 23 March 2015. In the first quarter 
of 2015, the size of the sample of banks surveyed was increased to 142, reflecting 
mainly the enlargement of the euro area to include Lithuania on 1 January 2015. The 
response rate was 100%. In addition to the results for the euro area as a whole, the 
report contains the results for the five largest euro area countries.1 

From the first quarter of 2015 onwards, the BLS is based on an enhanced 
questionnaire (with new and amended questions) and a compilation guide.2 An 
overview of the questionnaire changes is presented in Annex 3 of this report. Two 
new questions have been added for each loan category. One new question asks for 
the change in the share of rejected loan applications, while the other one focuses on 
the factors affecting credit terms and conditions. In addition, the glossary at the end 
of this report reflects the enhanced definitions of the BLS terms. 

A number of ad hoc questions were included in the April 2015 survey round. The first 
ad hoc question addressed the impact of the situation in financial markets on banks’ 
access to retail and wholesale funding. The second question referred to the current 
level of credit standards relative to past levels. The third, fourth and fifth questions 
were aimed at gauging the impact of the ECB’s expanded asset purchase 
programme (APP) that was announced on 22 January 2015. 

1   The five largest euro area countries in terms of gross domestic product are Germany, France, Italy, 

Spain and the Netherlands. 

2  

In the interpretation of the survey results, it needs to be taken into account that the clarification of terms 
in the questionnaire and of definitions in the compilation guide may have affected banks’ answering 
behaviour. 

The euro area bank lending survey, April 2015 

3 

 
                                                                    
1 

Overview of the results 

According to the April 2015 bank lending survey (BLS), changes in lending conditions 
continue to support a further recovery in loan growth, in particular for enterprises. In 
this survey round, an enhanced questionnaire with new and amended questions has 
been introduced. It enables the identification, for example, of a decrease in the 
rejection rates for loans to enterprises and for housing loans as well as of the factors 
affecting credit terms and conditions, in particular competition. An overview of the 
changes in the questionnaire is presented in Annex 3 of this report. 

Banks reported a further net easing of credit standards on loans to enterprises in the 
first quarter of 2015 (of -9%, after -5% in the previous quarter; see Table A) which 
was stronger than the previous survey round’s expectations. By contrast with the 
developments for enterprises, there was a slight net tightening of credit standards on 
loans to households for house purchase (2%, after -4% in the previous quarter). 
Credit standards for consumer credit and other lending to households were eased 
further (-5%, after -3%). Across all loan categories, the net percentage change of 
credit standards in the first quarter of 2015 remained well below historical averages 
calculated over the period since the start of the survey in 2003. At the same time, it 
has to be kept in mind that the level of credit standards, while improving according to 
new evidence on the level of credit standards, is still tight in historical comparison. 
For the second quarter of 2015, banks expect a small net easing of credit standards 
on loans to enterprises (-1%) and for consumer credit (-2%), but a further net 
tightening of credit standards on housing loans (3%). 

Among the factors affecting banks’ credit standards, in particular banks’ cost of funds 
and balance sheet constraints and competition were driving banks’ further easing of 
credit standards for loans to enterprises. Banks’ risk tolerance – a factor which has 
been introduced in this survey round – also contributed marginally to the net easing, 
whereas banks’ risk perception had a neutral impact on credit standards on loans to 
enterprises. For loans to households, banks’ risk tolerance contributed marginally to 
the net tightening of credit standards for housing loans, while competition contributed 
to an easing. 

Banks continued to ease their terms and conditions on new loans across all 
categories, mainly driven by a further narrowing of margins on average loans. For the 
first time, banks were asked in this survey round also for the factors affecting terms 
and conditions. Similar to credit standards, competition as well as banks’ improved 
funding conditions contributed most to the net easing of terms and conditions. 

Banks also indicated for the first time in this survey round how they have changed 
their rejection rate for loan applications. While the share of rejected loan applications 
declined for loans to enterprises (-5%) and for housing loans (-4%), it increased 
slightly for consumer credit (2%). 

Net loan demand (i.e. the difference between the sum of the percentages of banks 
reporting an increase and that of banks reporting a decline in demand) continued to 

The euro area bank lending survey, April 2015 

4 

 
be positive for loans to enterprises, but fell back from the high level reported in the 
fourth quarter of 2014 (to 6%, from 18%; see Table A). At the same time, banks 
expect in net terms a considerable increase in demand for loans to enterprises in the 
second quarter of 2015. Net demand for housing loans continued to increase at a 
fast pace (29%, up from 24% in the previous quarter), while it remained broadly 
stable for consumer credit (13%, after 14%). Financing needs related to inventories 
and working capital and in particular the low general level of interest rates, a factor 
that has been added in this survey round, contributed strongly to the demand for 
loans to enterprises. At the same time, some caution is warranted as banks may 
need some time to adjust to the new factor. By contrast, fixed investment contributed 
negatively to demand, being the main factor explaining the fallback in loan demand. 
For housing loans, the low general level of interest rates and housing market 
prospects were the main factors contributing to strong demand. 

Table A 
Latest developments in BLS results in the largest euro area countries  

(net percentages of banks reporting tightening credit standards or positive loan demand) 

ENTERPRISES

HOUSE PURCHASE

CONSUMER CREDIT

Country

Credit standards

Dem and

Credit standards

Dem and

Credit standards

Dem and

14Q4

15Q1

AVG

14Q4

15Q1

AVG

14Q4

15Q1

AVG

14Q4

15Q1

AVG

14Q4

15Q1

AVG

14Q4

15Q1

AVG

EURO AREA

Germany

Spain

France

Italy

Netherlands

-5

0

0

-7

-25

14

-9

-3

0

-7

-25

-13

13

5

12

9

22

19

18

22

40

13

0

14

6

0

30

-3

0

0

-7

2

-5

-18

0

-15

-4

0

0

-14

-13

0

2

3

0

7

-25

17

9

2

21

4

6

21

24

21

11

0

38

67

29

45

11

-6

63

50

-3

6

-14

5

6

-24

-3

-10

0

0

0

0

-5

0

0

-14

-13

0

6

0

11

-1

11

14

14

23

30

-5

25

0

13

13

20

20

25

-4

7

-15

-6

8

-17

-19

Notes: AVG stands for historical averages, which are calculated over the period since the beginning of the survey, excluding the most recent round. For France, Malta and Slovakia 
net percentages are weighted based on the amounts outstanding of loans of the individual banks in the respective national samples. 

Credit standards on loans to enterprises have improved in all large euro area 
countries, except for Spain. For housing loans, cross-country disparities in lending 
supply conditions have increased somewhat (see Table A).  

This survey round also included some ad hoc questions. According to euro area 
banks, their access to wholesale funding improved further in net terms in the first 
quarter of 2015 for all main market instruments, as did their access to retail deposit 
funding. 

Regarding the current level of credit standards, for both loans to enterprises and 
housing loans, there have been substantial improvements in the level of credit 
standards compared with banks’ indications one year ago, but levels are still higher 
than the historical midpoint since 2003. 

In addition, the BLS contained for the first time ad hoc questions aimed at gauging 
the impact of the ECB’s expanded asset purchase programme (APP). Euro area BLS 
banks indicated that they have used the additional liquidity related to the APP over 
the past six months in particular for granting loans and intend to do so also in the 
coming months. In addition, banks indicated a net easing impact on credit standards 
and credit terms and conditions, in particular for loans to enterprises, which is 
expected to increase in the coming months. At the same time, euro area banks 

The euro area bank lending survey, April 2015 

5 

 
 
overall expect a negative impact of the APP on their profitability over the next six 
months. 

Box 1 
General notes  

The bank lending survey (BLS) is addressed to senior loan officers of a representative sample of 
euro area banks. In the current survey round, the sample group of banks participating in the survey 
comprises 142 banks, representing all of the euro area countries, and takes into account the 
characteristics of their respective national banking structures. The main purpose of the BLS is to 
enhance the understanding of bank lending behaviour in the euro area. 3 

The questions distinguish between three loan categories: loans or credit lines to enterprises; loans 
to households for house purchase; and consumer credit and other lending to households. For all 
three categories, questions are asked on credit standards for approving loans, credit terms and 
conditions on new loans, credit demand, the factors affecting loan supply and demand conditions 
and the share of loan rejections. 

The survey questions are generally phrased in terms of changes over the past three months (in this 
case in the first quarter of 2015) or expectations of changes over the next three months (i.e. in the 
second quarter of 2015). 

In April 2015, an enhanced questionnaire (with new and amended questions) and a compilation 
guide have been introduced to improve further the information content of the survey. Two new 
questions have been added for each loan category. One new question asks for the change in the 
share of rejected loan applications, while the other one focuses on the factors affecting credit terms 
and conditions. The enhanced definitions of BLS terms are available in the glossary at the end of 
this report. 

The responses to questions related to credit standards are analysed in this report by focusing on 
the difference (“net percentage”) between the share of banks reporting that credit standards applied 
to the loan approval have been tightened and the share of banks reporting that they have been 
eased. A positive net percentage indicates that a larger proportion of banks has tightened credit 
standards (“net tightening”), whereas a negative net percentage indicates that a larger proportion of 
banks has eased credit standards (“net easing”). Likewise, the term “net demand” refers to the 
difference between the share of banks reporting an increase in loan demand (i.e. in bank loan 
financing needs) and the share of banks reporting a decline. Net demand will therefore be positive if 
a larger proportion of banks has reported an increase in loan demand, whereas negative net 
demand indicates that a larger proportion of banks has reported a decline in loan demand. 

In order to describe the developments in survey replies over time, the report refers to changes in 
the “net tightening” or “net easing” of credit standards from one survey round to another. For 
example, a lower net percentage of banks tightening their credit standards between two survey 
waves would be referred to as a “decline in net tightening”. Similarly, higher net percentages of 

3   For more detailed information on the bank lending survey, see the article entitled “A bank lending 
survey for the euro area”, Monthly Bulletin, ECB, April 2003, and Berg J. et al., “The bank lending 
survey for the euro area”, Occasional Paper Series, No 23, ECB, 2005. 

The euro area bank lending survey, April 2015 

6 

 
                                                                    
banks indicating a decline in loan demand between two survey waves would be referred to as a 
“more pronounced net decline in demand”. 

In addition, an alternative measure of the responses to questions related to changes in credit 
standards and net demand is included. This measure is the weighted difference (“diffusion index”) 
between the share of banks reporting that credit standards have been tightened and the share of 
banks reporting that they have been eased. Likewise, regarding the demand for loans, the diffusion 
index refers to the weighted difference between the share of banks reporting an increase in loan 
demand and the share of banks reporting a decline. The diffusion index is constructed in the 
following way: lenders who have answered “considerably” are given a weight twice as high (score of 
1) as lenders having answered “somewhat” (score of 0.5). The interpretation of the diffusion indices 
follows the same logic as the interpretation of net percentages. 

The results of the individual banks participating in the BLS sample are aggregated in two steps: in a 
first step, individual bank results are aggregated to national results for the euro area countries, and 
in a second step, the national BLS results are aggregated to euro area BLS results. In the first step, 
banks’ replies can either be aggregated to national results by applying an implicit weighting through 
the sample selection or, alternatively, banks’ replies can be aggregated by applying an explicit 
weighting scheme based on the amounts outstanding of loans to non-financial corporations and 
households of the individual banks in the respective national samples. In the second step, since the 
number of banks in the national samples differs considerably and does not always reflect the 
respective share in lending to euro area non-financial corporations and households, the national 
survey results are aggregated to euro area BLS results by applying an explicit weighting scheme 
based on the national shares in the amounts outstanding of loans to euro area non-financial 
corporations and households. 

The option to aggregate individual bank results to national BLS results based on an explicit 
weighting scheme was introduced in the April 2014 BLS survey round and led to some revisions 
(including backward revisions) of the BLS results for France, Malta and Slovakia (the three 
countries currently applying an explicit weighting scheme). As a consequence, this has led to 
overall small revisions (including backward revisions) of the euro area BLS results. 

Detailed tables and charts based on the responses are provided in Annex 1 for the standard 
questions and in Annex 2 for the ad hoc questions. 

A copy of the questionnaire can be found at 
http://www.ecb.europa.eu/stats/money/surveys/lend/html/index.en.html 

The euro area bank lending survey, April 2015 

7 

 
 
2 

2.1 

2.1.1 

Developments in credit standards, terms 
and conditions and net demand for 
loans in the euro area  

Enterprises  

Credit standards for loans to enterprises were eased further in the 
first quarter of 2015 

In the first quarter of 2015, credit standards on loans to enterprises were eased 
further, thereby supporting the recovery of loan growth. 

Banks reported a further net easing of credit standards on loans to enterprises (of -
9%, after -5% in the previous quarter; see Chart 1 and Table A), which was stronger 
than banks’ expectations in the previous survey round. 4 As in the previous quarters, 
the change in banks’ loan approval criteria was again considerably below the 
historical net tightening average since the start of the survey in 2003. Across firm 
size, credit standards were eased on loans to both large firms and small and 
medium-sized enterprises (SMEs). At the same time, despite considerable 
improvements (see Section 3), the overall level of credit standards remained tight in 
historical comparison. Credit standards on loans to enterprises have improved in all 
large euro area countries, except for Spain.5 Credit standards on loans to enterprises 
were eased in net terms in particular in Italy and switched from a net tightening to a 
net easing in the Netherlands. 

Looking ahead to the second quarter of 2015, euro area banks expect a small net 
easing of credit standards on loans to enterprises. 

4   Net percentages are defined as the difference between the sum of the percentages of banks 

responding “tightened considerably” and “tightened somewhat” and the sum of the percentages of 
banks responding “eased somewhat” and “eased considerably”. The net percentages for responses to 
questions related to the factors are defined as the difference between the percentage of banks reporting 
that the given factor contributed to a tightening and the percentage reporting that it contributed to an 
easing. In order to describe the developments in survey replies over time, the report refers to changes 
(i.e. decline or increase) in the “net tightening” or “net easing” of credit standards from one survey round 
to another. For example, a lower net percentage of banks tightening their credit standards between two 
survey waves would be referred to as a “decline in net tightening”. 

5   While the BLS questionnaire asks banks to report on the changes of credit standards, it cannot be 
entirely ruled out that also the level of credit standards is considered by some banks in their replies. 
These effects limit in some cases the comparability of the results across countries. Evidence on the 
level of credit standards has been provided since the April 2014 BLS, based on an annual ad hoc 
question (see Section 3).  

The euro area bank lending survey, April 2015 

8 

 
                                                                    
Chart 1 
Changes in credit standards applied to the approval of loans or credit lines to 
enterprises and contributing factors 

(net percentages of banks reporting tightening credit standards and contributing factors) 

Notes: “Actual” values are changes that have occurred, while “expected” values are changes anticipated by banks. Net percentages 
are defined as the difference between the sum of the percentages of banks responding “tightened considerably” and “tightened 
somewhat” and the sum of the percentages of banks responding “eased somewhat” and “eased considerably”. The net percentages for 
responses to questions related to the factors are defined as the difference between the percentage of banks reporting that the given 
factor contributed to a tightening and the percentage reporting that it contributed to an easing. “Cost of funds and balance sheet 
constraints” are an unweighted average of “cost related to capital position”, “access to market financing” and “liquidity position”; “risk 
perception” is an unweighted average of “general economic situation and outlook”, “industry or firm-specific situation and 
outlook/borrower’s creditworthiness” and “risk on collateral demanded”; “competition” is an unweighted average of “bank competition”, 
“non-bank competition” and “competition from market financing”. “Risk tolerance” was introduced in Q1 2015. 

Table 1 
Factors contributing to the net tightening of credit 
standards on loans or credit lines to enterprises 

(net percentages) 

Cost of funds 
and balance 
sheet 
constraints

Pressure from  
com petition

Perception of 
risk

Banks' risk 
tolerance

Country

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Euro area

DE

ES

FR

IT

NL

-5

0

0

-14

-13

5

-4

-2

0

-7

-13

0

-7

-1

0

-17

-13

0

-8

-3

0

-9

-17

-8

-1

0

0

0

0

0

0

0

0

0

-4

-8

-1

-3

0

0

-13

0

Note: See note to Chart 1. 

In particular banks’ cost of funds and balance sheet 
constraints, mainly related to banks’ liquidity position, 
and competition were driving banks’ further easing of 
credit standards on loans to enterprises (see Chart 1 
and Table 1). 6 Banks’ risk tolerance – a factor which 
has been introduced in this survey round and refers to 
banks’ risk tolerance in their lending policy – also 
contributed marginally to the net easing, whereas 
banks’ risk perception had a neutral impact. 

Across the large euro area countries, banks’ cost of 
funds and balance sheet constraints and competitive 
pressures contributed to a net easing of credit 
standards in particular in Italy, France and, with respect 
to the latter factor, the Netherlands. In addition, the 

firm-specific situation together with a higher risk tolerance of banks contributed to the 
considerable net easing of credit standards in Italy, whereas the latter factor was not 
of importance in most of the other large euro area countries. 

6   The calculation of a simple average for aggregating some factors to main categories assumes that all 
factors have the same importance for the banks. This partly explains some inconsistencies in the 
respective charts between the development of credit standards and the development of the main 
underlying factor categories.    

The euro area bank lending survey, April 2015 

9 

 
 
                                                                    
 
2.1.2 

Terms and conditions for loans to enterprises improved further in 
the first quarter of 2015 

The net easing of credit standards on loans or credit lines to enterprises in the first 
quarter of 2015 translated into substantially more favourable overall terms and 
conditions (see Chart 2 and Table 2) which banks apply when granting new loans to 
enterprises. These developments suggest a further improvement in financing 
conditions for loans to enterprises.  

Chart 2 
Changes in terms and conditions for loans or credit lines to enterprises 

(net percentages of banks reporting tightening terms and conditions) 

overall terms and conditions

other terms and conditions

collateral requirements

margins on riskier loans

margins on average loans

60

40

20

0

-20

-40

-60

60

40

40

20

0

20

-20

-40

-60

0

-80

-20

-100

-40

-120

-140

-60

1
Q
3
1
0
2

2
Q
3
1
0
2

3
Q
3
1
0
2

4
Q
3
1
0
2

1
Q
4
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

40

20

0

-20

-40

-60

-80

-100

-120

-140

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

DE

ES

FR

IT

NL

Notes: “Margins” are defined as the spread over a relevant market reference rate. “Other terms and conditions” are an unweighted 
average of “non-interest rate charges”, “size of the loan or credit line”, “loan covenants” and “maturity”. “Overall terms and conditions” 
were introduced in Q1 2015. 

Table 2 
Changes in terms and conditions for loans or credit 
lines to enterprises 

(net percentage changes) 

Overall term s 
and conditions

Banks' m argins 
on average 
loans

Banks' m argins 
on riskier loans

Country

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Euro area

DE

ES

FR

IT

NL

-15

-3

-60

-13

-25

0

-24

-22

-50

-15

-50

14

-37

-9

-80

-36

-63

-13

-2

-13

0

-2

0

0

-5

3

-40

-11

13

-13

Note: See note to Chart 2. 

Looking at the largest euro area countries, in particular 
Spain and, to a smaller extent, Italy reported a 
considerable net easing of banks’ overall terms and 
conditions, whereas the improvements were more 
contained in the other large euro area countries. 

The net percentage of euro area banks reporting a 
narrowing of their margins on average loans to 
enterprises increased considerably further. In addition, 
banks reported a further narrowing of their margins on 
riskier loans to enterprises. Moreover, euro area banks 
indicated, in net terms, that all components of the other 
terms and conditions, including among others non-
interest rate charges, became more favourable in the 
first quarter of 2015. 

The euro area bank lending survey, April 2015 

10 

 
 
 
Table 3 
Factors contributing to the net tightening of terms and 
conditions for loans or credit lines to enterprises 

(net percentages of banks reporting tightening terms and conditions) 

Cost of funds 
and balance 
sheet 
constraints

Pressure from  
com petition

Perception of 
risk

Banks' risk 
tolerance

Country

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

-32

-12

-60

-2

-3

0

-1

-3

-10

Euro area

DE

ES

FR

IT

NL

-9

3

-40

-11

-13

0

Note: The first data point is for April 2015. 

In all large euro area economies, a considerable net 
percentage of banks reported a narrowing of the 
margins on average loans, in particular in Spain and 
Italy. At the same time, while banks in Spain narrowed 
their margins also for riskier loans, this was not the 
case for banks in Italy. Moreover, a slight widening of 
margins on riskier loans was reported by banks in 
Germany, following a narrowing of margins since the 
second quarter of 2014. 

-27

-50

-25

0

0

4

0

-13

-13

For the first time, banks were asked in this survey 
round also for the factors affecting credit terms and 
conditions in order to get insights into the underlying 
reasons for changes in credit terms and conditions, 
which may change more frequently than banks’ loan 
approval criteria (see Table 3). Similar to credit standards, competition and banks’ 
improved funding conditions contributed most to the net easing of terms and 
conditions. Across the large euro area countries, this was the case particularly in 
Spain and Italy. 

2.1.3 

Rejection rate for loans to enterprises has decreased  

Chart 3 
Change in the share of rejected applications for loans 
to enterprises 

(net percentages of banks reporting an increase in the share of rejections) 

For the first time in this survey round, banks also 
indicated how they have changed their rejection rate for 
loan applications. According to euro area banks, the 
net share of rejected applications (i.e. the difference 
between the sum of the percentages of banks reporting 
an increase and that of banks reporting a decline in the 
share of loan rejections) for loans to enterprises 
decreased in the first quarter of 2015 (-5%; see Chart 
3). 

Among the largest euro area countries, the rejection 
rate declined in Italy and Germany, whereas it 
remained unchanged in Spain, France and the 
Netherlands. 

2.1.4 
enterprises 

Rise in net demand for loans to 

Notes: Share of loan rejections relative to the volume of all loan applications in that loan 
category. The first data point is for Q1 2015. 

Net demand for loans (i.e. the difference between the 
sum of the percentages of banks reporting an increase 
and that of banks reporting a decline in demand) to enterprises continued to improve, 
but fell back from the high level reported in the fourth quarter of 2014 (see Chart 4 

The euro area bank lending survey, April 2015 

11 

 
 
 
and Table A). 7 The net increase in demand for loans to enterprises stood at 6%, after 
18% in the previous quarter, remaining above its historical average, but below banks’ 
expectations for this quarter at the time of the previous survey round. At the same 
time, banks expect in net terms a considerable increase in demand for loans to 
enterprises in the second quarter of 2015.  

Chart 4 
Changes in demand for loans or credit lines to enterprises and contributing factors 

(net percentages of banks reporting positive demand and contributing factors) 

demand - actual

demand - expected

use of alternative finance
other financing needs
general level of interest rates
inventories and working capital
fixed investment

50

40

30

20

10

0

-10

-20

-30

-40

-50

50

100

40

30

75

20

50

10

25

0

-10

0

-20

-25

-30

-40

-50

-50

1
Q
3
1
0
2

2
Q
3
1
0
2

3
Q
3
1
0
2

4
Q
3
1
0
2

1
Q
4
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
5
1
0
2

100

75

50

25

0

-25

-50

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

DE

ES

FR

IT

NL

Notes: “Actual” values are changes that have occurred, while “expected” values are changes anticipated by banks. Net percentages for 
the questions on demand for loans are defined as the difference between the sum of the percentages of banks responding “increased 
considerably” and “increased somewhat” and the sum of the percentages of banks responding “decreased somewhat” and “decreased 
considerably”. The net percentages for responses to questions related to each factor are defined as the difference between the 
percentage of banks reporting that the given factor contributed to increasing demand and the percentage reporting that it contributed to 
decreasing demand. “Other financing needs” are an unweighted average of “M&A and corporate restructuring” and “debt 
refinancing/restructuring and renegotiation”; “use of alternative finance” is an unweighted average of “internal financing”, “loans from 
other banks”, “loans from non-banks”, “issuance/redemption of debt securities” and “issuance/redemption of equity”. “General level of 
interest rates” was introduced in Q1 2015. 

The heterogeneity across large euro area countries increased somewhat in the first 
quarter of 2015. Banks in Spain reported a net increase in demand for loans to 
enterprises, whereas banks in Germany, Italy and the Netherlands reported 
unchanged net demand, and banks in France a decline. 

Financing needs related to inventories and working capital and in particular the low 
general level of interest rates, a factor that has been added in this survey round, 
contributed strongly to the demand for loans to enterprises (see Chart 4 and Table 
4). At the same time, some caution is warranted as banks may need some time to 
adjust to the new factor. By contrast, fixed investment contributed negatively to 
demand, being the main factor explaining the fallback in loan demand. Other 

7   Net percentages for the questions on demand for loans are defined as the difference between the sum 
of the percentages of banks responding “increased considerably” and “increased somewhat” and the 
sum of the percentages of banks responding “decreased somewhat” and “decreased considerably”. The 
net percentages for responses to questions related to each factor are defined as the difference between 
the percentage of banks reporting that the given factor contributed to increasing demand and the 
percentage reporting that it contributed to decreasing demand. In order to describe the developments in 
survey replies over time, the report refers to changes in the “net demand” for loans from one survey 
round to another. For instance, higher net percentages of banks indicating a decline in loan demand 
between two survey waves would be referred to as a “more pronounced net decline in demand”. 

The euro area bank lending survey, April 2015 

12 

 
 
                                                                    
financing needs likewise continued to contribute to the positive net loan demand.8 
These reflected the demand for debt refinancing and renegotiation and the financing 
needs for M&A activities. The use of alternative finance continued to have a 
dampening effect on net loan demand by euro area enterprises. In particular, firms’ 
internal financing sources and the issuance of debt securities by enterprises 
contributed negatively to loan demand. 

Table 4 
Factors contributing to net demand for loans or credit 
lines to enterprises 

(net percentages) 

Fixed 
investment

Inventories and 
working capital

Other financing 
needs 

General level of 
interest rates

Use of 
alternative 
finance

Country

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Euro area

DE

ES

FR

IT

NL

11

13

10

23

0

0

-6

-16

10

-19

0

0

9

-23

50

0

13

0

13

-13

30

10

25

0

13

14

0

21

6

7

7

5

0

-8

13

25

26

16

40

35

25

25

-1

-3

0

-1

-5

3

-3

-9

0

2

-8

0

Note: See note to Chart 4. 

The low general level of interest rates contributed 
significantly to loan demand in all large euro area 
countries. By contrast, fixed investment contributed 
negatively or neutrally to loan demand, with the 
exception of Spain. Financing needs for inventories 
and working capital contributed positively to loan 
demand in particular in Spain and Italy, whereas this 
factor affected loan demand negatively in Germany. 
The latter may be linked to high cash holdings of 
German firms as indicated by internal financing which 
had a negative impact on loan demand in Germany, 
but had a neutral impact in the other large euro area 
countries. In addition, the issuance of debt securities 

contributed negatively to loan demand, especially in Italy, Spain and Germany.  

2.2 

2.2.1 

Households 

Credit standards for loans to households for house purchase 
tightened slightly in net terms in the first quarter of 2015 

For loans to households for house purchase, banks tightened slightly their credit 
standards in net terms (2%, compared with -4% in the previous quarter; see Chart 5 
and Table A), remaining well below the historical average calculated over the period 
since the start of the survey in 2003. By contrast with the actual outcome, banks had 
expected a continued net easing of credit standards on housing loans at the time of 
the previous survey round. 

Cross-country heterogeneity in credit standards for loans to households increased in 
the first quarter of 2015. Among the larger countries, banks in Germany, France and 
the Netherlands reported a net tightening of credit standards. By contrast, banks in 
Italy continued to report a noticeable net easing. Looking ahead, euro area banks 
expect – in net terms – a further small net tightening of credit standards applied to 
housing loans in the second quarter of 2015. 

8   The calculation of a simple average for aggregating some factors to main categories assumes that all 

factors have the same importance for the banks. This partly explains some inconsistencies between the 
development of demand for loans and the development of the main underlying factor categories. 

The euro area bank lending survey, April 2015 

13 

 
                                                                    
 
Chart 5 
Changes in credit standards applied to the approval of loans to households for house 
purchase and contributing factors 

(net percentages of banks reporting tightening credit standards and contributing factors) 

credit standards - actual

credit standards - expected

bank's risk tolerance

risk perceptions

competition

20

15

10

5

0

-5

-10

20

20

15

10

10

0

5

-10

-20

0

-30

-5

-40

-10

1
Q
3
1
0
2

2
Q
3
1
0
2

3
Q
3
1
0
2

4
Q
3
1
0
2

1
Q
4
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
5
1
0
2

cost of funds and balance sheet constraints

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

DE

ES

FR

IT

NL

20

10

0

-10

-20

-30

-40

Notes: See the notes to Chart 1. “Risk perceptions” are an unweighted average of “general economic situation and outlook”, “housing 
market prospects including expected house price developments” and “borrower’s creditworthiness” (the latter from Q1 2015); 
“competition” is an unweighted average of “competition from other banks” and “competition from non-banks”. “Risk tolerance” was 
introduced in Q1 2015. 

Table 5 
Factors contributing to the net tightening of credit 
standards on loans to households for house purchase 

(net percentages) 

Cost of funds 
and balance 
sheet 
constraints

Pressure from  
com petition

Perception of 
risk

Banks' risk 
tolerance

Country

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Euro area

DE

ES

FR

IT

NL

1

0

0

0

0

0

-1

0

0

2

-13

0

-5

0

0

-6

-13

-17

-5

0

0

-9

-19

0

3

2

0

2

6

0

0

0

0

-1

0

0

1

-3

0

2

0

0

Note: See note to Chart 5. 

While competition continued to be the dominant factor 
contributing to an easing of credit standards on housing 
loans, banks’ risk tolerance contributed marginally to 
the overall net tightening of credit standards for 
housing loans (see Chart 5 and Table 5). Banks’ risk 
perceptions had an overall neutral impact on credit 
standards on housing loans, as the tightening impact of 
housing market prospects and the easing impact of the 
general economic situation offset each other. 

Among the largest euro area countries, the factors 
covered overall provide limited evidence of banks’ net 
tightening of credit standards on housing loans. In 
France, banks’ cost of funds and balance sheet 
constraints and a lower risk tolerance of banks 

contributed to the net tightening. At the same time, a net easing impact of 
competition on credit standards on housing loans was reported by banks in France 
and Italy. Banks’ risk perceptions had a neutral impact on credit standards in most of 
the large countries.  

2.2.2 

Terms and conditions for loans to households for house purchase 
continued to improve  

Banks’ overall terms and conditions applied when granting new housing loans 
continued to improve considerably in the first quarter of 2015, while banks continued 

The euro area bank lending survey, April 2015 

14 

 
 
 
to report little change in the non-price terms and conditions (see Chart 6 and Table 
6). 

Chart 6 
Changes in terms and conditions for loans to households for house purchase  

(net percentages of banks reporting tightening terms and conditions) 

overall terms and conditions

other terms and conditions

collateral requirements

margins on riskier loans

margins on average loans

30

20

10

0

-10

-20

-30

-40

30

40

20

20

10

0

-20

0

-40

-10

-60

-20

-80

-30

-100

-40

1
Q
3
1
0
2

2
Q
3
1
0
2

3
Q
3
1
0
2

4
Q
3
1
0
2

1
Q
4
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

40

20

0

-20

-40

-60

-80

-100

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

DE

ES

FR

IT

NL

Notes: “Margins” are defined as the spread over a relevant market reference rate. “Other conditions and terms” are an unweighted 
average of “loan-to-value ratio”, “other loan size limits” (the latter from Q1 2015), “non-interest rate charges” and “maturity”. “Overall 
terms and conditions” were introduced in Q1 2015. 

Table 6 
Changes in terms and conditions for loans to 
households for house purchase 

(net percentage changes) 

Overall term s 
and conditions

Banks' m argins 
on average 
loans

Banks' m argins 
on riskier loans

Country

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Euro area

DE

ES

FR

IT

NL

-12

-3

-33

-7

-38

0

-27

-7

-67

-32

-38

-17

-30

-10

-56

-35

-63

0

-2

-4

0

2

-13

0

-3

0

-33

2

0

0

Note: See note to Chart 6. 

A substantial net percentage of euro area banks 
reported again a narrowing of margins on average 
housing loans, thereby continuing the trend that had 
started in the second quarter of 2013. By contrast, 
banks reported only a slight further narrowing of 
margins on riskier loans, suggesting an ongoing 
intensification in banks’ risk differentiation. With regard 
to non-price terms and conditions, collateral 
requirements and the loan-to-value ratio had a small 
net tightening impact. By contrast, there was no 
evidence of an increase in non-interest charges for 
housing loans. 

Across the large euro area countries, the improvement 
in price conditions applied to average loans was 
widespread and again particularly pronounced in Spain 
and Italy. Developments continued to be mixed 

regarding margins on riskier housing loans. Regarding non-price terms and 
conditions, banks in Germany reported a slight tightening impact of loan-to-value 
ratios, which may be a reaction to the strong increase in house prices in some 
regions in Germany. 

The euro area bank lending survey, April 2015 

15 

 
 
 
Table 7 
Factors contributing to the net tightening of terms and 
conditions for loans to households for house purchase 

(net percentage changes) 

Cost of funds 
and balance 
sheet 
constraints

Pressure from  
com petition

Perception of 
risk

Banks' risk 
tolerance

Country

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Euro area

DE

ES

FR

IT

NL

-9

3

-30

-5

-25

0

-15

-3

-30

-7

-50

0

Note: The first data point is for April 2015. 

-1

0

0

0

0

0

0

-3

0

2

0

0

For the first time, banks were asked in this survey 
round also for the factors affecting terms and 
conditions in order to get insights into the underlying 
reasons for changes in credit terms and conditions, 
which may change more frequently than credit 
standards. Similar to credit standards, competition as 
well as banks’ improved funding conditions contributed 
most to the net easing of terms and conditions (see 
Table 7).  

In all large euro area countries except for the 
Netherlands, competition contributed to an easing of 
credit terms and conditions, particularly strongly in 
Spain and Italy. Banks in Germany indicated a 
somewhat higher risk tolerance, in contrast to banks in 

France which reported the opposite attitude. 

2.2.1 

Rejection rate for loans to households for house purchase declined 

Chart 7 
Change in the share of rejected applications for loans 
to households for house purchase 

(net percentages of banks reporting an increase in the share of rejections) 

In the first quarter of 2015, according to euro area 
banks, the net share of rejected applications for loans 
to households for house purchase decreased (-4%; see 
Chart 7).  

Looking at the largest euro area countries, the rejection 
rate for housing loans declined in particular in Italy and 
Spain, and to a smaller extent in Germany, while it 
increased in the Netherlands. 

2.2.2 
housing loans remained at elevated levels 

Increase in net demand for 

In the first quarter of 2015, banks reported a further net 
increase in the demand for housing loans (29%, up 
from 24% in the previous quarter; see Chart 8 and 
Table A), again being markedly above its historical 
average. As in the previous quarters, this increase in 
demand was above banks’ expectations for this quarter 
at the time of the previous survey round. 

Notes: Share of loan rejections relative to the volume of all loan applications in that loan 
category. The first data point is for Q1 2015. 

The euro area bank lending survey, April 2015 

16 

 
 
 
Chart 8 
Changes in demand for loans to households for house purchase and contributing 
factors 

(net percentages of banks reporting positive demand and contributing factors) 

demand - actual

demand - expected

100

80

60

40

20

0

-20

-40

-60

100

200

80

60

40

150

100

50

20

0

0

-20

-50

-40

-100

-60

1
Q
3
1
0
2

2
Q
3
1
0
2

3
Q
3
1
0
2

4
Q
3
1
0
2

1
Q
4
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
5
1
0
2

use of alternative finance
other financing needs
general level of interest rates
consumer confidence
housing market prospects

200

150

100

50

0

-50

-100

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

DE

ES

FR

IT

NL

Notes: See the notes to Chart 4. “Other financing needs” are an unweighted average of “debt refinancing/restructuring and 
renegotiation” and “regulatory and fiscal regime of housing markets” (both from Q1 2015); “use of alternative finance” is an unweighted 
average of “internal financing out of savings/down payment” (from Q1 2015), “household savings” (until Q4 2014), “loans from other 
banks” and “other sources of external finance”. “General level of interest rates” was introduced in Q1 2015. 

Among the large euro area countries, net demand for housing loans continued to 
increase particularly in Germany, Italy and the Netherlands. By contrast, net demand 
for housing loans declined in France and stood below its historical average. 

Table 8 
Factors contributing to net demand for loans to 
households for house purchase 

(net percentage changes) 

Housing 
market 
prospects

Consumer 
confidence

Other financing 
needs 

General level of 
interest rates

Use of 
alternative 
finance

Country

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Euro area

DE

ES

FR

IT

NL

25

21

33

2

38

83

24

21

11

9

50

67

11

10

33

0

0

33

18

10

22

2

38

67

Note: See note to Chart 8. 

1

14

-11

2

0

-33

37

34

11

32

75

50

-2

-6

-4

0

0

-6

-6

-16

-7

0

4

-17

Housing market prospects and the low general level of 
interest rates were the main factors contributing to 
demand for housing loans in the euro area. At the 
same time, caution is warranted as banks may need to 
adjust to the new factor. Consumer confidence was 
again also an important factor for the increased 
demand for housing loans (see Chart 8 and Table 8). 
Among the larger euro area countries, these three 
factors were particularly prominent in Italy and the 
Netherlands. Specifically in Germany, also debt 
refinancing contributed positively to loan demand, 
whereas in the Netherlands the regulatory and fiscal 
regime of housing markets had a dampening impact on 

loan demand. Both factors were introduced in this survey round. 

Looking ahead, for the second quarter of 2015, euro area banks expect a 
stabilisation in the net increase in demand for housing loans at elevated levels. 

The euro area bank lending survey, April 2015 

17 

 
 
 
2.2.3 

Further net easing of credit standards for consumer credit and 
other lending to households 

In the first quarter of 2015, euro area banks eased further their credit standards for 
consumer credit and other lending to households (-5%, after -3% in the previous 
quarter; see Chart 9 and Table A), which remained at levels well below the historical 
average. The net easing was broadly in line with banks’ expectations at the time of 
the previous survey round. 

Chart 9 
Changes in credit standards applied to the approval of consumer credit and other 
lending to households and contributing factors 

(net percentages of banks reporting tightening credit standards and contributing factors) 

credit standards - actual

credit standards - expected

bank's risk tolerance
risk perceptions
competition
cost of funds and balance sheet constraints

10

5

0

-5

-10

-15

10

10

5

0

-10

0

-20

-5

-30

-10

-40

-15

1
Q
3
1
0
2

2
Q
3
1
0
2

3
Q
3
1
0
2

4
Q
3
1
0
2

1
Q
4
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
5
1
0
2

10

0

-10

-20

-30

-40

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

DE

ES

FR

IT

NL

Notes: See the notes to Chart 1. “Risk perceptions” are an unweighted average of “general economic situation and outlook”, 
“creditworthiness of consumers” and “risk on collateral demanded”; “competition” is an unweighted average of “competition from other 
banks” and “competition from non-banks”. “Risk tolerance” was introduced in Q1 2015. 

Table 9 
Factors contributing to the net tightening of credit 
standards for consumer credit and other lending to 
households 

(net percentages) 

Cost of funds 
and balance 
sheet 
constraints

Pressure from  
com petition

Perception of 
risk

Banks' risk 
tolerance

Country

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Euro area

DE

ES

FR

IT

NL

-1

-3

0

-2

0

0

0

0

0

2

0

0

-3

-5

-5

0

-6

0

-7

-2

-5

-20

-6

0

-1

-1

-3

0

0

0

0

-1

0

0

0

0

-1

0

-10

2

0

0

Note: See note to Chart 9. 

Among the larger euro area countries, banks in France 
and Italy reported a net easing of credit standards for 
consumer credit and other lending to households, 
whereas credit standards remained stable in the other 
large countries.  

Looking ahead, euro area banks expect a continued 
net easing of credit standards on consumer credit and 
other lending to households for the second quarter of 
2015. 

The further net easing of credit standards for consumer 
credit and other lending to euro area households 
reflected in particular ongoing competitive pressures 
(see Chart 9 and Table 9). A marginally higher risk 
tolerance by banks also contributed to the net easing. 

Banks in all large euro area countries, except for the Netherlands, reported an easing 
impact of competition, in particular in France. In addition, banks increased their risk 

The euro area bank lending survey, April 2015 

18 

 
 
 
tolerance in Spain, but this was not transmitted into an easing of credit standards on 
consumer credit and other lending to households. 

2.2.4 

Terms and conditions for consumer credit and other lending to 
households improved further  

Euro area banks reported in net terms an overall improvement of their terms and 
conditions on consumer credit and other lending to households in the first quarter of 
2015. This was reflected in particular in a further narrowing of margins on average 
loans, and to a smaller extent also on riskier loans (see Chart 10). 

Chart 10 
Changes in terms and conditions for consumer credit and other lending to 
households 

(net percentages of banks reporting tightening terms and conditions) 

overall terms and conditions

other terms and conditions

collateral requirements

margins on riskier loans

margins on average loans

10

5

0

-5

-10

-15

-20

-25

10

20

5

0

-5

0

-20

-40

-10

-15

-60

-20

-80

-25

1
Q
3
1
0
2

2
Q
3
1
0
2

3
Q
3
1
0
2

4
Q
3
1
0
2

1
Q
4
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

20

0

-20

-40

-60

-80

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

DE

ES

FR

IT

NL

Notes: “Margins” are defined as the spread over a relevant market reference rate. “Other terms and conditions” are an unweighted 
average of “size of the loan” (from Q1 2015), “non-interest rate charges” and “maturity”. “Overall terms and conditions” were introduced 
in Q1 2015. 

Table 10 
Changes in terms and conditions for consumer credit 
and other lending to households 

(net percentage changes) 

Overall term s 
and conditions

Banks' m argins 
on average 
loans

Banks' m argins 
on riskier loans

Country

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Euro area

DE

ES

FR

IT

NL

-5

-10

-30

10

0

0

-13

-3

-50

-19

0

0

-17

-20

-50

-3

-13

0

-3

-7

-10

2

0

0

-5

-7

-20

2

0

0

Note: See note to Chart 10. 

As regards non-price terms and conditions, collateral 
requirements, loan size and maturity contributed 
slightly to the net easing, while non-interest rate 
charges had a neutral impact. 

Among the larger euro area countries, margins on both 
average and riskier loans narrowed particularly in 
Spain and Germany. To a lesser extent, margins on 
average loans also narrowed in Italy and France. 

Regarding banks’ assessment of the impact of factors 
on the change in credit terms and conditions on new 
loans, according to participating banks, in particular 
competitive pressures and banks’ cost of funds and 
balance sheet constraints contributed to an easing of 
banks’ credit terms and conditions on consumer credit 

The euro area bank lending survey, April 2015 

19 

 
 
 
and other lending to households, while banks’ risk perceptions and risk tolerance 
contributed only marginally to the easing of terms and conditions (see Table 11). 

Chart 11 
Change in the share of rejected applications for 
consumer credit and other lending to households 

Table 11 
Factors contributing to the net tightening of terms and 
conditions on consumer credit and other lending to 
households  

(net percentages of banks reporting an increase in the share of rejections) 

(net percentage changes) 

Cost of funds 
and balance 
sheet 
constraints

Pressure from  
com petition

Perception of 
risk

Banks' risk 
tolerance

Country

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Euro area

DE

ES

FR

IT

NL

-4

3

-30

2

0

0

-12

-9

-40

2

-25

0

Note: The first data point is for April 2015. 

-1

-3

0

0

0

0

-1

0

-10

2

0

0

Among the largest euro area countries, banks in Spain 
indicated a considerable easing impact of most factors. 
In Italy and Germany, competitive pressures were the 
dominant factors having an easing impact. In addition, 
banks in Germany indicated an easing impact of banks’ 
risk perception, possibly related to the rather 

Notes: Share of loan rejections relative to the volume of all loan applications in that loan 
category. The first data point is for Q1 2015. 

favourable employment situation in Germany. 

2.2.5 

Rejection rate for consumer credit and other lending to households 
increased slightly 

According to euro area banks, the net share of rejected applications for consumer 
credit and other lending to households increased slightly in the first quarter of 2015 
(2%; see Chart 11).  

Among the largest euro area countries, the rejection rate increased in particular in 
the Netherlands and to a smaller extent in France. By contrast, it declined in 
Germany, in line with the overall favourable employment situation in Germany. 

2.2.6 

Further increase in net demand for consumer credit and other 
lending to households 

According to euro area banks, the net demand for consumer credit and other lending 
to households continued to improve in the first quarter (13%, after 14%; see Chart 12 
and Table A), standing at a level above its historical average. 

The net demand increased in all large euro area countries with the exception of the 
Netherlands. 

The euro area bank lending survey, April 2015 

20 

 
 
 
 
Among the factors underlying the demand at the euro area level, in particular 
financing needs for spending on durable consumer goods contributed to the increase 
in demand (see Chart 12). In addition and possibly related to the demand for durable 
consumer goods, the low general level of interest rates as well as consumer 
confidence contributed to the increase in net demand. 

Chart 12 
Changes in demand for consumer credit and other lending to households and 
contributing factors 

(net percentages of banks reporting positive demand and contributing factors) 

demand - actual

demand - expected

60

40

20

0

-20

-40

-60

-80

60

100

40

75

50

25

0

-25

-50

20

0

-20

-40

-60

-80

1
Q
3
1
0
2

2
Q
3
1
0
2

3
Q
3
1
0
2

4
Q
3
1
0
2

1
Q
4
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
5
1
0
2

use of alternative finance
consumption exp. (real estate)
general level of interest rates
consumer confidence
spending on durable goods

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

2
Q
4
1
0
2

3
Q
4
1
0
2

4
Q
4
1
0
2

1
Q
5
1
0
2

DE

ES

FR

IT

NL

100

75

50

25

0

-25

-50

Notes: See the notes to Chart 4. “Use of alternative finance” is an unweighted average of “internal financing out of savings” (from Q1 
2015), “household savings” (until Q4 2014), “loans from other banks” and “other sources of external finance”. “Consumption exp. (real 
estate)” denotes “consumption expenditure financed through real estate-guaranteed loans”. “General level of interest rates” and 
“consumption expenditure financed through real estate-guaranteed loans” were introduced in Q1 2015. 

Table 12 
Factors contributing to net demand for consumer credit 
and other lending to households 

(net percentage changes) 

Spending on 
durable goods

Consumer 
confidence

Consumption 
exp. (real-
estate)

General level of 
interest rates

Use of 
alternative 
finance

Country

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Euro area

DE

ES

FR

IT

NL

18

21

30

22

13

0

17

13

30

24

25

-17

11

10

30

0

13

20

11

13

30

2

13

0

Note: See note to Chart 12. 

1

4

0

0

0

0

12

13

10

14

13

0

-1

1

0

0

-4

-7

-3

-4

-7

-2

0

0

Across the larger euro area countries, all three factors 
mentioned above were relevant in explaining the 
increase in demand for consumer credit and other 
lending to households. However, internal financing out 
of savings contributed negatively to demand in 
Germany and Spain, and in France loans from other 
banks contributed negatively. The decline in demand in 
the Netherlands was mainly attributed to a decrease in 
the financing need for spending on durable consumer 
goods. 

For the second quarter of 2015, euro area banks 
expect a further net increase in the demand for 
consumer credit and other lending to households. 

The euro area bank lending survey, April 2015 

21 

 
 
 
3 

Ad hoc questions  

3.1 

Banks’ access to retail and wholesale funding 

As in previous survey rounds, the April 2015 survey questionnaire included a 
question which aimed at assessing the extent to which the situation in financial 
markets affected banks’ access to retail and wholesale funding.9 

Chart 13  
Banks’ assessment of funding conditions and the ability 
to transfer credit risk off balance sheet 

Table 13 
Banks’ assessment of funding conditions and the ability 
to transfer credit risk off balance sheet 

(net percentages of banks reporting deteriorated market access) 

(net percentages of banks reporting deteriorated market access) 

Retail funding

Interbank 
unsecured 
m oney m arket

Wholesale debt 
securities

Securitisation

Country

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Jan 15 Apr 15

Euro area

DE

ES

FR

IT

NL

-6

-16

-33

8

0

0

-9

-9

-22

-8

-38

0

-6

-7

-30

10

-6

-14

-10

-3

-55

-2

-19

0

-16

-23

-40

4

-19

-17

-21

-26

-50

-2

-50

0

-15

-19

-26

0

-25

-27

-26

-41

-29

-23

-42

-16

Note: See note to Chart 13. 

For the first quarter of 2015, euro area banks reported 
a further net easing of their access to funding for all 
main market instruments and for retail deposits (see 
Chart 13). Compared with the previous quarter, the 
improvements were more pronounced in all main 
categories, but in particular for banks’ access to debt 
securities markets as well as to securitisation.10 

Notes: The net percentages are defined as the difference between the sum of the 
percentages for “deteriorated considerably” and “deteriorated somewhat” and the sum 
of the percentages for “eased somewhat” and “eased considerably”. “RDS” denotes 
short-term deposits, “RLS” denotes long-term deposits and other retail funding 
instruments, “MMV” denotes very short-term money market, “MMS” denotes short-term 
money market, “DSS” denotes short-term debt securities, “DSM” denotes medium to 
long-term debt securities, “SCL” denotes securitisation of corporate loans, “SHL” 
denotes securitisation of loans for house purchase, and “TCR” denotes ability to transfer 
credit risk off the balance sheet. 

Looking ahead, for the second quarter of 2015, euro 

area banks expect a further net improvement of their access to retail and wholesale 
funding. 

3.2 

Banks’ current level of credit standards 

For the second time, the April 2015 survey questionnaire included an annual ad hoc 
question on the current level of credit standards compared with the levels that have 
prevailed between the first quarter of 2003 and the current quarter, as well as 
between the second quarter of 2010 (i.e. when the sovereign debt crisis started to 

9   The results shown are calculated as a percentage of the number of banks which did not reply “not 

applicable”. 

10   However, for the results on securitisation, there are a large number of banks that replied “not 

applicable” as this source of funding is not relevant for them (around 55% in the first quarter of 2015). 

The euro area bank lending survey, April 2015 

22 

 
 
                                                                    
 
 
intensify) and the current quarter. Information on the level of credit standards is 
useful to put into perspective banks’ replies on the changes in credit standards over 
the past three months. Specifically, as the initial level of credit standards when the 
BLS was introduced in the respective countries is unknown, and as the BLS is a 
qualitative survey, an accumulation of changes in order to derive the current level of 
credit standards may be misleading. In addition, the accumulation of changes in 
credit standards to derive their level is particularly difficult due to the fact that 
reported changes tend to exhibit a bias towards “tightening”, implying that cumulated 
changes have an upward trend. At the same time, it needs to be acknowledged that 
an assessment of the current level, in particular compared with a long-term range 
since 2003, may be difficult for banks and needs therefore to be viewed with some 
caution. 

Chart 14 
Current level of credit standards for loans to enterprises and households, relative to 
the level of credit standards in the past 

(percentages of banks) 

Notes: The “midpoint of the range” of credit standards is defined as the midpoint between the maximum and the minimum level of 
credit standards during this time period. “All NFCs” indicates loans to all non-financial corporations, “HP” indicates loans to households 
for house purchase, and “CC” indicates consumer credit and other lending to households. 

In the first quarter of 2015, in net terms 33% of the euro area banks assessed their 
current level of credit standards for loans to enterprises as being tighter compared 

The euro area bank lending survey, April 2015 

23 

 
 
with the midpoint of the range since 2003 (see Chart 14).11 This was considerably 
lower than one year ago (59%) and reflects the net easing of credit standards on 
loans to euro area enterprises since the second quarter of 2014. The net decline was 
driven by both a higher percentage of banks reporting looser credit standards 
compared with the midpoint of the historical range (17%, after 4%) and a lower 
percentage of banks reporting a tighter level than the midpoint of the historical range 
(50%, after 63%). At the same time, the level of credit standards for loans to euro 
area enterprises remained higher than the midpoint of historical levels. 

When comparing the current level of credit standards with the midpoint of the shorter 
range between the second quarter of 2010 and now, euro area banks also reported 
in net terms an improvement in the level of credit standards on loans to enterprises 
compared with their indications one year ago (in net terms 17%, after 22%). The net 
decline was driven by a higher percentage of banks reporting looser credit standards 
compared with the range since 2010 (19%, after 15%), whereas the percentage of 
banks reporting a tighter level remained broadly unchanged (36%, after 37%). 

With respect to loans to households for house purchase, in net terms 42% of the 
euro area banks (compared with 58% one year ago) assessed their current level of 
credit standards as tighter compared with the midpoint of the range since 2003 (see 
Chart 14). The net decline was driven by both a higher percentage of banks reporting 
looser credit standards compared with the historical range (11%, after 3%) and a 
lower percentage of banks reporting a tighter level than the historical range (53%, 
after 62%). At the same time, the level of credit standards for housing loans 
remained higher than historical levels. 

Regarding the shorter range (i.e. since the second quarter of 2010), euro area banks 
also reported in net terms an improvement in the level of credit standards compared 
with their indications one year ago (in net terms 21%, after 37%). Again, the decline 
was driven by a higher percentage of banks reporting looser credit standards 
compared with the midpoint of the range since 2010 (11%, after 5%), and a lower 
percentage of banks reporting a tighter level of credit standards (32%, after 41%). 

11   “In net terms” is defined here as the difference between “tighter” (defined for this question as the sum of 
the percentages of banks reporting “moderately tighter than the midpoint of the range”, “considerably 
tighter than the midpoint of the range” and “at the tightest level during this period”) and “looser” (defined 
for this question as the sum of the percentages of banks reporting “moderately looser than the midpoint 
of the range”, “considerably looser than the midpoint of the range” and “at the loosest level during this 
period”).  

The euro area bank lending survey, April 2015 

24 

 
                                                                    
3.3 

The impact of the ECB’s expanded asset purchase 
programme 

Chart 15 
Overview of the impact of the expanded APP on euro 
area banks’ financial situation 

(net percentage of respondents) 

Notes: The net percentages are defined as the difference between the sum of the 
percentages for “increased/improved considerably” and “increased/improved somewhat” 
and the sum of the percentages for “decreased/deteriorated somewhat” and 
“decreased/deteriorated considerably”. The results shown are calculated as a 
percentage of the number of banks which did not reply “not applicable”. 

The April 2015 survey questionnaire included three ad 
hoc questions aimed at gauging the impact of the 
ECB’s expanded asset purchase programme (APP), 
which was announced on 22 January 2015. This 
programme encompasses the ongoing purchase 
programmes for asset-backed securities (ABSPP) and 
covered bonds (CBPP3), as well as secondary market 
purchases of euro-denominated bonds issued by euro 
area central governments, certain agencies established 
in the euro area and European institutions. Banks were 
asked to consider both direct and indirect effects of the 
APP, as there may be indirect effects on banks’ 
financial situation and asset allocation even if the 
respective bank has not been involved in any direct 
asset sales to the Eurosystem. Banks reported the 
impact of the APP on their financial situation. In 
addition, banks were asked about the purposes for 
which they did or will use the additional liquidity arising 
from the APP, either owing to banks’ sales of 
marketable assets or to an increase in customer 
deposits. Finally, banks provided an assessment of the 
impact of the APP on their lending conditions. 

3.3.1 

Impact of the ECB’s expanded asset purchase programme on 
banks’ financial situation 

This section provides indications on the impact of the APP on banks’ assets, their 
liquidity situation, market financing conditions, bank profitability and banks’ capital 
and leverage ratio. Related to the APP, euro area banks have reported an overall 
improvement of their financial situation over the past six months and expect this 
improvement to continue over the next six months, except for the APP impact on 
banks’ profitability (see Chart 15). 

In detail, in net terms 9% of the euro area banks reported an increase in their total 
assets over the past six months, including an increase of their euro area sovereign 
bond holdings. At the same time, they expect a decline of their holdings of euro area 
sovereign bonds over the next six months as a consequence of the APP (net 
percentage of banks: -12%), but a continued increase in their total assets (net 
percentage of banks: 11%). 

The euro area bank lending survey, April 2015 

25 

 
 
Chart 16 
Impact of the expanded APP on euro area banks’ 
market financing conditions 

(net percentage of respondents) 

Note: See note to Chart 15. 

Regarding the impact of the APP on banks’ liquidity 
situation, in net terms 21% of the euro area banks 
reported that their liquidity situation improved 
considerably over the past six months and expect this 
development to continue over the next six months 
(20% of the banks in net terms), on account of both 
their sales of marketable assets and an increase in 
deposits from enterprises and households, the latter 
source expected to become the dominant one over the 
next six months. 

Nearly half of the euro area banks (net percentage of 
47%) reported a positive impact of the APP on their 
market financing conditions, in particular for their 
financing via covered bonds and unsecured bank 
bonds (see Chart 16), in line with banks’ considerably 
further improved access to debt securities financing 
(see Section 3.1). For the banks with asset-backed 
securities (ABS) business (about 50% of the euro area 
banks in the BLS sample), also this financing source 

improved considerably. Banks (in net terms 42%) expect an ongoing improvement of 
their market financing conditions related to the APP also for the next six months. 

Related to a generally negative impact of the low level of interest rates and the 
flattening of the term structure of interest rates on bank profitability, in net terms 18% 
of the euro area banks expect the APP to have a negative impact on euro area 
banks’ profitability over the next six months (see Chart 17), related to a decline in net 
interest margins, whereas capital gains are expected to have a positive impact on 
banks’ profitability. Moreover, with regard to banks’ capital and leverage ratio, euro 

Chart 17 
Impact of the expanded APP on euro area banks’ 
profitability and capital position 

(net percentage of respondents) 

Note: See note to Chart 15. 

area banks indicated a positive APP impact for the past 
and next six months. 

Purposes for which banks use 

3.3.2 
the additional liquidity from the ECB’s 
expanded asset purchase programme 

The additional liquidity resulting from the APP may 
either stem from banks’ sales of marketable assets or 
from an increase in customer deposits. Banks can use 
the additional liquidity stemming from either of the two 
sources for refinancing purposes, for granting loans or 
for purchasing assets. The first part of this section 
reports the purposes for which banks have used or 
intend to use the additional liquidity resulting from their 
sales of marketable assets, while the second part looks 
at the purposes for which banks have used or intend to 
use the additional liquidity resulting from an increase in 

The euro area bank lending survey, April 2015 

26 

 
 
 
 
Chart 18 
Purposes for which euro area banks use the additional 
liquidity from the expanded APP – overview 

(average percentage of respondents per category) 

Notes: The percentages are defined as the sum of the percentages for “has contributed 
(will contribute) considerably to this purpose” and “has contributed (will contribute) 
somewhat to this purpose”. The results shown are calculated as a percentage of the 
number of banks which did not reply “not applicable”. 

customer deposits. 

Euro area banks indicated that they have used the 
additional liquidity from their sales of marketable assets 
related to the APP over the past six months in 
particular for granting loans (see Chart 18). 
Specifically, 28% of the euro area banks indicated that 
they have used the funds for granting loans to 
enterprises, while 17% and 18% respectively indicated 
that they have used the funds for granting housing 
loans and consumer credit and other lending to 
households (see Chart 19). Over the coming six 
months, the percentage of banks that intend to use the 
APP liquidity from their sales of marketable assets for 
granting loans increases in all three loan categories 
(loans to enterprises: 35%; housing loans: 23%; 
consumer credit and other lending to households: 
25%). This suggests that the APP seems to be 
effective in supporting lending to the euro area 
economy. 

In addition, on average 9% of the euro area banks 
reported that they used the liquidity from the sales of marketable assets to some 
extent also for refinancing over the past six months (see Chart 18). This percentage 
is expected to remain broadly unchanged over the next six months (8%). In detail, 
euro area banks indicated that they used the additional liquidity from their APP-
related sales of marketable assets mainly for substituting maturing debt (12% of the 
banks) and for substituting Eurosystem liquidity operations (14%). By contrast, the 
substitution of deposit shortfalls (2%) and of interbank lending (6%) has been of 

Chart 19 
Purposes for which euro area banks use the additional 
liquidity from the expanded APP – granting loans 

(percentage of respondents) 

past six months

next six months

50

40

30

20

10

0

50

40

30

20

10

0

enterprises households
for house
purchase

consumer
credit and
other
lending

enterprises households
for house
purchase

consumer
credit and
other
lending

increased liquidity from sales
of marketable assets

increased liquidity from
increased customers' deposits

Note: See note to Chart 18. 

lower importance at the euro area level (see Chart 20). 
A similar importance is also allocated to these 
components over the next six months. 

On average, a limited 4% of the euro area banks used 
the liquidity from the sales of marketable assets for 
purchasing other marketable assets over the past six 
months (see Chart 18). This percentage is expected to 
remain broadly unchanged over the next six months 
(3%). 

Euro area banks were also asked for which purposes 
they have used the additional liquidity related to the 
APP from an increase in deposits of households and 
enterprises. 

In line with the evidence on the use of the liquidity from 
banks’ sales of marketable assets, banks also 
indicated for the additional APP-related liquidity from 
an increase in customer deposits that they have mainly 

The euro area bank lending survey, April 2015 

27 

 
 
 
used it for granting loans, specifically for loans to enterprises (percentage of banks 
for loans to enterprises: 32%; housing loans: 23%; consumer credit: 26%), and 
intend to do so to an increasing extent also over the coming six months (loans to 
enterprises: 47%; housing loans: 38%; consumer credit: 32%; see Charts 18 and 19). 
The percentages of banks indicating the use of this liquidity for granting loans are 
somewhat higher compared with the use of the liquidity resulting from the sales of 
marketable assets. 

Moreover, with respect to refinancing purposes, euro area banks indicated a broadly 
equal distribution of the use of the APP-related liquidity from an increase in customer 
deposits across categories over the past six months, i.e. for substituting maturing 
debt (12%), interbank lending (11%) and Eurosystem liquidity operations (14%), with 
the latter being expected to become somewhat less important over the coming six 
months (see Chart 20). 

Finally, with respect to purchasing euro area or non-euro area marketable assets 
with the additional APP liquidity from increased customer deposits, on average only 
5% of the euro area banks indicated that they have done so over the past six months 
(see Chart 18), exclusively for purchases of euro area marketable assets (9%). The 
assessment by euro area banks remains broadly unchanged also for the next six 
months. 

Chart 20 
Purposes for which euro area banks use the additional 
liquidity from the expanded APP – refinancing 

Chart 21 
Impact of the expanded APP on bank lending 
conditions 

(percentage of respondents) 

(net percentage of respondents) 

Note: See note to Chart 18. 

Notes: The net percentages are defined as the difference between the sum of the 
percentages for “tightened considerably” and “tightened somewhat” and the sum of the 
percentages for “eased somewhat” and “eased considerably”. The results shown are 
calculated as a percentage of the number of banks which did not reply “not applicable”. 

3.3.3 

Impact of the ECB’s expanded asset purchase programme on 
banks’ lending conditions 

Finally, euro area banks indicated a net easing impact of the APP on their credit 
standards over the past six months (loans to enterprises: -3%; housing loans: -2%; 

The euro area bank lending survey, April 2015 

28 

 
 
 
consumer credit and other lending to households: -1%; see Chart 21). Over the next 
six months, banks expect this impact to become larger for loans to enterprises and 
housing loans (loans to enterprises: -6%; housing loans: -3%; consumer credit and 
other lending to households: 0%), probably resulting from the favourable APP impact 
on their market financing and liquidity situation. In line with banks’ indication that they 
use the additional APP-related liquidity mainly for loans to enterprises, they also 
indicated the largest impact on credit standards for loans to enterprises. 

A considerable percentage of euro area banks indicated a favourable APP impact on 
their credit terms and conditions (loans to enterprises: -19%; housing loans: -15%; 
consumer credit and other lending to households: -8%; see Chart 21). Similar to 
credit standards, this favourable impact is expected to increase over time (loans to 
enterprises: -33%; housing loans: -23%; consumer credit and other lending to 
households: -14%). 

The euro area bank lending survey, April 2015 

29 

 
Annex 1 
Results for the standard questions12 

Loans or credit lines to enterprises 

Question 1 
Over the past three months, how have your bank’s credit standards as applied to the approval of loans or credit 
lines to enterprises changed? Please note that we are asking about the change in credit standards, rather than 
about their level. 

(in percentages, unless otherwise stated) 

Tightened considerably
Tightened somewhat
Remained basically unchanged
Eased somewhat
Eased considerably
Total
Net percentage
Diffusion index
Mean
Number of banks responding

Overall

Loans to small and 
medium-sized 
enterprises

Loans to large 
enterprises

Short-term loans

Long-term loans

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0
2
91
7
0
100
-5
-2
3.05
131

0
2
88
10
0
100
-9
-4
3.09
137

0
1
92
7
0
100
-7
-3
3.07
127

0
1
90
9
0
100
-9
-4
3.09
132

1
1
92
7
0
100
-5
-2
3.04
127

0
2
90
8
0
100
-5
-2
3.05
133

0
1
92
7
0
100
-6
-3
3.06
131

0
0
90
9
0
100
-9
-4
3.09
137

1
2
92
6
0
100
-4
-2
3.03
131

0
2
92
6
0
100
-3
-1
3.03
137

Notes: The net percentage is defined as the difference between the sum of the percentages for “tightened considerably” and “tightened somewhat”, and the sum of the percentages 
for “eased somewhat” and “eased considerably”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who have 
answered “considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to the first 
possible answer and consequently for the others.  

12   Figures in the tables in the annexes 1 and 2 may deviate slightly from those in the text due to rounding. 

The euro area bank lending survey, April 2015 

30 

 
 
                                                                    
Question 2 
Over the past three months, how have the following factors affected your bank’s credit standards as applied to the 
approval of loans or credit lines to enterprises? 

(in percentages, unless otherwise stated) 

OVERALL

A) Cost of funds and balance sheet constraints
Costs related to your bank's capital position
Your bank's ability to access market financing
Your bank's liquidity position
B) Pressure from competition
Competition from other banks
Competition from non-banks
Competition from market financing
C) Perception of risk
General economic situation and outlook
Industry or firm-specific situation and 
outlook/borrower's creditworthiness
Risk related to the collateral demanded
D) Your bank's risk tolerance
Your bank's risk tolerance

SMALL AND MEDIUM-SIZED ENTERPRISES

A) Cost of funds and balance sheet constraints
Costs related to your bank's capital position
Your bank's ability to access market financing
Your bank's liquidity position
B) Pressure from competition
Competition from other banks
Competition from non-banks
Competition from market financing
C) Perception of risk
General economic situation and outlook
Industry or firm-specific situation and 
outlook/borrower's creditworthiness
Risk related to the collateral demanded
D) Your bank's risk tolerance
Your bank's risk tolerance

LARGE ENTERPRISES

A) Cost of funds and balance sheet constraints
Costs related to your bank's capital position
Your bank's ability to access market financing
Your bank's liquidity position
B) Pressure from competition
Competition from other banks
Competition from non-banks
Competition from market financing
C) Perception of risk
General economic situation and outlook
Industry or firm-specific situation and 
outlook/borrower's creditworthiness
Risk related to the collateral demanded
D) Your bank's risk tolerance
Your bank's risk tolerance

--

0
0
0

0
0
0

0

0
0

0

--

0
0
0

0
0
0

0

0
0

0

--

0
0
0

0
0
0

0

0
0

0

-

1
1
1

0
0
0

3

3
2

3

-

0
1
1

0
0
0

2

2
2

2

-

2
1
1

0
0
0

2

3
1

4

°

95
96
89

81
97
93

95

94
98

93

°

93
93
88

82
97
97

95

94
97

91

°

94
97
91

83
95
91

93

90
97

91

+

3
3
9

18
0
4

2

4
0

3

+

3
3
7

17
0
0

2

3
0

4

+

2
1
7

14
2
7

3

6
1

3

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0
0
0

0
0
0

0

0
0

0

0
0
0

1
3
3

0

0
0

1

-3
-3
-9

-12
-3
-5

-1

-3
2

-2
-2
-8

-18
0
-4

0

-1
2

-1

-1
-2
-5

-6
-2
-3

0

-2
1

-1
-1
-4

-9
0
-2

0

-1
1

0

3.03
3.03
3.09

3.13
3.04
3.06

3.02
3.02
3.09

3.19
3.00
3.04

3.01

3.00

3.03
2.98

3.01
2.98

3.01

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0
0
0

0
0
0

0

0
0

0

4
4
4

1
3
3

1

1
1

4

-4
-3
-8

-10
0
0

-1

-2
2

-3
-3
-6

-17
0
0

0

-2
2

-3

-2
-2
-4

-5
0
0

-1

-1
1

-1
-1
-3

-9
0
0

0

-1
1

-1

3.04
3.04
3.08

3.10
2.99
3.00

3.03
3.03
3.07

3.17
2.99
3.00

3.01

3.00

3.02
2.98

3.02
2.98

3.03

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0
0
0

1
0
0

0

0
0

0

1
1
1

2
3
3

1

1
1

2

-1
-2
-9

-10
-2
-6

-3

-4
2

0
0
-7

-15
-2
-7

-1

-3
1

0

0
-1
-4

-5
-1
-4

-1

-2
1

0
0
-3

-8
-1
-3

-1

-1
0

0

3.01
3.02
3.09

3.11
3.02
3.07

3.00
3.00
3.07

3.16
3.01
3.06

3.03

3.01

3.04
2.98

3.03
2.99

3.00

NA = not available; NetP = net percentage; DI = diffusion index. 
Notes: The net percentage is defined as the difference between the sum of banks responding “- -” (contributed considerably to tightening) and “-” (contributed somewhat to 
tightening), and the sum of banks responding “+” (contributed somewhat to easing) and “+ +” (contributed considerably to easing). “°” means “contributed to basically unchanged 
credit standards”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who have answered “considerably” a weight 
twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to the first possible answer and consequently 
for the others. 

The euro area bank lending survey, April 2015 

31 

 
 
Question 3 
Over the past three months, how have your bank’s terms and conditions for new loans or credit lines to enterprises 
changed? 

(in percentages, unless otherwise stated) 

OVERALL

A) Overall terms and conditions
Overall terms and conditions
B) Margins
Your bank's margin on average loans
Your bank's margin on riskier loans
C) Other conditions and terms
Non-interest rate charges
Size of the loan or credit line
Collateral requirements
Loan covenants
Maturity

SMALL AND MEDIUM-SIZED ENTERPRISES

A) Overall terms and conditions
Overall terms and conditions
B) Margins
Your bank's margin on average loans
Your bank's margin on riskier loans
C) Other conditions and terms
Non-interest rate charges
Size of the loan or credit line
Collateral requirements
Loan covenants
Maturity

LARGE ENTERPRISES

A) Overall terms and conditions
Overall terms and conditions
B) Margins
Your bank's margin on average loans
Your bank's margin on riskier loans
C) Other conditions and terms
Non-interest rate charges
Size of the loan or credit line
Collateral requirements
Loan covenants
Maturity

--

0

0
0

0
0
0
0
0

--

0

0
0

0
0
0
0
0

--

0

0
0

0
0
0
0
0

-

3

4
7

1
1
2
0
1

-

2

3
7

1
1
1
0
0

-

3

4
8

1
1
1
0
2

°

78

56
80

92
91
95
95
92

°

79

63
82

93
92
95
97
91

°

80

58
81

88
85
92
89
87

+

18

39
11

5
6
3
4
6

+

18

33
10

5
6
3
2
7

+

14

35
10

9
12
5
7
8

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

1

2
2

1
1
1
1
1

0

0
0

0
0
0
0
0

-15

-37
-5

-5
-6
-2
-5
-6

-24
-2

-4
-8
-2
-7
-5

-8

-19
-3

-3
-3
-1
-3
-3

3.16

3.38
3.07

3.06
3.07
3.03
3.06
3.07

3.26
3.03

3.05
3.08
3.02
3.07
3.05

-13
-2

-2
-4
-1
-3
-3

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0

1
1

0
1
0
1
0

1

1
1

1
1
1
1
1

-16

-31
-4

-4
-6
-2
-2
-7

-25
-1

-4
-9
-2
-5
-4

-8

-16
-2

-2
-3
-1
-1
-3

3.16

3.32
3.05

3.04
3.07
3.02
3.03
3.07

3.25
3.01

3.04
3.09
3.02
3.05
3.05

-13
-1

-2
-5
-1
-3
-2

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

1

1
1

1
1
1
2
1

1

1
1

1
1
1
1
1

-11

-32
-3

-8
-11
-5
-9
-7

-22
0

-5
-8
-3
-8
-5

-6

-17
-2

-4
-6
-3
-6
-4

3.12

3.34
3.04

3.09
3.12
3.06
3.11
3.08

3.24
3.01

3.06
3.08
3.03
3.09
3.05

-12
0

-3
-4
-1
-4
-2

NA = not available; NetP = net percentage; DI = diffusion index. 
Notes: The net percentage is defined as the difference between the sum of banks responding “- -” (tightened considerably) and “-” (tightened somewhat), and the sum of banks 
responding “+” (eased somewhat) and “+ +” (eased considerably). “°” means “basically unchanged credit standards”. The diffusion index is defined as the net percentage weighted 
according to the intensity of the response, giving lenders who have answered “considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 
0.5). The mean is calculated by attributing the values 1 to 5 to the first possible answer and consequently for the others. 

The euro area bank lending survey, April 2015 

32 

 
 
 
Question 4 
Over the past three months, how have the following factors affected your bank’s credit terms and conditions as 
applied to new loans or credit lines to enterprises? 

(in percentages, unless otherwise stated) 

OVERALL IMPACT ON YOUR BANK'S CREDIT TERMS AND CONDITIONS

A)  Cost of funds and balance sheet constraints 
Cost of funds and balance sheet constraints 
B) Pressure from competition
Pressure from competition
C) Perception of risk 
Perception of risk 
D) Your bank's risk tolerance 
Your bank's risk tolerance 

--

0

0

0

0

IMPACT ON YOUR BANK'S MARGINS ON AVERAGE LOANS

A)  Cost of funds and balance sheet constraints 
Cost of funds and balance sheet constraints 
B) Pressure from competition
Pressure from competition
C) Perception of risk 
Perception of risk 
D) Your bank's risk tolerance 
Your bank's risk tolerance 

--

0

0

0

0

IMPACT ON YOUR BANK'S MARGINS ON RISKIER LOANS

A)  Cost of funds and balance sheet constraints 
Cost of funds and balance sheet constraints 
B) Pressure from competition
Pressure from competition
C) Perception of risk 
Perception of risk 
D) Your bank's risk tolerance 
Your bank's risk tolerance 

--

0

0

0

0

-

2

2

0

3

-

1

2

0

2

-

2

2

2

3

°

84

60

95

91

°

82

55

93

92

°

93

80

96

95

+

12

34

2

4

+

15

38

5

4

+

3

15

1

0

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0

1

0

0

2

3

2

2

-9

-32

-2

-1

-5

-17

-1

0

3.09

3.33

3.02

3.01

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0

2

0

0

2

3

2

2

-14

-37

-4

-2

-7

-20

-2

-1

3.14

3.40

3.04

3.02

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0

0

0

0

2

3

2

2

-1

-13

1

3

0

-7

0

2

3.01

3.13

2.99

2.97

NA = not available; NetP = net percentage; DI = diffusion index. 
Notes: The net percentage is defined as the difference between the sum of banks responding “- -” (contributed considerably to tightening) and “-” (contributed somewhat to 
tightening), and the sum of banks responding “+” (contributed somewhat to easing) and “+ +” (contributed considerably to easing). “°” means “contributed to basically unchanged 
credit standards”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who have answered “considerably” a weight 
twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to the first possible answer and consequently 
for the others. 

The euro area bank lending survey, April 2015 

33 

 
 
 
Question 5 
Over the past three months (apart from normal seasonal fluctuations), has the share of enterprise loan 
applications that were completely rejected by your bank increased, remained unchanged or decreased (loan 
volume, relative to the total volume of loan applications in that loan category)? 

(in percentages, unless otherwise stated) 

Decreased considerably
Decreased somewhat
Remained basically unchanged
Increased somewhat
Increased considerably
Total
Net percentage
Diffusion index
Mean
Number of banks responding

Share of rejected 
applications

Jan 15

Apr 15

1
5
92
2
0
100
-5
-3
2.95
135

Notes: The net percentage is defined as the difference between the sum of the percentages for “increased considerably” and “increased somewhat”, and the sum of the percentages 
for “decreased somewhat” and “decreased considerably”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who 
have answered “considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to 
the first possible answer and consequently for the others. 

Question 6 
Over the past three months (apart from normal seasonal fluctuations), how has the demand for loans or credit 
lines to enterprises changed at your bank? Please refer to the financing need of enterprises independent of 
whether this need will result in a loan or not. 

(in percentages, unless otherwise stated) 

Decreased considerably
Decreased somewhat
Remained basically unchanged
Increased somewhat
Increased considerably
Total
Net percentage
Diffusion index
Mean
Number of banks responding

Overall

Loans to small and 
medium-sized 
enterprises

Loans to large 
enterprises

Short-term loans

Long-term loans

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

1
2
75
21
0
100
18
9
3.18
131

0
13
68
19
0
100
6
3
3.05
135

0
12
72
15
1
100
3
2
3.04
127

0
11
70
19
0
100
8
4
3.07
131

1
2
74
24
0
100
21
10
3.21
127

0
12
68
16
3
100
7
5
3.10
132

1
5
77
17
0
100
11
5
3.11
131

1
8
71
18
3
100
12
7
3.14
136

1
2
75
22
0
100
19
9
3.18
131

0
11
68
21
0
100
10
5
3.10
136

Notes: The net percentage is defined as the difference between the sum of the percentages for “increased considerably” and “increased somewhat”, and the sum of the percentages 
for “decreased somewhat” and “decreased considerably”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who 
have answered “considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to 
the first possible answer and consequently for the others. 

The euro area bank lending survey, April 2015 

34 

 
 
 
 
Question 7 
Over the past three months, how have the following factors affected the overall demand for loans or credit lines to 
enterprises? 

(in percentages, unless otherwise stated) 

--

-

1
1

A) Financing needs/underlying drivers or purpose of loan demand
14
Fixed investment
Inventories and working capital
8
Mergers/acquisitions and corporate 
restructuring
General level of interest rates 
Debt refinancing/restructuring and 
renegotiation
B) Use of alternative finance
Internal financing
Loans from other banks
Loans from non-banks
Issuance/redemption of debt securities
Issuance/redemption of equity

7
4
2
10
3

2
0
0
0
0

6
0

0
0

10

0

°

77
69

84
74

70

90
91
95
87
96

+

8
18

9
25

20

2
6
1
2
0

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0
3

1
1

0

0
0
0
0
0

0
0

0
0

0

0
0
2
2
2

11
9

11

14

-4
4
-1
-3
1

-6
13

4
26

10

-6
2
0
-8
-3

5
4

5

7

-2
2
-1
-1
1

-3
7

2
13

5

-4
1
0
-4
-1

3.10
3.08

3.11

2.93
3.15

3.04
3.27

3.14

3.11

2.96
3.04
2.99
2.97
3.01

2.92
3.02
2.99
2.91
2.97

NA = not available; NetP = net percentage; DI = diffusion index. 
Notes: The net percentage is defined as the difference between the sum of banks responding “+” (contributed somewhat to increasing demand) and “+ +” (contributed considerably to 
increasing demand) and the sum of banks responding “- ” (contributed somewhat to lowering demand) and “--” (contributed considerably to lowering demand). “°” means “contributed 
to basically unchanged demand”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who have answered 
“considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to the first possible 
answer and consequently for the others. 

Question 8 
Please indicate how you expect your bank’s credit standards as applied to the approval of loans or credit lines to 
enterprises to change over the next three months. Please note that we are asking about the change in credit 
standards, rather than about their level. 

(in percentages, unless otherwise stated) 

Tighten considerably
Tighten somewhat
Remain basically unchanged
Ease somewhat
Ease considerably
Total
Net percentage
Diffusion index
Mean
Number of banks responding

Overall

Loans to small and 
medium-sized 
enterprises

Loans to large 
enterprises

Short-term loans

Long-term loans

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0
2
90
7
0
100
-5
-3
3.05
130

0
6
88
6
0
100
-1
0
3.01
137

0
1
91
8
0
100
-7
-4
3.07
124

0
5
89
7
0
100
-2
-1
3.02
132

0
4
92
5
0
100
-1
-1
3.01
126

0
6
89
5
1
100
0
-1
3.02
133

0
1
92
7
0
100
-6
-3
3.06
130

0
5
89
6
0
100
-2
-1
3.02
137

0
3
90
7
0
100
-4
-2
3.04
130

0
6
88
6
0
100
0
0
3.00
137

Notes: The net percentage is defined as the difference between the sum of the percentages for “tighten considerably” and “tighten somewhat”, and the sum of the percentages for 
“ease somewhat” and “ease considerably”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who have 
answered “considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to the first 
possible answer and consequently for the others. 

The euro area bank lending survey, April 2015 

35 

 
 
 
 
Question 9 
Please indicate how you expect demand for loans or credit lines to enterprises to change at your bank over the 
next three months (apart from normal seasonal fluctuations)? Please refer to the financing need of enterprises 
independent of whether this need will result in a loan or not. 

(in percentages, unless otherwise stated) 

Decrease considerably
Decrease somewhat
Remain basically unchanged
Increase somewhat
Increase considerably
Total
Net percentage
Diffusion index
Mean
Number of banks responding

Overall

Loans to small and 
medium-sized 
enterprises

Loans to large 
enterprises

Short-term loans

Long-term loans

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0
5
73
22
0
100
17
8
3.17
130

0
2
56
41
0
100
39
20
3.39
137

0
4
75
20
1
100
17
9
3.17
127

0
2
55
42
0
100
40
20
3.40
132

0
4
78
17
0
100
13
7
3.13
127

0
3
65
32
0
100
30
15
3.30
133

1
2
78
20
0
100
17
8
3.17
131

1
2
61
36
0
100
34
17
3.33
137

0
4
74
21
1
100
17
9
3.18
130

0
2
60
38
0
100
37
18
3.37
137

Notes: The net percentage is defined as the difference between the sum of the percentages for “increase considerably” and “increase somewhat”, and the sum of the percentages for 
“decrease somewhat” and “decrease considerably”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who have 
answered “considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to the first 
possible answer and consequently for the others. 

The euro area bank lending survey, April 2015 

36 

 
 
Loans to households  

Question 10 
Over the past three months, how have your bank’s credit standards as applied to the approval of loans to 
households changed? Please note that we are asking about the change in credit standards, rather than about their 
level.  

(in percentages, unless otherwise stated) 

Tightened considerably

Tightened somewhat

Remained basically unchanged

Eased somewhat
Eased considerably
Total
Net percentage
Diffusion index
Mean
Number of banks responding

Loans for house 
purchase

Consumer credit 
and other lending

Jan 15

Apr 15

Jan 15

Apr 15

0

1

94

5
0
100
-4
-2
3.04
126

0

7

88

5
0
100
2
1
2.99
130

0

0

96

3
0
100
-3
-2
3.03
127

0

2

90

7
0
100
-5
-2
3.05
132

Notes: The net percentage is defined as the difference between the sum of the percentages for “tightened considerably” and “tightened somewhat”, and the sum of the percentages 
for “eased somewhat” and “eased considerably”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who have 
answered “considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to the first 
possible answer and consequently for the others. 

Question 11 
Over the past three months, how have the following factors affected your bank’s credit standards as applied to the 
approval of loans to households for house purchase?  

(in percentages, unless otherwise stated) 

A) Cost of funds and balance sheet constraints
Cost of funds and balance sheet constraints
B) Pressure from competition
Competition from other banks
Competition from non-banks
C) Perception of risk
General economic situation and outlook
Housing market prospects, including expected 
house price developments
Borrower’s creditworthiness
D) Your bank's risk tolerance
Your bank's risk tolerance

--

0

0
0

0

0
0

0

-

1

1
1

0

2
0

2

°

96

86
97

98

97
99

96

+

3

11
0

2

0
0

1

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0

0
0

0

0
0

0

0

2
2

0

0
0

0

0

-5
-1

1

2

1

-9
-1

2

4

-1

-11
0

-2

2
0

1

-1

-5
0

-1

1
0

0

2.99

3.01

3.09
3.01

3.11
2.99

2.98

3.02

2.96

2.98
3.00

2.99

NA = not available; NetP = net percentage; DI = diffusion index. 
Notes: The net percentage is defined as the difference between the sum of banks responding “- -” (contributed considerably to tightening) and “-” (contributed somewhat to 
tightening), and the sum of banks responding “+” (contributed somewhat to easing) and “+ +” (contributed considerably to easing). “°” means “contributed to basically unchanged 
credit standards”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who have answered “considerably” a weight 
twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to the first possible answer and consequently 
for the others. 

The euro area bank lending survey, April 2015 

37 

 
 
 
 
Question 12 
Over the past three months, how have your bank’s terms and conditions for new loans to households for house 
purchase changed?  

(in percentages, unless otherwise stated) 

A) Overall terms and conditions
Overall terms and conditions
B) Margins
Your bank’s loan margin on average loans
Your bank’s loan margin on riskier loans
C) Other terms and conditions
Collateral requirements
"Loan-to-value" ratio
Other loan size limits
Maturity
Non-interest rate charges

--

0

0
0

0
0
0
0
0

-

2

5
5

1
3
0
0
0

°

84

60
86

98
97
99
98
100

+

13

33
8

0
0
0
2
0

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

2

2
0

0
0
0
0
0

0

0
0

0
0
0
0
0

-12

-30
-3

1
3
0
-2
0

-27
-2

0
1

-1
0

-14
-1

0
1

-1
0

-7

-16
-1

1
1
0
-1
0

3.14

3.31
3.02

2.99
2.97
3.00
3.02
2.99

3.27
3.02

3.00
2.99

3.01
3.00

NA = not available; NetP = net percentage; DI = diffusion index. 
Notes: The net percentage is defined as the difference between the sum of banks responding “- -” (tightened considerably) and “-” (tightened somewhat), and the sum of banks 
responding “+” (eased somewhat) and “+ +” (eased considerably). “°” means “basically unchanged credit standards”. The diffusion index is defined as the net percentage weighted 
according to the intensity of the response, giving lenders who have answered “considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 
0.5). The mean is calculated by attributing the values 1 to 5 to the first possible answer and consequently for the others. 

Question 13 
Over the past three months, how have the following factors affected your bank’s credit terms and conditions as 
applied to new loans to households for house purchase? 

(in percentages, unless otherwise stated) 

OVERALL IMPACT ON YOUR BANK'S CREDIT TERMS AND CONDITIONS

A)  Cost of funds and balance sheet constraints 
Cost of funds and balance sheet constraints 
B) Pressure from competition
Pressure from competition
C) Perception of risk 
Perception of risk 
D) Your bank's risk tolerance 
Your bank's risk tolerance 

--

0

0

0

0

IMPACT ON YOUR BANK'S MARGINS ON AVERAGE LOANS

A)  Cost of funds and balance sheet constraints 
Cost of funds and balance sheet constraints 
B) Pressure from competition
Pressure from competition
C) Perception of risk 
Perception of risk 
D) Your bank's risk tolerance 
Your bank's risk tolerance 

--

0

0

0

0

IMPACT ON YOUR BANK'S MARGINS ON RISKIER LOANS

A)  Cost of funds and balance sheet constraints 
Cost of funds and balance sheet constraints 
B) Pressure from competition
Pressure from competition
C) Perception of risk 
Perception of risk 
D) Your bank's risk tolerance 
Your bank's risk tolerance 

--

0

0

0

0

-

2

1

0

1

-

2

3

1

1

-

2

2

1

1

°

80

73

91

91

°

75

59

84

84

°

84

82

89

88

+

9

16

1

1

+

12

27

6

5

+

3

3

0

1

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

2

0

0

0

8

10

8

8

-9

-15

-1

0

-5

-8

0

0

3.10

3.16

3.01

3.00

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

2

0

0

0

10

12

9

9

-11

-24

-5

-4

-6

-12

-3

-2

3.12

3.26

3.06

3.04

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0

0

0

0

10

12

10

10

0

-2

1

0

0

-1

0

0

2.99

3.02

2.99

2.99

NA = not available; NetP = net percentage; DI = diffusion index. 
Notes: The net percentage is defined as the difference between the sum of banks responding “- -” (contributed considerably to tightening) and “-” (contributed somewhat to 
tightening), and the sum of banks responding “+” (contributed somewhat to easing) and “+ +” (contributed considerably to easing). “°” means “contributed to basically unchanged 
credit standards”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who have answered “considerably” a weight 
twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to the first possible answer and consequently 
for the others. 

The euro area bank lending survey, April 2015 

38 

 
 
 
 
Question 14 
Over the past three months, how have the following factors affected your bank’s credit standards as applied to the 
approval of consumer credit and other lending to households? 

(in percentages, unless otherwise stated) 

A) Cost of funds and balance sheet constraints
Cost of funds and balance sheet constraints 
B) Pressure from competition
Competition from other banks
Competition from non-banks
C) Perception of risk
General economic situation and outlook
Creditworthiness of consumers (1)
Risk on the collateral demanded
D) Your bank's risk tolerance 
Your bank's risk tolerance 

--

0

0
0

0

0
0

0

-

0

0
0

1

0
1

1

°

99

90
94

98

98
99

97

+

0

9
5

1

2
0

2

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0

0
0

0

0
0

0

0

0
0

0

0
0

0

-1

-6
-1

-2

-1
0

-1

-3
0

-1

-1
0

0

-9
-5

0

-2
1

-1

0

-4
-3

0

-1
1

-1

3.01

3.00

3.06
3.00

3.02

3.01
3.00

3.09
3.05

3.00

3.02
2.99

3.01

NA = not available; NetP = net percentage; DI = diffusion index. 
Notes: The net percentage is defined as the difference between the sum of banks responding “- -” (contributed considerably to tightening) and “-” (contributed somewhat to 
tightening), and the sum of banks responding “+” (contributed somewhat to easing) and “+ +” (contributed considerably to easing). “°” means “contributed to basically unchanged 
credit standards”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who have answered “considerably” a weight 
twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to the first possible answer and consequently 
for the others. 

Question 15 
Over the past three months, how have your bank’s terms and conditions for new consumer credit and other 
lending to households changed? 

(in percentages, unless otherwise stated) 

A) Overall terms and conditions
Overall terms and conditions
B) Margins
Your bank’s loan margin on average loans
Your bank’s loan margin on riskier loans
C) Other terms and conditions
Collateral requirements
Size of the loan 
Maturity
Non-interest rate charges

--

0

0
0

0
0
0
0

-

3

4
2

1
1
0
0

°

88

76
91

98
97
98
99

+

8

20
6

1
3
1
0

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0

0
0

0
0
0
0

0

0
0

0
0
0
0

-5

-17
-5

0
-2
-1
0

-13
-3

-2

2
0

-6
-2

-1

1
0

-3

-8
-2

0
-1
0
0

3.05

3.16
3.05

3.00
3.02
3.01
3.00

3.13
3.03

3.02

2.98
3.00

NA = not available; NetP = net percentage; DI = diffusion index. 
Notes: The net percentage is defined as the difference between the sum of banks responding “- -” (tightened considerably) and “-” (tightened somewhat), and the sum of banks 
responding “+” (eased somewhat) and “+ +” (eased considerably). “°” means “basically unchanged credit standards”. The diffusion index is defined as the net percentage weighted 
according to the intensity of the response, giving lenders who have answered “considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 
0.5). The mean is calculated by attributing the values 1 to 5 to the first possible answer and consequently for the others. 

The euro area bank lending survey, April 2015 

39 

 
 
 
 
Question 16 
Over the past three months, how have the following factors affected your bank’s credit terms and conditions as 
applied to new consumer credit and other lending to households? 

(in percentages, unless otherwise stated) 

OVERALL IMPACT ON YOUR BANK'S CREDIT TERMS AND CONDITIONS

A)  Cost of funds and balance sheet constraints 
Cost of funds and balance sheet constraints 
B) Pressure from competition
Pressure from competition
C) Perception of risk 
Perception of risk 
D) Your bank's risk tolerance 
Your bank's risk tolerance 

--

0

0

0

0

IMPACT ON YOUR BANK'S MARGINS ON AVERAGE LOANS

A)  Cost of funds and balance sheet constraints 
Cost of funds and balance sheet constraints 
B) Pressure from competition
Pressure from competition
C) Perception of risk 
Perception of risk 
D) Your bank's risk tolerance 
Your bank's risk tolerance 

--

0

0

0

0

IMPACT ON YOUR BANK'S MARGINS ON RISKIER LOANS

A)  Cost of funds and balance sheet constraints 
Cost of funds and balance sheet constraints 
B) Pressure from competition
Pressure from competition
C) Perception of risk 
Perception of risk 
D) Your bank's risk tolerance 
Your bank's risk tolerance 

--

0

0

0

0

-

1

0

0

1

-

1

0

0

1

-

1

0

0

1

°

88

81

93

91

°

86

77

90

91

°

91

89

92

90

+

5

13

1

2

+

5

15

2

1

+

1

3

0

1

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0

0

0

0

6

6

6

6

-4

-12

-1

-1

-2

-6

-1

-1

3.03

3.13

3.01

3.01

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0

0

0

0

7

8

7

7

-3

-15

-2

-1

-2

-8

-1

0

3.03

3.16

3.02

3.01

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

0

0

0

0

7

8

7

7

0

-3

0

0

0

-2

0

0

2.99

3.04

3.00

3.00

NA = not available; NetP = net percentage; DI = diffusion index. 
Notes: The net percentage is defined as the difference between the sum of banks responding “- -” (contributed considerably to tightening) and “-” (contributed somewhat to 
tightening), and the sum of banks responding “+” (contributed somewhat to easing) and “+ +” (contributed considerably to easing). “°” means “contributed to basically unchanged 
credit standards”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who have answered “considerably” a weight 
twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to the first possible answer and consequently 
for the others. 

Question 17 
Over the past three months (apart from normal seasonal fluctuations), has the share of household loan 
applications that were completely rejected by your bank increased, remained unchanged or decreased (loan 
volume, relative to the total volume of loan applications in that loan category)?  

(in percentages, unless otherwise stated) 

Decreased considerably
Decreased somewhat
Remained basically unchanged
Increased somewhat
Increased considerably
Total
Net percentage
Diffusion index
Mean
Number of banks responding

Loans for house 
purchase

Consumer credit 
and other lending

Jan 15

Apr 15

Jan 15

Apr 15

0
7
90
3
0
100
-4
-2
2.96
126

0
3
93
5
0
100
2
1
3.02
129

Notes: The net percentage is defined as the difference between the sum of the percentages for “increased considerably” and “increased somewhat”, and the sum of the percentages 
for “decreased somewhat” and “decreased considerably”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who 
have answered “considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to 
the first possible answer and consequently for the others. 

The euro area bank lending survey, April 2015 

40 

 
 
 
 
Question 18 
Over the past three months (apart from normal seasonal fluctuations), how has the demand for loans to 
households changed at your bank? Please refer to the financing need of households independent of whether this 
need will result in a loan or not. 

(in percentages, unless otherwise stated) 

Decreased considerably
Decreased somewhat
Remained basically unchanged
Increased somewhat
Increased considerably
Total
Net percentage
Diffusion index
Mean
Number of banks responding

Loans for house 
purchase

Consumer credit 
and other lending

Jan 15

Apr 15

Jan 15

Apr 15

0
3
70
25
2
100
24
13
3.25
126

2
11
44
40
3
100
29
15
3.30
130

0
3
80
15
2
100
14
8
3.17
128

0
8
71
20
1
100
13
7
3.14
133

Notes: The net percentage is defined as the difference between the sum of the percentages for “increased considerably” and “increased somewhat”, and the sum of the percentages 
for “decreased somewhat” and “decreased considerably”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who 
have answered “considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to 
the first possible answer and consequently for the others. 

Question 19 
Over the past three months, how have the following factors affected the demand for loans to households for house 
purchase? 

(in percentages, unless otherwise stated) 

A) Financing needs/underlying drivers or 
purpose of loan demand
Housing market prospects, including expected 
house price developments 
Consumer confidence
General level of interest rates
Debt refinancing/restructuring and 
renegotiation
Regulatory and fiscal regime of housing markets

B) Use of alternative sources for housing finance

Internal finance of house purchase out of 
savings/down payment
Loans from other banks
Other sources of external finance

--

0

1
0
0

1

0

2
0

-

2

2
1
2

9

12

7
2

°

+

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

71

76
60
88

84

86

88
97

27

21
36
10

3

2

3
0

0

0
3
0

2

0

1
0

0

0
0
0

1

0

0
1

25

11

-4
0

24

18
37
8

-5

-10

-5
-2

13

6

-2
0

12

9
20
4

-2

-5

-3
-1

3.25

3.24

3.11

2.96
3.00

3.17
3.40
3.08

2.96

2.90

2.94
2.97

NA = not available; NetP = net percentage; DI = diffusion index. 
Notes: The net percentage is defined as the difference between the sum of banks responding “+” (contributed somewhat to increasing demand) and “+ +” (contributed considerably to 
increasing demand) and the sum of banks responding “- ” (contributed somewhat to lowering demand) and “--” (contributed considerably to lowering demand). “°” means “contributed 
to basically unchanged demand”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who have answered 
“considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to the first possible 
answer and consequently for the others. 

The euro area bank lending survey, April 2015 

41 

 
 
 
 
Question 20 
Over the past three months, how have the following factors affected the demand for consumer credit and other 
lending to households? 

(in percentages, unless otherwise stated) 

A) Financing needs/underlying drivers or 
purpose of loan demand
Spending on durable consumer goods
Consumer confidence
General level of interest rates
Consumption expenditure financed through real-
estate guaranteed loans
B) Use of alternative finance
Internal finance out of savings  
Loans from other banks
Other sources of external finance

--

0
1
0
0

0
0
0

-

4
1
0
0

5
2
1

°

+

++

NA

NetP

DI

Mean

Jan 15

Apr 15

Jan 15

Apr 15

Jan 15

Apr 15

76
87
88
98

94
97
99

19
11
11
1

0
0
0

1
1
1
0

0
1
0

0
0
0
0

0
0
0

18
11

-1
0

17
11
12
1

-5
-1
-1

11
6

0
0

9
6
6
1

-2
0
-1

3.22
3.11

2.99
3.00

3.18
3.11
3.13
3.01

2.95
2.99
2.99

NA = not available; NetP = net percentage; DI = diffusion index. 
Notes: The net percentage is defined as the difference between the sum of banks responding “+” (contributed somewhat to increasing demand) and “+ +” (contributed considerably to 
increasing demand) and the sum of banks responding “- ” (contributed somewhat to lowering demand) and “--” (contributed considerably to lowering demand). “°” means “contributed 
to basically unchanged demand”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who have answered 
“considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to the first possible 
answer and consequently for the others. 

Question 21 
Please indicate how you expect your bank’s credit standards as applied to the approval of loans to households to 
change over the next three months. Please note that we are asking about the change in credit standards, rather 
than about their level. 

(in percentages, unless otherwise stated) 

Tighten considerably

Tighten somewhat

Remain basically unchanged

Ease somewhat
Ease considerably
Total
Net percentage
Diffusion index
Mean
Number of banks responding

Loans for house 
purchase

Consumer credit 
and other lending

Jan 15

Apr 15

Jan 15

Apr 15

0

5

88

7
0
100
-1
-1
3.01
125

0

4

95

1
0
100
3
2
2.97
129

0

1

92

7
0
100
-6
-3
3.06
126

0

2

93

5
0
100
-2
-1
3.02
131

Notes: The net percentage is defined as the difference between the sum of the percentages for “tighten considerably” and “tighten somewhat”, and the sum of the percentages for 
“ease somewhat” and “ease considerably”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who have 
answered “considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to the first 
possible answer and consequently for the others. 

The euro area bank lending survey, April 2015 

42 

 
 
 
 
Question 22 
Please indicate how you expect demand for loans to households to change over the next three months at your 
bank (apart from normal seasonal fluctuations). Please refer to the financing need of households independent of 
whether this need will result in a loan or not. 

(in percentages, unless otherwise stated) 

Decrease considerably

Decrease somewhat

Remain basically unchanged

Increase somewhat
Increase considerably
Total
Net percentage
Diffusion index
Mean
Number of banks responding

Loans for house 
purchase

Consumer credit 
and other lending

Jan 15

Apr 15

Jan 15

Apr 15

1

2

75

22
0
100
19
9
3.18
125

0

4

62

34
0
100
29
15
3.29
129

0

1

76

21
1
100
22
11
3.23
127

0

1

66

33
0
100
32
16
3.32
132

Notes: The net percentage is defined as the difference between the sum of the percentages for “increase considerably” and “increase somewhat”, and the sum of the percentages for 
“decrease somewhat” and “decrease considerably”. The diffusion index is defined as the net percentage weighted according to the intensity of the response, giving lenders who have 
answered “considerably” a weight twice as high (score of 1) as lenders having answered “somewhat” (score of 0.5). The mean is calculated by attributing the values 1 to 5 to the first 
possible answer and consequently for the others. 

The euro area bank lending survey, April 2015 

43 

 
 
Annex 2 
Results for the ad hoc questions 

Question A1 
As a result of the situation in financial markets(1), has your market access changed when tapping your usual 
sources of wholesale and retail funding and/or has your ability to transfer risk changed over the past three months, 
or are you expecting this access/activity to change over the next three months?1  

(in percentages unless otherwise stated) 

Over the past three m onths 

Over the next three m onths 

N/A(2)

--

-

○

+

+ +

NetP Mean Standard 
deviation

--

-

○

+

+ + NetP Mean Standard 
deviation

A) Retail funding
Short-term deposits (up to one year)

Long-term (more than one year) deposits and other retail funding 
instruments 
B) Inter-bank unsecured m oney m arket
Very short-term money market (up to 1 w eek)

Short-term money market (more than 1 w eek)
C) Wholesale debt securities (3)

Short-term debt securities (e.g. certificates of deposit or 
commercial paper)
Medium to long term debt securities (incl. covered bonds)
D) Securitisation(4)
Securitisation of corporate loans 

Securitisation of loans for house purchase 
E) Ability to transfer credit risk off balance sheet(5)
Ability to transfer credit risk off balance sheet

2

3

1

2

2

3

2

2

0

1

8

1

2

4

1

1

2

2

78

76

83

85

78

62

70

49

15

13

15

10

16

32

25

32

3

0

0

2

0

3

-15

3.16

0.61

-3

3.00

0.58

-13

-7

3.12

3.07

0.45

0.52

-10

3.08

0.55

-32

3.32

0.69

2

16

-24

-45

3.24

3.58

0.63

0.86

85

11

1

-10

3.11

0.46

1

1

1

1

0

1

1

1

0

3

4

1

1

4

5

1

1

2

86

89

81

82

82

69

85

81

11

6

16

15

13

24

12

16

93

5

0

0

1

1

1

1

0

0

0

-8

-1

3.07

0.41

3.00

0.38

-15

-14

3.15

3.14

0.51

0.51

-11

3.12

0.48

-20

3.21

0.60

-9

-14

3.08

3.12

0.47

0.52

-3

3.02

0.27

12

12

7

7

20

18

55

56

55

(1) Please also take into account any effect of state guarantees vis-à-vis debt securities and recapitalisation support. 
(2) Please select "N/A" (not applicable) if and only if the source of funding is not relevant for your bank. 
(3) Usually involves on-balance sheet funding. 
(4) Usually involves the sale of loans from banks’ balance sheets, i.e. off-balance sheet funding 
(5) Usually involves the use of credit derivatives, with the loans remaining on banks’ balance sheets. 

Notes: “- -“ = deteriorated considerably/will deteriorate considerably; “-“ = deteriorated somewhat/will deteriorate somewhat; “o”= remained unchanged/will remain unchanged; “+” = 
eased somewhat/will ease somewhat; “++” = eased considerably/will ease considerably. The mean and standard deviation are calculated by attributing the values 1 to 5 to the first 
possible answer and consequently for the others. Figures may not exactly sum up due to rounding. 

Question A2 
How would you describe the current level of your bank’s credit standards for each of the listed loan categories, 
relative to the range of your bank’s credit standards in the time periods specified below? 

(in percentages unless otherwise stated) 

(i) Current level compared with the range of your bank’s credit standards between the first quarter of 2003 and now: 

Overall loans 
to 
enterprises

Loans to enterprises
Loans to 
small and  
medium-
sized 

Loans to large 
enterprises

Loans to households

For house 
purchase

Consumer 
credit and 
other lending 

Considerably tighter than the midpoint of the range 
Moderately tighter than the midpoint of the range
Basically identical to the midpoint of the range
Moderately looser than the midpoint of the range
Considerably looser than the midpoint of the range
At the tightest level during this period
Levels have remained constant during this period
At the loosest level during this period

21
27
27
13
3
2
6
1

20
29
26
13
1
3
7
1

22
25
24
14
3
4
8
1

21
27
30
10
0
5
6
1

16
31
32
11
0
3
6
1

The euro area bank lending survey, April 2015 

44 

 
 
 
 
 
 
(ii) Current level compared with the range of your bank’s credit standards between the second quarter of 2010 and now: 

Overall loans 
to 
enterprises

Loans to large 
enterprises

Loans to households

For house 
purchase

Consumer 
credit and 
other lending 

Considerably tighter than the midpoint of the range 
Moderately tighter than the midpoint of the range
Basically identical to the midpoint of the range
Moderately looser than the midpoint of the range
Considerably looser than the midpoint of the range
At the tightest level during this period
Levels have remained constant during this period
At the loosest level during this period

5
27
37
10
8
4
8
1

5
26
31
12
11
4
9
1

9
18
48
8
1
6
9
2

8
20
49
9
1
4
8
1

Loans to enterprises
Loans to 
small and  
medium-
sized 
enterprises
4
27
39
10
8
3
8
1

Notes: The “midpoint of the range” of credit standards is defined as the midpoint between the maximum and the minimum level of credit standards during this time period.  

Question A3 
Over the past six months, has the ECB's expanded asset purchase programme led to a change in your bank's 
assets or affected (either directly or indirectly) your bank in any of the following areas? Is it likely to have an impact 
here over the next six months? 

 (in percentages unless otherwise stated) 

A) Your bank's total assets 
Your bank's total assets (non-risk w eighted volume)

of w hich:

euro area sovereign bond holdings

B) Your bank's liquidity position
Your bank's overall liquidity position

ow ing to: 

sales of marketable assets
an increase in deposits from enterprises(2) and households
C) Your bank's m arket financing conditions
Your bank's overall market financing conditions

of w hich financing via: 

asset-backed securities

covered bonds

unsecured bank bonds

equity issued

D) Your bank's profitability 
Your bank's overall profitability

ow ing to: 

net interest margin(3) 
capital gains/losses 

of w hich: capital gains/losses out of sales of marketable assets 

E) Your bank's capital position
Your bank's capital ratio(4)
ow ing to capital release(5)
Your bank's leverage ratio(6)

--

0

0

1

0

1

1

1

1

1

0

1

1

0

0

0

0

-

3

8

2

1

4

2

3

4

2

3

20

24

2

2

2

2

Over the past six m onths 

○

+

+ +

N/A (1)

NetP

Mean Standard 
deviation

--

85

77

74

88

80

48

67

47

55

85

54

51

61

63

89

95

90

12

15

23

10

16

45

25

44

41

12

23

23

24

21

9

5

8

0

1

1

0

0

4

4

5

2

0

2

2

13

14

0

0

0

12

19

15

27

19

15

49

26

27

55

16

14

19

28

16

34

15

9

8

22

9

11

47

26

44

41

9

4

0

35

33

7

7

3

3

3

3

3

4

3

3

3

3

3

3

3

3

3

3

0

1

1

0

0

1

1

0

1

1

1

1

0

0

0

1

0

0

0

0

0

0

0

0

4

13

0

0

0

0

-

8

22

0

1

0

1

0

1

0

1

28

22

2

3

3

1

Over the next six m onths 

○

+

+ +

N/A (1)

NetP

Mean Standard 
deviation

72

65

80

92

86

56

73

50

60

90

55

51

65

65

87

90

85

19

10

17

7

14

35

21

41

36

10

14

14

33

22

10

10

14

0

1

3

0

0

8

6

8

4

0

0

0

0

10

0

0

0

14

19

15

26

20

15

47

26

26

55

15

14

19

28

15

34

15

11

-12

20

6

13

42

27

47

40

9

-18

-21

30

29

8

14

3

3

3

3

3

3

3

4

3

3

3

3

3

3

3

3

1

1

1

0

0

1

1

0

1

1

1

1

0

0

(1) Please use “N/A” only if you do not have any business / exposure in this category. 
(2) Enterprises are defined as non-financial corporations. 
(3) Interest income minus interest paid, relative to the amount of interest-bearing assets. 
(4) Defined in accordance with the regulatory requirements set out in the CRR/CRD IV, including both tier 1 capital and tier 2 capital. 
(5) That is, on account of the ABSPP. 
(6) Defined in accordance with the delegated act under the Capital Requirements Regulation adopted by the European Commission on 10 October 2014.  

Notes: “- -“ = has contributed/will contribute considerably to a decrease or deterioration; “-“ = has contributed/will contribute somewhat to a decrease or deterioration; “o”= has had/will 
have basically no impact; “+” = has contributed/will contribute somewhat to an increase or improvement; “++” = has contributed/will contribute considerably to an increase or 
improvement. The mean and standard deviation are calculated by attributing the values 1 to 5 to the first possible answer and consequently for the others. Figures may not exactly 
sum up due to rounding. 

The euro area bank lending survey, April 2015 

45 

 
 
 
 
 
Question A4 
Over the past six months, for what purposes has your bank used the additional liquidity arising from the ECB's 
expanded asset purchase programme? And for what purposes will such liquidity be used over the next six 
months?  

(in percentages unless otherwise stated) 

Over the past six m onths

Has 
contributed 
considerably 
to this 
purpose

 Has 
contributed 
som ew hat 
to this 
purpose

 Has had 
basically no 
im pact

N/A 1)

Mean Standard 
deviation

Over the next six m onths

Will 
contribute 
considerably 
to this 
purpose

Will 
contribute 
som ew hat 
to this 
purpose

Will 
basically 
have no 
im pact

N/A 1) Mean Standard 
deviation

A) Increased liquidity resulting from  your bank's sales of m arketable assets

For refinancing: 

For substituting deposit shortfalls 

For substituting maturing debt

For substituting interbank lending

For substituting Eurosystem liquidity operations

For granting loans: 

Loans to non-financial corporations 

Loans to households for house purchase

Consumer credit and other lending to households

For purchasing assets:

Euro area marketable assets, excluding sovereign bonds

Non-euro area marketable assets

0

0

0

2

2

0

0

0

0

2

12

6

12

26

16

17

4

4

98

88

94

86

72

83

82

96

96

B) Increased liquidity ow ing to an increase in custom er deposits from  enterprises (2) and households

For refinancing: 

For substituting maturing debt

For substituting interbank lending

For substituting Eurosystem liquidity operations 

For granting loans: 

Loans to non-financial corporations 

Loans to households for house purchase

Consumer credit and other lending to households

For purchasing assets:

Euro area marketable assets, excluding sovereign bonds

Non-euro area marketable assets

0

0

0

3

1

1

0

0

12

11

14

29

22

25

9

0

88

89

86

68

77

74

91

100

(1) Please use “N/A” only if you do not have any business / exposure in this category. 
(2) Enterprises are defined as non-financial corporations. 

44

42

42

42

38

43

41

43

44

34

34

37

32

35

34

36

36

3.02

3.12

3.06

3.15

3.29

3.17

3.18

3.03

3.03

3.11

3.10

3.13

3.34

3.23

3.26

3.08

2.99

0.23

0.40

0.30

0.46

0.56

0.43

0.44

0.27

0.27

0.39

0.37

0.39

0.60

0.51

0.52

0.34

0.16

0

0

0

0

4

0

1

0

0

0

9

0

3

1

1

0

0

4

10

7

12

31

23

25

4

3

14

7

9

44

37

31

9

3

96

90

93

88

65

77

75

96

97

86

84

91

53

62

68

91

97

45

44

44

44

41

44

42

45

46

36

35

39

35

37

36

38

38

3.03

3.10

3.06

3.11

3.38

3.23

3.25

3.03

3.02

3.14

3.25

3.09

3.49

3.38

3.32

3.08

3.02

0.26

0.37

0.32

0.38

0.62

0.48

0.49

0.28

0.25

0.42

0.65

0.36

0.62

0.57

0.55

0.36

0.25

Question A5 
Over the past six months, how has the ECB's expanded asset purchase programme affected your bank's lending 
behaviour? And what will be its impact on lending behaviour over the next six months?  

(in percentages unless otherwise stated) 

A) Credit standards
For loans to enterprises 
For loans to households for house purchase
For consumer credit and other lending to households
B) Terms and conditions 
For loans to enterprises 
For loans to households for house purchase
For consumer credit and other lending to households

--

0
0
0

0
0
0

-

1
1
1

1
1
1

○

95
97
97

80
83
90

Over the past six months 
+

+ + N/A (1) NetP Mean Standard 
deviation

4
3
2

20
16
9

0
0
0

0
0
0

8
12
13

8
13
13

-3
-2
-1

-19
-15
-8

3
3
3

3
3
3

0
0
0

0
0
0

Over the next six months 

--

0
0
0

0
0
0

-

0
0
0

0
0
0

○

94
97
100

67
77
86

+

6
3
0

27
17
13

+ + N/A (1) NetP Mean Standard 
deviation

0
0
0

6
6
1

7
9
11

7
11
11

-6
-3
0

-33
-23
-14

3
3
3

3
3
3

0
0
0

1
1
0

(1) Please use “N/A” only if you do not have any business / exposure in this category. 

Notes: “- -“ = has contributed/will contribute considerably to tightening credit standards/terms and conditions; “-“ = has contributed/will contribute somewhat to tightening credit 
standards/terms and conditions; “o”= has had/will have basically no impact on credit standards/terms and conditions; “+” = has contributed/will contribute somewhat to easing credit 
standards/terms and conditions; “++” = has contributed/will contribute considerably to easing credit standards/terms and conditions. The mean and standard deviation are calculated 
by attributing the values 1 to 5 to the first possible answer and consequently for the others. Figures may not exactly sum up due to rounding. 

The euro area bank lending survey, April 2015 

46 

 
 
 
 
 
 
Annex 3 
Overview of changes in the bank 
lending survey questionnaire 

New BLS questionnaire (from 2015 Q1) 

Previous BLS questionnaire (until 2014 Q4) 

Question  New item or definition 

Question  Previous item or definition 

I. 

Loans or credit lines to enterprises 

1 

2 

3 

4 

5 

6 

7 

8 

9 

Revised definition of credit standards (see 
Glossary) 

Revised factors affecting credit standards on 
loans or credit lines to enterprises: 

* General economic situation and outlook 

* Industry or firm-specific situation and 
outlook/borrower’s creditworthiness 

* Your bank’s risk tolerance 

1 

2 

Revised definition of credit terms and conditions 
for new loans (see Glossary) 

3 

* Overall terms and conditions 

* Your bank’s loan margin (i.e. the spread over a 
relevant market reference rate) 

NEW question: Factors affecting banks’ credit 
terms and conditions for new loans or credit 
lines to enterprises 

NEW question: Share of rejected enterprise loan 
applications 

Revised definition of loan demand (see 
Glossary) 

Revised factors affecting the demand for loans 
or credit lines to enterprises: 

* General level of interest rates 

* Debt refinancing/restructuring and 
renegotiation (when leading to an increase or 
prolongation of the amount borrowed)  

* Issuance/redemption of debt securities 

* Issuance/redemption of equity  

Revised definition of credit standards (see 
Glossary) 

Revised definition of loan demand (see 
Glossary) 

-- 

-- 

4 

5 

6 

7 

* Expectations regarding general economic 
activity 

* Industry or firm-specific outlook 

-- 

-- 

* Your bank’s margin on loans 

-- 

-- 

-- 

* Debt restructuring 

* Issuance of debt securities 

* Issuance of equity 

10 

Revised definition of credit standards (see 
Glossary) 

8 

II. 

Loans to households 

The euro area bank lending survey, April 2015 

47 

 
 
 
 
 
 
 
 
 
 
 
 
 
11 

Revised factors affecting credit standards on 
loans to households for house purchase: 

9 

* General economic situation and outlook 

* Housing market prospects, including expected 
house price developments 

* Borrower’s creditworthiness 

* Your bank’s risk tolerance 

12 

Revised definition of credit terms and conditions 
for new loans (see Glossary) 

10 

* Overall terms and conditions 

* Your bank’s loan margin (i.e. the spread over a 
relevant market reference rate) 

* Other loan size limits 

NEW question: Factors affecting banks’ credit 
terms and conditions for new loans to 
households for house purchase 

Revised factors affecting credit standards on 
consumer credit and other lending to 
households: 

* General economic situation and outlook 

* Your bank’s risk tolerance 

-- 

11 

Revised definition of credit terms and conditions 
for new loans (see Glossary) 

12 

* Overall terms and conditions 

* Your bank’s loan margin (i.e. the spread over a 
relevant market reference rate) 
* Size of the loan 

NEW question: Factors affecting banks’ credit 
terms and conditions for new consumer credit 
and other lending to households 

NEW question: Share of rejected applications for 
loans to households for house purchase and 
consumer credit and other lending to households 

Revised definition of loan demand (see 
Glossary) 

Revised factors affecting the demand for loans 
to households for house purchase: 

* Housing market prospects, including expected 
house price developments 

-- 

-- 

13 

14 

13 

14 

15 

16 

17 

18 

19 

* Expectations regarding general economic 
activity 

* Housing market prospects 

-- 

-- 

-- 

* Your bank’s margin on loans 

-- 

-- 

* Expectations regarding general economic 
activity 

-- 

-- 

* Your bank’s margin on loans 

-- 

-- 

-- 

* Housing market prospects 

-- 

* Non-housing related consumption expenditure 

* General level of interest rates 

* Debt refinancing/restructuring and 
renegotiation (when leading to an increase or 
prolongation of the amount borrowed)  

* Regulatory and fiscal regime of housing 
markets 

* Internal finance of house purchase out of 
savings/down payment (i.e. share financed via 
the household’s own funds) 

-- 

-- 

-- 

-- 

-- 

* Household savings 

The euro area bank lending survey, April 2015 

48 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
20 

21 

22 

Revised factors affecting the demand for 
consumer credit and other lending to 
households: 

* General level of interest rates 

* Consumption expenditure financed through 
real-estate guaranteed loans (“mortgage equity 
withdrawal”) 

15 

-- 

-- 

-- 

* Internal finance out of savings 

-- 
* Other sources of external finance 

Revised definition of credit standards (see 
Glossary) 

Revised definition of loan demand (see 
Glossary) 

16 

17 

* Securities purchases 

-- 

* Household savings 

* Other sources of finance 

The euro area bank lending survey, April 2015 

49 

 
 
 
 
 
 
 
 
 
Glossary 

To assist respondent banks in filling out the questionnaire, this glossary defines the 
most important terminology used in the bank lending survey. This glossary has been 
revised together with the introduction of the enhanced bank lending survey 
questionnaire in April 2015. 

Capital 
Defined in accordance with the regulatory requirements set out in the CRR/CRD IV, 
which transposes the global standards on bank capital (i.e. the Basel III agreement) 
into the EU legal framework and entered into force on 1 January 2014. It includes 
both tier 1 capital and tier 2 capital (supplementary capital). 

Collateral 
The security given by a borrower to a lender as a pledge for the repayment of a loan. 
This could include certain financial securities, such as equity or debt securities, real 
estate or compensating balances. A compensating balance is the minimum amount 
of a loan that the borrower is required to keep in an account at the bank. 

Consumer confidence  
Consumers’ assessments of economic and financial trends in a particular country 
and/or in the euro area. They include assessments of the past and current financial 
situation of households and resulting (income) prospects for the future, assessments 
of the past and current general political and economic situation and resulting 
prospects for the future and assessments of the advisability of making residential 
investments (question 19), particularly in terms of affordability, and/or major 
purchases of durable consumer goods (question 20). In this sense, an increase in 
consumer confidence would tend to lead to an increase in the demand for loans. 

Consumer credit and other lending 
Consumer credit is defined as loans granted for mainly personal consumption of 
goods and services. Typical examples of loans in this category are loans granted for 
the financing of motor vehicles, furniture, domestic appliances and other consumer 
durables, holiday travel, etc. Overdrafts and credit card loans also typically belong in 
this category. "Consumer credit and other lending" to households also includes loans 
to sole proprietors and partnerships (see 16. Households). Loans included in this 
category may or may not be collateralised by various forms of security or guarantee.  

Consumption expenditure financed through real-estate guaranteed loans 
“Consumption expenditure financed through real-estate guaranteed loans” should be 
treated as consumer credit, even though such loans are guaranteed by real estate 
assets, as the purpose of these loans is consumption. Consumption expenditure 
financed through real-estate guaranteed loans represents mortgage equity 
withdrawal, leading to higher non-housing related consumption.   

Cost of funds and balance sheet constraints  
The bank’s capital and the cost related to the bank’s capital position can become a 

The euro area bank lending survey, April 2015 

50 

 
balance sheet constraint that may inhibit the expansion of its lending. For a given 
level of capital, the bank’s loan supply could be affected by its liquidity position and 
its access to money and debt markets. Similarly, a bank could abstain from granting 
a loan, or be less willing to lend, if it knows that it will not be able subsequently to 
transfer the risk (synthetic securitisation) or the entire asset (true-sale securitisation) 
off its balance sheet. Moreover, risks related to non-performing loans may be 
reflected not only in the bank's risk perceptions, but also in its cost of funds and 
balance sheet constraints. 

Covenant 
A covenant is an agreement or stipulation expressed in loan contracts, particularly 
contracts with enterprises, by which the borrower pledges to take certain action (an 
affirmative covenant) or refrain from taking certain action (a negative covenant), and 
is consequently part of the terms and conditions of a loan. 

Credit line 
A credit line is a facility with a stated maximum amount which an enterprise is entitled 
to borrow from a bank at any given time. In the survey, a broad definition of credit 
lines should be applied, in which the information on the demand for new credit lines, 
and also on the use of credit lines previously granted, but not yet used, would be 
taken into account in assessing developments of loan demand. 

Credit standards 
Credit standards are the internal guidelines or loan approval criteria of a bank. They 
are established prior to the actual loan negotiation on the terms and conditions and 
the actual loan approval/rejection decision. They define the types of loan a bank 
considers desirable and undesirable, the designated sectoral or geographic priorities, 
the collateral deemed acceptable and unacceptable, etc. Credit standards specify the 
required borrower characteristics (e.g. balance sheet conditions, income situation, 
age, employment status) under which a loan can be obtained. In the survey, both 
changes in written loan policies and their application should be considered. Credit 
standards may change owing to changes in the bank’s cost of funds and balance 
sheet situation, changes in competition, changes in the bank’s risk perception, 
changes in the bank’s risk tolerance or regulatory changes, for instance.  

Credit terms and conditions 
Credit terms and conditions refer to the conditions of a loan that a bank is willing to 
grant, i.e. to the terms and conditions of the loan actually approved as laid down in 
the loan contract which was agreed between the bank (the lender) and the borrower. 
They generally consist of the agreed spread over the relevant reference rate, the size 
of the loan, the access conditions and other terms and conditions in the form of non-
interest rate charges (i.e. fees), collateral or guarantees which the respective 
borrower needs to provide (including compensating balances), loan covenants and 
the agreed loan maturity. Credit terms and conditions are conditional on the 
borrower’s characteristics and may change in parallel with credit standards or 
independently of them. For instance, an increase in the bank’s funding cost or a 
deterioration in the general economic outlook can lead to both a tightening in the 
approval criteria (credit standards) and a tightening of the terms and conditions on 
those loans that the bank is willing to approve and its customers are willing to accept. 

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Alternatively, the bank may only change its credit terms and conditions (e.g. 
increasing the required spread to compensate for the additional cost/risk) and leave 
credit standards unchanged. 

Debt refinancing/restructuring and renegotiation 
“Debt refinancing/restructuring and renegotiation” as a factor for loan demand refers 
to loan refinancing, loan restructuring and/or loan renegotiations that lead to an 
increase or prolongation of the amount borrowed. This includes the use of debt 
restructuring to avoid defaulting on existing debt (the avoidance of default being 
interpreted as an increase in demand), for instance via extending the maturity of the 
loan to avoid possible payment difficulties at maturity. At the same time, for 
assessing changes in loan demand, it should not include loan refinancing, 
restructuring and/or loan renegotiations which lead only to a change in the terms and 
conditions of the loan other than the loan size or the maturity of the loan.  

Debt restructuring should not be interpreted as the switching between different types 
of debt (such as loans from monetary financial institutions (MFIs) and debt securities; 
this is already captured under the factor "Issuance/redemption of debt securities”), 
capital restructuring (substitution between debt and equity) or share buy-backs 
(already captured under the factor “Issuance/redemption of equity”). Meanwhile, debt 
restructuring in the form of inter-company loans is already covered by the factor 
“Loans from non-banks”. 

Demand for loans 
Loan demand refers to gross demand for loans from enterprises or households, 
including loan rollovers, but apart from normal seasonal fluctuations. It refers to the 
bank loan financing need of enterprises and households, independent of whether this 
need will result in a loan or not. Banks should assess the evolution of the bank loan 
financing need of enterprises and households in nominal terms (i.e. independent of 
price-level developments) and with reference to the financing need prevailing in the 
previous quarter (i.e. banks should not assess the evolution of financing needs 
relative to historical averages or other reference values such as sales targets). 
Demand for loans can change either due to a shift of the demand curve (while the 
price remains constant) or due to a movement along the demand curve (i.e. because 
of a change in the price).    

Down payment 
The down payment captures the share of internal finance in a household’s real estate 
investment, i.e. the share financed via the household’s own funds, and is thus one 
factor determining the demand for loans to households for house purchase. The 
higher the household’s internal finance out of its wealth, the higher the down 
payment and the smaller the household’s demand for loans for house purchase. 

Diffusion index 
The diffusion index is defined as the difference between the weighted sum of the 
percentages of banks responding “tightened considerably” and “tightened 
somewhat”, and the weighted sum of the percentages of banks responding “eased 
considerably” and “eased somewhat”. Regarding demand for loans, the diffusion 
index is defined as the difference between the weighted sum of the percentages of 

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52 

 
banks responding “increased considerably” and “increased somewhat”, and the 
weighted sum of the percentages of banks responding “decreased considerably” and 
“decreased somewhat”. The diffusion index is weighted according to the intensity of 
the response, giving lenders who have answered “considerably” a weight twice as 
high (score of 1) as lenders having answered “somewhat” (score of 0.5). 

Enterprises 
In this context, enterprises are non-financial corporations, i.e., in line with the 
Eurostat definition, institutional units whose distributive and financial transactions are 
distinct from those of their owners and which are market producers, whose principal 
activity is the production of goods and non-financial services. These can be public 
and private corporations, as well as quasi-corporations. Quasi-corporations have no 
independent legal status, but keep a complete set of accounts and have an 
economic and financial behaviour that is different from that of their owners and 
similar to  that of corporations. Sole proprietorships and partnerships are included in 
the household sector (see 16. Households). 

Enterprise size 
The distinction between large and small and medium-sized enterprises is based on 
annual net turnover. A firm is considered large if its annual net turnover is more than 
€50 million. 

Households 
In line with the Eurostat definition, households are individuals or groups of individuals 
acting as consumers and possibly also as entrepreneurs producing market goods 
and non-financial and financial services (market producers) provided that, in the latter 
case, the corresponding activities are not those of separate entities treated as quasi-
corporations (i.e. sole proprietorships and partnerships). Non-profit institutions 
serving households are included in the household sector. 

Housing market prospects, including expected house price developments 
In question 11, “housing market prospects, including expected house price 
developments” refers to the risk related to the collateral demanded. In question 19, it 
refers to expected developments in the housing market, including an increase 
(decrease) in demand for housing loans owing to an expected increase (decrease) in 
the cost of buying a house and/or in the perceived returns from investing in property.  

Loans 
The loans covered by the bank lending survey are those granted to euro area 
residents by domestic branches, including loans or credit lines to enterprises, loans 
to households for house purchase, and consumer credit and other lending to 
households. 

The definition of loans is that given in Regulation (EU) No 1071/2013 of the ECB of 
24 September 2013 concerning the balance sheet of the monetary financial 
institutions sector (recast) (ECB/2013/33). However, interbank loans should be 
excluded. Following this definition, financial (but not operating) leases granted by an 
MFI are to be recorded as loans. For the purposes of the survey, factoring, if 

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53 

 
provided by an MFI, should also be treated as a loan. Financial leasing and factoring 
offered by institutions other than MFIs should not be included. 

Loan application 
Ideally, loan applications should cover formal loan applications as well as any 
informal loan requests which have not yet reached the stage of a formal loan 
application. If information on informal loan requests cannot be obtained, the bank's 
response should at least refer to all formal loan applications. It should be referred to 
the volume of loan applications. Loan applications can be from both new and existing 
bank clients. However, applications from existing clients should be included only if 
the volume of an ongoing loan increases or a new loan is granted.  

Loan rejection 
"Loan rejection" refers to the rejection (as opposed to the approval) of the volume of 
formal loan applications or of loan requests. If information on the latter is unavailable, 
the bank's response should at least refer to all formal loan applications which have 
been rejected. It should be referred to the volume of loan rejections relative to the 
volume of loan applications/requests. Loan rejections do not include cases in which 
the borrower withdraws a loan application/request because the bank's conditions are 
considered unfavourable. 

Loan margin/spread over a relevant market reference rate 
The loan margin of a bank should be understood as the spread over a relevant 
market reference rate (e.g. EURIBOR, LIBOR or the interest rate swap of a 
corresponding maturity for fixed rate loans), depending on the characteristics of the 
loan. Such a spread would capture changes in the bank’s lending rates related to 
changes in the bank’s funding cost as well as in borrower risk, i.e. changes in the 
bank’s lending rates which are not related to variations of market rates (like 
EURIBOR or LIBOR). In detail, the spread would capture changes in the bank’s risk 
premium in its own market-based funding cost (e.g. in bank bond yields), changes in 
the bank’s deposit funding cost, changes in the bank’s risk assessment of borrowers, 
as well as changes in any other add-on factor not related to variations of market 
rates. 

Loan-to-value ratio 
The ratio of the amount borrowed to the appraisal or market value of the underlying 
collateral, usually taken into consideration in relation to loans used for real estate 
financing. 

Marketing campaigns 
Marketing campaigns should be interpreted as a factor affecting loan supply only 
when credit standards or credit conditions change. If this is not the case, marketing 
campaigns may be understood as a factor with a possible impact on loan demand. In 
this instance, respondents should indicate the role of marketing campaigns under 
“Other factors” in questions 7, 19 and 20 on the factors affecting loan demand. 

Maturity 
The concept of maturity used in questions 1, 6, 8 and 9 of the bank lending survey is 
original maturity, and only two different types are used, i.e. short-term and long-term. 

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54 

 
Short-term loans are loans with an original maturity of one year or less and, 
consequently, long-term loans are loans that have an original maturity of more than 
one year. 

Net percentage (or balance) 
In the context of credit standards, the net percentage is defined as the difference 
between the sum of the percentages of banks responding “tightened considerably” 
and “tightened somewhat”, and the sum of the percentages of banks responding 
“eased considerably” and “eased somewhat”. Regarding demand for loans, the net 
percentage is defined as the difference between the sum of the percentages of banks 
responding “increased considerably” and “increased somewhat”, and the sum of the 
percentages of banks responding “decreased considerably” and “decreased 
somewhat”. 

Non-banks 
In general, these are non-monetary financial corporations. More specifically, they 
include insurance corporations and pension funds, financial auxiliaries and other 
financial intermediaries. 

Non-interest rate charges 
These are various kinds of fees which can be part of the pricing of a loan, such as 
commitment fees on revolving loans, administration fees (e.g. document preparation 
costs) and charges for enquiries, guarantees and credit insurance. 

Perception of risk and risk tolerance 
Perception of risk refers to the bank's perception of actual risk and its reaction to 
developments related to the general economic situation and outlook, the industry or 
firm-specific situation and outlook, the borrower's creditworthiness, as well as the 
collateral demanded (demand-side factors). By contrast, risk tolerance refers to the 
risk tolerance of the bank in its lending policy, which may alter due to changes in the 
bank's underlying business strategy (supply-side factors). Banks' perception of actual 
risk and their risk tolerance may either change in line with each other or move in 
different directions. 

© European Central Bank, 2015 

Postal address 
Telephone 
Internet 

60640 Frankfurt am Main, Germany 
+49 69 1344 0 
www.ecb.europa.eu 

All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. 

ISSN 
EU catalogue number 

1830-5989 (online) 
QB-BA-15-002-EN-N (online) 

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