the fourth quarter of 2014 and expectations of changes in the first quarter of 2015. The survey
was conducted between 8 and 30 December 2014. With 137 banks participating in the survey,
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.
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Six ad hoc questions were included in the January 2015 survey round. The first ad hoc question
addressed the impact of the situation in financial markets on the access to retail and wholesale
funding. The second and third questions referred to the impact of ongoing regulatory or
supervisory action on bank funding and lending policies. The fourth, fifth and sixth questions
were aimed at gauging the impact of the targeted longer-term refinancing operations (TLTROs)
conducted by the Eurosystem between September 2014 and June 2016.
1 OVERVIEW OF THE RESULTS
According to the January 2015 bank lending survey (BLS), credit standards for all loan
categories continued to ease in net terms in the fourth quarter of 2014. Euro area banks reported
a net easing of credit standards on loans to non-financial corporations in the fourth quarter of
2014 (specifically, a net percentage of -5%, after -2% in the previous quarter; see Table A)
which was in line with banks’ expectations as expressed in the previous survey round. Likewise,
banks continued to ease credit standards in net terms for loans to households: for housing loans
to -4%, from -2% in the previous quarter, and for consumer credit and other lending to
households to -3%, from -7%. Across all loan categories, the net percentage change in credit
standards in the fourth quarter of 2014 remained well below historical averages calculated over
the period since the start of the survey in 2003 (see Table A). At the same time, it has to be kept
in mind that the level of credit standards is still relatively tight in historical terms. Factors
related to banks’ cost of funds and balance sheet constraints contributed further to an easing of
credit standards for loans to enterprises (-5%, from -3% in the previous quarter) driven in
particular by banks’ liquidity positions. By contrast, these factors ceased to contribute to an
easing of credit standards for loans to households (housing loans: 1%, from -1% in the previous
quarter; consumer credit: -1%, from -5%). In addition, ongoing competitive pressures continued
to support the net easing of banks’ credit standards for both loans to firms and to households.
Banks’ risk perceptions concerning firms’ business outlook and macroeconomic uncertainty had
a marginal net easing impact on credit standards for loans to enterprises after a slight net
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The five largest euro area countries in terms of gross domestic product are Germany, France, Italy,
Spain and the Netherlands.
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