Credit Conditions Survey - 2026 Q2

Overview

As part of our mission to maintain monetary and financial stability, we need to understand trends and developments in credit conditions. This quarterly survey of bank and building society lenders is an input to this work. The survey covers:

secured and unsecured lending to households: and

lending to non-financial corporations, small businesses, and to non-bank financial firms.

This report presents the results of the 2026 Q2 survey. Lenders were asked to report changes in the three months to end-May 2026 (Q2), relative to the period between December and February, and expected changes in the three months to end-August 2026 (Q3), relative to the period between March and May. The survey was conducted between 26 May and 12 June 2026. Any impact from more recent developments will therefore not be captured.

The results are based on lenders’ own responses to the survey, and are reported as net percentage balances. The changes in balances are described as an ‘increase’ if greater than 10 in absolute terms, as ‘slight’ if between 5 and 10 and as ‘unchanged’ if less than 5. The results do not necessarily reflect our views on credit conditions. You can read a full guide to interpreting the survey and copies of the questionnaires at the end of this page.

You can also read more background information on the survey in the 2007 Q3 Quarterly Bulletin article The Bank of England Credit Conditions Survey.

The 2026 Q3 Credit Conditions Survey will be published on 8 October 2026.

Supply

Lenders reported that the availability of secured credit to households was unchanged in the three months to end-May 2026 (Q2). It was expected to increase over the next three months to end-August 2026 (Q3) (Chart 1).

Lenders reported that the availability of unsecured credit to households increased in Q2 and was expected to decrease in Q3 (Chart 2).

Lenders reported that the overall availability of credit to the corporate sector was unchanged in Q2. However, when broken down by size of business, lenders reported that credit availability slightly decreased for small and medium businesses, and was unchanged for large businesses in Q2 (Chart 3). Overall availability was expected to be unchanged in Q3.

Chart 1: Household secured credit availability (a) (b) (c)

(a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question. The aqua bars show the responses over the previous three months. The orange diamond shows the expectation over the next three months. Expectations data can be used as an indicator of the potential direction and magnitude of the change expected in the next quarter, but should not be treated as a realised outturn. Previous expectations balances are available in full in the annex.

(b) Question: ‘How has the availability of secured credit provided to households changed?’.

(c) A positive balance indicates an increase in credit availability.

Chart 2: Household unsecured credit availability (a) (b) (c)

(a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question. The aqua bars show the responses over the previous three months. The orange diamond shows the expectation over the next three months. Expectations data can be used as an indicator of the potential direction and magnitude of the change expected in the next quarter, but should not be treated as a realised outturn. Previous expectations balances are available in full in the annex.

(b) Question: ‘How has the availability of unsecured credit provided to households changed?’.

(c) A positive balance indicates that more unsecured credit is available.

Chart 3: Corporate credit availability by firm size (a) (b) (c)

(a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question. The aqua bars show the responses over the previous three months. The orange diamonds show the expectation over the next three months. Expectations data can be used as an indicator of the potential direction and magnitude of the change expected in the next quarter, but should not be treated as a realised outturn. Previous expectations balances are available in full in the annex.

(b) Question: ‘How has the availability of credit to small businesses, medium private non-financial corporations (PNFCs) and large PNFCs changed?’.

(c) A positive balance indicates an increase in credit availability.

Demand

Lenders reported that demand for secured lending for house purchase increased in Q2, and was expected to decrease in Q3. Demand for secured lending for remortgaging increased in Q2, and was expected to decrease in Q3 (Chart 4).

Lenders reported that overall demand for unsecured lending was unchanged in Q2, and was expected to be unchanged in Q3. Within the overall figure, demand for credit card lending slightly decreased in Q2, and was expected to be unchanged in Q3 (Chart 5). Demand for other unsecured lending was reported to have increased and was expected to decrease in Q3.

Lenders reported that demand for corporate lending in Q2 decreased for small and medium businesses, and was unchanged for large businesses (Chart 6). Demand for corporate lending in Q3 was expected to be unchanged for small, medium and large businesses.

Chart 4: Demand for secured lending for house purchases and remortgaging (a) (b) (c)

(a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question. The aqua bars show the responses over the previous three months. The orange diamonds show the expectation over the next three months. Expectations data can be used as an indicator of the potential direction and magnitude of the change expected in the next quarter, but should not be treated as a realised outturn. Previous expectations balances are available in full in the annex.

(b) Question: ‘How has demand for secured lending for house purchase/remortgaging from households changed?’.

(c) A positive balance indicates an increase in demand.

Chart 5: Demand for unsecured lending by loan type (a) (b) (c)

(a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question. The aqua bars show the responses over the previous three months. The orange diamonds show the expectation over the next three months. Expectations data can be used as an indicator of the potential direction and magnitude of the change expected in the next quarter, but should not be treated as a realised outturn. Previous expectations balances are available in full in the annex.

(b) Question: ‘How has demand for credit card/other unsecured lending from households changed?’.

(c) A positive balance indicates an increase in demand.

Chart 6: Corporate demand for lending by firm size (a) (b) (c)

(a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question. The aqua bars show the responses over the previous three months. The orange diamonds show the expectation over the next three months. Expectations data can be used as an indicator of the potential direction and magnitude of the change expected in the next quarter, but should not be treated as a realised outturn. Previous expectations balances are available in full in the annex.

(b) Question: ‘How has overall demand for lending from small businesses, medium PNFCs and large PNFCs changed?’.

(c) A positive balance indicates an increase in demand.

Loan pricing

Lenders reported that overall spreads on secured lending to households - relative to Bank Rate or the appropriate swap rate widened in Q2, and were expected to narrow in Q3.

Lenders reported that overall unsecured lending spreads narrowed in Q2, and were expected to narrow in Q3. Lenders also reported that the length of interest-free periods on credit cards for balance transfers decreased in Q2, and was expected to be unchanged in Q3. The length of interest-free periods on new credit cards for purchases decreased in Q2, and was expected to increase slightly in Q3.

Lenders reported that spreads on corporate lending to small and medium businesses were unchanged in Q2, and narrowed for large businesses. Spreads on lending to small and medium businesses were expected to be unchanged over the next three months, while for large firms they were expected to narrow.

Defaults

Lenders reported that default rates on secured loans to households were unchanged in Q2, and were expected to be unchanged in Q3 (Chart 7). Losses given default on secured loans increased in Q2, and were expected to be unchanged in Q3.

Lenders reported that default rates for total unsecured lending increased in Q2, and were expected to increase in Q3 (Chart 7). Within this total figure, defaults for credit card and other loans both increased in Q2. Defaults for credit card were expected to increase and for other loans were expected to be unchanged in Q3.

Lenders reported that default rates on loans to corporates was unchanged for small medium and large businesses in Q2. These were expected to be unchanged in Q3.

Losses given default were unchanged for small, medium, and large businesses in Q2.

Chart 7: Default rates on secured and total unsecured loans to households (a) (b) (c)

(a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question. The aqua bars show the responses over the previous three months. The orange diamonds show the expectation over the next three months. Expectations data can be used as an indicator of the potential direction and magnitude of the change expected in the next quarter, but should not be treated as a realised outturn. Previous expectations balances are available in full in the annex.

(b) Question: ‘How has the default rate on secured/total unsecured loans to households changed?’.

(c) A positive balance indicates an increase in the default rate.

How to interpret this survey

This report presents the results of the 2026 Q2 survey. It was conducted between 26 May and 12 June 2026. The results are based on lenders’ own responses to the survey. They do not necessarily reflect our views on credit conditions. To calculate aggregate results, each lender is assigned a score based on their response. Lenders who report that credit conditions have changed ‘a lot’ are assigned twice the score of those who report that conditions have changed ‘a little’. These scores are then weighted by lenders’ market shares. The results are analysed by calculating ‘net percentage balances’. The net percentage balances are scaled to lie between (+/-)100.

In this report, changes in balances are described as an ‘increase’ if greater than 10 in absolute terms, as ‘slight’ if between 5 and 10 and as ‘unchanged’ if less than 5.

Annexes

To calculate aggregate results, each lender is assigned a score based on their response. Lenders who report that credit conditions have changed ‘a lot’ are assigned twice the score of those who report that conditions have changed ‘a little’. These scores are then weighted by lenders’ market shares. The results are analysed by calculating ‘net percentage balances’ — the difference between the weighted balance of lenders reporting that, for example, demand was higher/lower or terms and conditions were tighter/looser. The net percentage balances are scaled to lie between ±100. This annex reports the net percentage balance of respondents for each question in the secured lending questionnaire. Positive balances indicate that lenders, on balance, reported/expected demand/credit availability/defaults to be higher than over the previous/current three-month period, or that the terms and conditions on which credit was provided became cheaper or looser respectively.Where the survey balances are discussed, descriptions of an ‘increase’ refer to a net percentage balance greater than 10 in absolute terms, and a ‘slight’ change refers to a net percentage balance of between 5 and 10 in absolute terms. Survey balances between 0 and 5 in absolute terms are described as unchanged. (The 2019 Q2 and earlier reports also described changes greater than 20 in absolute terms as ‘significant’).The first Credit Conditions Survey was conducted in 2007 Q2 and additional questions have been included since 2007 Q4. A full set of results is available in an Excel file in the ‘Related documents’ section. Net percentage balances (a)2025 2026Q1Q2Q3Q4Q1Q2How has the availability of secured credit provided to households changed?Past three months9.223.236.930.315.52.6Next three months19.821.226.59.122.010.4Factors contributing to changes in credit availability: (b)Changing economic outlookPast three months-3.15.52.0-1.5-6.4-16.5Next three months2.07.13.0-6.2-4.3-1.7Market share objectivesPast three months1.85.60.02.311.91.3Next three months4.29.15.723.24.90.0Changing appetite for riskPast three months6.63.818.815.16.78.5Next three months-0.912.83.36.622.06.3Tight wholesale funding conditionsPast three months-3.6-5.3-5.30.00.0-4.0Next three months-3.6-3.8-3.90.0-2.4-0.5Expectations for house pricesPast three months1.41.5-1.00.0-6.8-1.3Next three months0.10.0-1.5-7.17.7-8.9How has the availability of household secured credit to the following types of borrower changed? Borrowers with low loan to value ratios (75% or less)Past three months8.922.628.129.87.4-9.9Next three months8.519.726.017.7-2.017.1Borrowers with high loan to value ratios (more than 75%)Past three months8.523.027.011.610.1-2.2Next three months15.519.625.510.222.81.3Have you become more willing to lend to borrowers with housing equity less than 10% of the value of their home?Past three months2.67.217.67.124.99.7Next three months4.38.612.319.211.4-5.5How have credit scoring criteria for granting loan applications by households changed?Past three months11.72.35.014.211.1-1.6Next three months0.83.412.713.68.3-0.5How has the proportion of household loan applications being approved changed?Past three months1.92.713.412.922.9-8.0Next three months8.514.48.314.2-0.50.0How has the average credit quality of new secured lending to households changed?Past three months2.3-0.7-2.7-7.60.85.0Next three months-1.42.5-1.40.01.0-9.4How has the default rate on secured loans to households changed? Past three months2.80.8-8.1-13.06.2-4.2Next three months2.8-4.2-10.3-13.3-6.64.9How have losses given default on secured loans to households changed? Past three months18.75.916.5-4.44.021.9Next three months21.57.2-7.80.50.7-3.4How has demand for secured lending for house purchase from households changed? Past three months12.430.90.7-13.90.314.9Next three months-2.0-18.54.5-11.030.0-23.2of which: demand for prime lending Past three months12.430.90.7-15.012.223.8Next three months1.7-19.84.5-0.426.8-23.2of which: demand for buy-to-let lending Past three months22.623.9-12.5-27.8-6.0-1.3Next three months7.11.22.4-0.86.9-31.7How has demand for secured lending for remortgaging from households changed?Past three months19.830.425.9-3.914.842.5Next three months32.721.415.117.422.1-20.5How have overall secured lending spreads changed?Past three months54.95.833.317.826.7-24.1Next three months0.61.23.420.21.032.5of which: spreads on prime lendingPast three months56.39.429.035.020.8-17.7Next three months14.51.64.312.61.228.1of which: spreads on buy-to-let lendingPast three months50.99.927.017.419.4-16.5Next three months0.6-0.30.020.28.732.0How have fees on secured lending changed?Past three months-1.40.00.00.00.0-7.2Next three months0.00.00.00.00.00.0How have maximum loan to value ratios changed?Past three months0.00.50.00.012.211.8Next three months0.01.87.04.219.30.8How have maximum loan to income ratios changed?Past three months1.40.518.119.37.09.0Next three months0.53.619.621.81.09.8Footnotes(a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question by their market shares. Positive balances indicate that lenders, on balance, reported/expected demand/credit availability/defaults to be higher than over the previous/current three-month period, or that the terms and conditions on which credit was provided became cheaper or looser respectively.(b) A positive balance indicates that the changes in the factors described have served to increase credit availability.

To calculate aggregate results, each lender is assigned a score based on their response. Lenders who report that credit conditions have changed ‘a lot’ are assigned twice the score of those who report that conditions have changed ‘a little’. These scores are then weighted by lenders’ market shares. The results are analysed by calculating ‘net percentage balances’ — the difference between the weighted balance of lenders reporting that, for example, demand was higher/lower or terms and conditions were tighter/looser. The net percentage balances are scaled to lie between ±100. This annex reports the net percentage balance of respondents for each question in the secured lending questionnaire.

Positive balances indicate that lenders, on balance, reported/expected demand/credit availability/defaults to be higher than over the previous/current three-month period, or that the terms and conditions on which credit was provided became cheaper or looser respectively.

Where the survey balances are discussed, descriptions of an ‘increase’ refer to a net percentage balance greater than 10 in absolute terms, and a ‘slight’ change refers to a net percentage balance of between 5 and 10 in absolute terms. Survey balances between 0 and 5 in absolute terms are described as unchanged. (The 2019 Q2 and earlier reports also described changes greater than 20 in absolute terms as ‘significant’).

The first Credit Conditions Survey was conducted in 2007 Q2 and additional questions have been included since 2007 Q4. A full set of results is available in an Excel file in the ‘Related documents’ section.

Net percentage balances (a)

How has the availability of secured credit provided to households changed?

Factors contributing to changes in credit availability: (b)

Changing appetite for risk

Tight wholesale funding conditions

Expectations for house prices

How has the availability of household secured credit to the following types of borrower changed?

Borrowers with low loan to value ratios (75% or less)

Borrowers with high loan to value ratios (more than 75%)

Have you become more willing to lend to borrowers with housing equity less than 10% of the value of their home?

How have credit scoring criteria for granting loan applications by households changed?

How has the proportion of household loan applications being approved changed?

How has the average credit quality of new secured lending to households changed?

How has the default rate on secured loans to households changed?

How have losses given default on secured loans to households changed?

How has demand for secured lending for house purchase from households changed?

of which: demand for prime lending

of which: demand for buy-to-let lending

How has demand for secured lending for remortgaging from households changed?

How have overall secured lending spreads changed?

of which: spreads on prime lending

of which: spreads on buy-to-let lending

How have fees on secured lending changed?

How have maximum loan to value ratios changed?

How have maximum loan to income ratios changed?

(a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question by their market shares. Positive balances indicate that lenders, on balance, reported/expected demand/credit availability/defaults to be higher than over the previous/current three-month period, or that the terms and conditions on which credit was provided became cheaper or looser respectively.

(b) A positive balance indicates that the changes in the factors described have served to increase credit availability.

The methodology for calculating, and interpretation of the aggregate results are as described in Annex 1. A full set of results is available in an Excel file in the ‘Related documents’ section.Net percentage balances (a)20252026Q1Q2Q3Q4Q1Q2How has the availability of unsecured credit provided to households changed?Past three months15.811.37.610.6-2.824.3Next three months24.118.98.47.217.8-10.1Factors contributing to changes in credit availability: (b)Changing economic outlookPast three months7.80.00.0-0.40.0-10.1Next three months10.20.70.0-0.42.3-3.7Market share objectivesPast three months24.43.111.811.00.90.0Next three months15.46.312.45.40.4-3.0Changing appetite for riskPast three months7.8-0.4-1.6-0.72.8-5.5Next three months16.71.20.413.518.1-8.7Changing cost/availability of fundsPast three months11.8-5.30.02.90.0-8.3Next three months7.80.0-2.80.0-0.910.1How have credit scoring criteria for granting credit card loan applications by households changed?Past three months0.021.017.75.9-4.4-18.6Next three months22.414.57.90.0-14.5-14.4How have credit scoring criteria for granting other unsecured loan applications by households changed?Past three months-1.812.04.47.512.3-0.1Next three months27.38.823.63.212.316.2How have credit scoring criteria for granting total unsecured loan applications by households changed?Past three months-0.219.715.86.1-2.0-12.2Next three months23.013.710.20.5-10.7-4.1How has the proportion of credit card loan applications from households being approved changed?Past three months-7.914.5-2.1-2.6-17.7-5.1Next three months20.310.05.37.7-7.6-10.1How has the proportion of other unsecured loan applications from households being approved changed?Past three months4.911.74.4-21.46.48.0Next three months20.88.826.1-11.8-7.214.1How has the proportion of total unsecured loan applications from households being approved changed?Past three months-6.214.1-1.2-5.3-14.3-2.6Next three months20.49.88.34.9-7.6-0.1How has the average credit quality of new credit card lending to households changed? (c)Past three months2.1-5.5-17.7-3.4-3.3-13.2Next three months-10.0-3.7-10.02.9-5.625.2How has the average credit quality of new other unsecured lending to households changed? (c)Past three months0.38.2-7.5-6.5-1.713.4Next three months-9.34.3-5.6-6.7-5.7-12.3How has the average credit quality of new total unsecured lending to households changed? (c)Past three months1.9-3.5-16.2-3.8-3.0-18.7Next three months-9.9-2.5-9.31.5-5.615.6How has the default rate on credit card loans to households changed?Past three months-11.13.33.910.718.637.4Next three months3.73.310.511.711.123.2How has the default rate on other unsecured loans to households changed?Past three months-4.6-11.12.918.117.221.5Next three months-21.6-4.77.018.1-1.42.6How has the default rate on total unsecured loans to households changed?Past three months-10.31.23.711.818.433.6Next three months0.42.210.012.69.316.1How have losses given default on credit card loans to households changed?Past three months0.00.04.44.30.00.0Next three months-3.34.50.00.00.07.6How have losses given default on other unsecured loans to households changed?Past three months9.02.75.0-13.78.1-5.2Next three months0.00.02.52.4-5.0-5.2How have losses given default on total unsecured loans to households changed?Past three months1.20.44.51.71.1-0.9Next three months-2.93.80.40.3-0.76.7How has demand for credit card lending from households changed?Past three months14.514.7-5.914.44.2-8.5Next three months15.03.82.52.9-4.24.2How has demand for other unsecured lending from households changed?Past three months-3.830.927.5-13.1-22.143.3Next three months14.9-7.40.5-22.620.8-13.1How has demand for total unsecured lending from households changed?Past three months12.117.1-1.010.40.5-2.3Next three months15.02.22.2-0.8-0.62.0How have spreads on credit cards changed?Past three months-10.9-27.1-31.1-28.1-29.830.6Next three months-15.0-28.4-29.1-32.1-26.516.5How have spreads on other unsecured lending products changed?Past three months-6.8-10.60.718.4-6.635.7Next three months0.0-16.8-3.7-15.817.6-24.3How have overall unsecured lending spreads changed?Past three months-10.4-24.7-26.4-21.3-26.634.7Next three months-13.0-26.7-25.3-29.8-20.413.8How have credit card limits changed?Past three months-4.6-7.95.93.911.018.0Next three months-6.60.0-7.28.821.24.3How has the minimum proportion of credit card balances to be paid changed?Past three months-11.50.00.00.00.0-7.6Next three months0.00.00.00.00.00.0How have the following terms on new credit card lending to households changed?Length of interest free period on balance transfersPast three months40.919.122.332.023.5-17.7Next three months25.73.724.931.617.60.0Length of interest free period for purchasesPast three months22.413.213.320.621.0-14.2Next three months17.8-3.324.910.39.97.6How have maximum maturities on loans changed? (d)Past three months0.00.012.45.210.51.4Next three months0.00.02.510.61.41.4Footnotes(a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question by their market shares. Positive balances indicate that lenders, on balance, reported/expected demand/credit availability/defaults to be higher than over the previous/current three-month period, or that the terms and conditions on which credit was provided became cheaper or looser respectively.(b) A positive balance indicates that the changes in the factors described have served to increase credit availability/demand.(c) A positive balance indicates an improvement in the credit quality of new borrowing.(d) A positive balance indicates an increase in maximum maturities on new loans. The sign convention was changed in 2009 Q4 and was applied to the back data accordingly.

The methodology for calculating, and interpretation of the aggregate results are as described in Annex 1. A full set of results is available in an Excel file in the ‘Related documents’ section.

Net percentage balances (a)

How has the availability of unsecured credit provided to households changed?

Factors contributing to changes in credit availability: (b)

Changing appetite for risk

Changing cost/availability of funds

How have credit scoring criteria for granting credit card loan applications by households changed?

How have credit scoring criteria for granting other unsecured loan applications by households changed?

How have credit scoring criteria for granting total unsecured loan applications by households changed?

How has the proportion of credit card loan applications from households being approved changed?

How has the proportion of other unsecured loan applications from households being approved changed?

How has the proportion of total unsecured loan applications from households being approved changed?

How has the average credit quality of new credit card lending to households changed? (c)

How has the average credit quality of new other unsecured lending to households changed? (c)

How has the average credit quality of new total unsecured lending to households changed? (c)

How has the default rate on credit card loans to households changed?

How has the default rate on other unsecured loans to households changed?

How has the default rate on total unsecured loans to households changed?

How have losses given default on credit card loans to households changed?

How have losses given default on other unsecured loans to households changed?

How have losses given default on total unsecured loans to households changed?

How has demand for credit card lending from households changed?

How has demand for other unsecured lending from households changed?

How has demand for total unsecured lending from households changed?

How have spreads on credit cards changed?

How have spreads on other unsecured lending products changed?

How have overall unsecured lending spreads changed?

How have credit card limits changed?

How has the minimum proportion of credit card balances to be paid changed?

How have the following terms on new credit card lending to households changed?

Length of interest free period on balance transfers

Length of interest free period for purchases

How have maximum maturities on loans changed? (d)

(a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question by their market shares. Positive balances indicate that lenders, on balance, reported/expected demand/credit availability/defaults to be higher than over the previous/current three-month period, or that the terms and conditions on which credit was provided became cheaper or looser respectively.

(b) A positive balance indicates that the changes in the factors described have served to increase credit availability/demand.

(c) A positive balance indicates an improvement in the credit quality of new borrowing.

(d) A positive balance indicates an increase in maximum maturities on new loans. The sign convention was changed in 2009 Q4 and was applied to the back data accordingly.

The methodology for calculating, and interpretation of the aggregate results are as described in Annex 1. A full set of results is available in an Excel file in the ‘Related documents’ section.Net percentage balances (a)20252026Q1Q2Q3Q4Q1Q2How has the availability of credit provided to the corporate sector overall changed?Past three months8.77.97.73.53.00.0Next three months2.49.17.12.72.3-2.0of which: commercial real estate sectorPast three months20.627.723.224.417.99.3Next three months13.834.213.616.610.1-1.0How have commercial property prices affected credit availability to the commercial real estate sector, and/or secured lending to PNFCs? Past three months25.122.818.28.59.08.2Next three months12.821.711.37.210.2-1.2Factors contributing to changes in credit availability: (b)Changing economic outlookPast three months8.46.94.80.51.2-8.8Next three months12.69.81.63.88.70.3Changing sector-specific risksPast three months6.810.55.85.44.20.8Next three months11.712.8-0.73.98.24.8Market share objectivesPast three months12.422.017.712.915.511.7Next three months17.222.011.37.621.23.6Market pressures from capital marketsPast three months1.6-3.91.42.73.32.2Next three months-9.01.82.62.75.34.3Changing appetite for riskPast three months1.59.1-1.21.92.11.0Next three months7.810.3-1.21.96.32.4Tight wholesale funding conditionsPast three months0.00.00.00.00.01.1Next three months0.00.00.00.00.00.0How has the availability of credit provided to small businesses changed?Past three months15.224.212.012.014.0-9.1Next three months26.013.813.913.914.02.0How has the availability of credit provided to medium PNFCs changed?Past three months10.010.216.18.812.1-6.5Next three months11.911.517.311.613.53.1How has the availability of credit provided to large PNFCs changed?Past three months3.27.910.58.513.73.5Next three months8.07.98.811.611.92.9How has the proportion of loan applications from small businesses being approved changed?Past three months-1.80.010.08.39.1-11.1Next three months3.33.29.80.00.0-2.9How has the proportion of loan applications from medium PNFCs being approved changed?Past three months4.15.7-1.47.00.0-8.2Next three months2.92.70.08.20.5-1.1How has the proportion of loan applications from large PNFCs being approved changed?Past three months6.60.02.20.62.711.0Next three months1.51.51.43.22.810.7Has there been a change in average credit quality on newly arranged PNFC borrowing facilities? (c)Past three months-5.8-3.5-3.1-6.10.0-1.4Next three months-3.9-3.8-1.3-1.4-1.50.0Has there been any change in ‘target hold’ levels associated with corporate lending?Past three months-4.6-1.2-2.8-3.7-12.3-4.8Next three months-8.5-2.9-2.8-2.7-2.1-2.4How have loan tenors on new corporate loans changed? (d)Past three months1.41.40.0-1.48.70.4Next three months0.00.00.00.00.00.0Has there been a change in draw-downs on committed lines by PNFCs?Past three months-1.30.02.37.20.03.8Next three months2.50.08.62.26.50.7How has the default rate on loans to small businesses changed?Past three months3.30.00.09.61.91.9Next three months5.71.80.00.03.63.8How has the default rate on loans to medium PNFCs changed?Past three months2.90.00.00.01.71.6Next three months4.91.60.00.03.23.3How has the default rate on loans to large PNFCs changed?Past three months-0.3-1.5-1.4-1.4-1.4-1.4Next three months3.00.00.00.04.00.0How has loss given default on loans to small businesses changed?Past three months1.71.80.00.0-1.91.9Next three months5.71.80.00.00.00.0How has loss given default on loans to medium PNFCs changed?Past three months1.51.60.0-6.0-1.71.6Next three months5.0-8.80.00.00.00.0How has loss given default on loans to large PNFCs changed?Past three months9.010.27.32.00.00.0Next three months12.01.40.00.01.27.1How has demand for credit card lending from small businesses changed?Past three months0.00.011.82.98.620.0Next three months0.00.011.811.311.311.4How has demand for other unsecured lending from small businesses changed?Past three months33.119.55.89.916.85.7Next three months25.25.82.913.222.73.7How has demand for total unsecured lending from small businesses changed?Past three months4.63.110.94.09.821.4Next three months3.50.910.411.613.012.3How has demand for secured lending from small businesses changed?Past three months-4.013.713.511.2-1.8-2.7Next three months-2.0-4.8-3.4-14.019.4-2.5How has overall demand for lending from small businesses changed?Past three months8.37.15.61.87.2-11.1Next three months-3.15.69.4-1.35.5-3.5How has demand for lending from medium PNFCs changed?Past three months11.56.60.11.6-1.7-15.8Next three months-2.30.66.0-2.6-8.7-3.1How has demand for lending from large PNFCs changed?Past three months14.90.08.6-1.38.9-3.0Next three months8.55.96.9-0.12.72.6How has demand for lending from OFCs (other financial corporations) changed?Past three months7.3-3.5-6.216.12.32.4Next three months1.90.02.916.15.52.7What have been the main factors contributing to changes in demand for lending: (b)Mergers and acquisitionsPast three months4.4-6.81.1-8.58.00.1Next three months4.50.4-1.27.6-2.2-0.3Capital investmentPast three months11.6-2.62.5-9.7-2.8-3.7Next three months10.22.94.011.7-7.4-6.9Inventory financePast three months15.6-4.2-0.56.9-0.44.7Next three months11.47.510.110.12.80.0Balance sheet restructuringPast three months2.40.4-1.04.61.2-1.0Next three months1.71.40.02.72.6-2.1Commercial real estatePast three months11.915.918.29.415.4-22.2Next three months22.827.68.39.412.1-7.0How have spreads on loans to small businesses changed? (c)Past three months0.00.03.2-3.5-3.6-1.7Next three months-1.83.21.2-3.53.7-4.9How have fees/commissions on loans to small businesses changed?Past three months1.81.80.00.0-3.00.0Next three months0.03.20.00.00.0-2.9How have collateral requirements for loans to small businesses changed?Past three months0.00.00.0-1.90.00.0Next three months0.0-1.82.00.00.00.0How have maximum credit lines for small businesses changed?Past three months1.41.51.50.00.00.0Next three months1.41.51.59.90.00.0How have loan covenants for small businesses changed?Past three monthsn/a*n/a*n/a*n/a*0.0n/a*Next three monthsn/a*n/a*n/a*n/a*6.5n/a*How have spreads on loans to medium PNFCs changed?Past three months0.012.113.33.08.10.0Next three months-1.81.73.53.00.0-2.1How have fees/commissions on loans to medium PNFCs changed?Past three months7.18.87.29.03.66.2Next three months0.04.19.03.10.0-2.5How have collateral requirements for loans to medium PNFCs changed?Past three months0.00.00.0-1.60.00.0Next three months0.0-1.5-1.60.00.00.0How have maximum credit lines for medium PNFCs changed?Past three months5.60.02.80.00.00.0Next three months0.00.00.00.00.00.0How have loan covenants for medium PNFCs changed?Past three months1.51.41.35.90.00.0Next three months1.51.41.30.00.00.0How have spreads on loans to large PNFCs changed?Past three months28.12.627.926.515.319.3Next three months11.810.020.212.37.616.7How have fees/commissions on loans to large PNFCs changed?Past three months16.41.416.710.48.915.7Next three months19.10.017.83.711.114.2How have collateral requirements for loans to large PNFCs changed?Past three months0.00.00.01.80.01.7Next three months0.00.00.01.80.00.0How have maximum credit lines for large PNFCs changed?Past three months12.52.412.89.010.813.0Next three months5.81.72.60.0-3.22.8How have loan covenants for large PNFCs changed?Past three months3.20.05.10.91.02.6Next three months6.60.05.10.00.01.0How have spreads on loans to OFCs changed?Past three months10.315.916.028.28.16.5Next three months14.83.98.68.516.68.7How have fees/commissions on loans to OFCs changed?Past three months0.05.80.00.09.615.2Next three months9.00.08.80.016.60.0How have collateral requirements for loans to OFCs changed?Past three months0.00.00.00.00.00.0Next three months0.00.00.00.0-1.70.0How have maximum credit lines for OFCs changed?Past three months-10.80.010.8-2.90.011.2Next three months0.00.00.07.70.00.0Footnotes(a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question by their market shares. Positive balances indicate that lenders, on balance, reported/expected demand/credit availability/defaults to be higher than over the previous/current three-month period, or that the terms and conditions on which credit was provided became cheaper or looser respectively.(b) A positive balance indicates that the changes in the factors described have served to increase credit availability/demand.(c) A positive balance indicates an improvement in the credit quality of new borrowing.(d) A positive balance indicates an increase in new corporate loan tenors. The sign convention was changed in 2009 Q3 and was applied to the back data accordingly.

The methodology for calculating, and interpretation of the aggregate results are as described in Annex 1. A full set of results is available in an Excel file in the ‘Related documents’ section.

Net percentage balances (a)

How has the availability of credit provided to the corporate sector overall changed?

of which: commercial real estate sector

How have commercial property prices affected credit availability to the commercial real estate sector, and/or secured lending to PNFCs?

Factors contributing to changes in credit availability: (b)

Market pressures from capital markets

Changing appetite for risk

Tight wholesale funding conditions

How has the availability of credit provided to small businesses changed?

How has the availability of credit provided to medium PNFCs changed?

How has the availability of credit provided to large PNFCs changed?

How has the proportion of loan applications from small businesses being approved changed?

How has the proportion of loan applications from medium PNFCs being approved changed?

How has the proportion of loan applications from large PNFCs being approved changed?

Has there been a change in average credit quality on newly arranged PNFC borrowing facilities? (c)

Has there been any change in ‘target hold’ levels associated with corporate lending?

How have loan tenors on new corporate loans changed? (d)

Has there been a change in draw-downs on committed lines by PNFCs?

How has the default rate on loans to small businesses changed?

How has the default rate on loans to medium PNFCs changed?

How has the default rate on loans to large PNFCs changed?

How has loss given default on loans to small businesses changed?

How has loss given default on loans to medium PNFCs changed?

How has loss given default on loans to large PNFCs changed?

How has demand for credit card lending from small businesses changed?

How has demand for other unsecured lending from small businesses changed?

How has demand for total unsecured lending from small businesses changed?

How has demand for secured lending from small businesses changed?

How has overall demand for lending from small businesses changed?

How has demand for lending from medium PNFCs changed?

How has demand for lending from large PNFCs changed?

How has demand for lending from OFCs (other financial corporations) changed?

What have been the main factors contributing to changes in demand for lending: (b)

How have spreads on loans to small businesses changed? (c)

How have fees/commissions on loans to small businesses changed?

How have collateral requirements for loans to small businesses changed?

How have maximum credit lines for small businesses changed?

How have loan covenants for small businesses changed?

How have spreads on loans to medium PNFCs changed?

How have fees/commissions on loans to medium PNFCs changed?

How have collateral requirements for loans to medium PNFCs changed?

How have maximum credit lines for medium PNFCs changed?

How have loan covenants for medium PNFCs changed?

How have spreads on loans to large PNFCs changed?

How have fees/commissions on loans to large PNFCs changed?

How have collateral requirements for loans to large PNFCs changed?

How have maximum credit lines for large PNFCs changed?

How have loan covenants for large PNFCs changed?

How have spreads on loans to OFCs changed?

How have fees/commissions on loans to OFCs changed?

How have collateral requirements for loans to OFCs changed?

How have maximum credit lines for OFCs changed?

(a) Net percentage balances are calculated by weighting together the responses of those lenders who answered the question by their market shares. Positive balances indicate that lenders, on balance, reported/expected demand/credit availability/defaults to be higher than over the previous/current three-month period, or that the terms and conditions on which credit was provided became cheaper or looser respectively.

(b) A positive balance indicates that the changes in the factors described have served to increase credit availability/demand.

(c) A positive balance indicates an improvement in the credit quality of new borrowing.

(d) A positive balance indicates an increase in new corporate loan tenors. The sign convention was changed in 2009 Q3 and was applied to the back data accordingly.

Next publication date: 8 October 2026ISSN 1755-8247