Accessible Version
Bank Lending Conditions during the Pandemic, Accessible Data
Figure 1. Changes in Lending Standard for Households
Net percentage tightened
| Date | Top interquartile range | Median | Bottom interquartile range | United States |
|---|---|---|---|---|
| 6/30/2007 | 0.00 | -1.80 | -15.30 | 7.62 |
| 9/30/2007 | 33.33 | 12.99 | 6.25 | 14.42 |
| 12/31/2007 | 51.80 | 20.50 | 18.75 | 31.25 |
| 3/31/2008 | 49.45 | 33.33 | 14.00 | 53.57 |
| 6/30/2008 | 37.50 | 18.58 | 3.70 | 61.54 |
| 9/30/2008 | 77.28 | 36.20 | 26.50 | 79.09 |
| 12/31/2008 | 81.03 | 37.04 | 28.20 | 66.69 |
| 3/31/2009 | 50.00 | 37.50 | 2.60 | 40.97 |
| 6/30/2009 | 25.00 | 10.00 | -3.50 | 32.72 |
| 9/30/2009 | 10.00 | 2.81 | -4.50 | 15.05 |
| 12/31/2009 | 3.85 | -1.10 | -12.50 | -0.88 |
| 3/31/2010 | 3.85 | -6.00 | -11.23 | -3.57 |
| 6/30/2010 | 3.83 | 0.00 | -3.00 | -8.93 |
| 9/30/2010 | 2.15 | -2.70 | -7.69 | -8.83 |
| 12/31/2010 | -1.87 | -3.20 | -14.00 | -6.19 |
| 3/31/2011 | 0.00 | -11.54 | -15.50 | -14.91 |
| 6/30/2011 | 0.00 | -6.83 | -17.50 | -14.83 |
| 9/30/2011 | 8.73 | 0.00 | -3.90 | -6.07 |
| 12/31/2011 | 17.71 | 2.70 | -6.00 | 3.62 |
| 3/31/2012 | 6.25 | 2.60 | -3.04 | -4.36 |
| 6/30/2012 | 3.19 | 0.00 | -6.67 | -7.22 |
| 9/30/2012 | 23.28 | 5.50 | 0.00 | -7.58 |
| 12/31/2012 | 12.50 | 10.00 | 0.00 | -7.52 |
| 3/31/2013 | 10.00 | 0.00 | -9.38 | -21.10 |
| 6/30/2013 | 9.44 | 0.00 | -6.50 | -14.03 |
| 9/30/2013 | 0.00 | -3.00 | -5.72 | -7.74 |
| 12/31/2013 | 0.00 | 0.00 | -9.51 | -8.93 |
| 3/31/2014 | 1.50 | 0.00 | -12.70 | -9.08 |
| 6/30/2014 | 0.00 | -3.00 | -12.50 | -9.50 |
| 9/30/2014 | 0.00 | -3.00 | -4.12 | -9.37 |
| 12/31/2014 | 0.00 | -2.00 | -10.00 | -5.60 |
| 3/31/2015 | -0.60 | -3.42 | -13.00 | -3.36 |
| 6/30/2015 | 0.00 | -1.50 | -4.42 | -6.51 |
| 9/30/2015 | 0.00 | 0.00 | -6.40 | 4.41 |
| 12/31/2015 | 4.15 | 0.00 | 0.00 | 6.22 |
| 3/31/2016 | 1.61 | 0.00 | -6.06 | 8.70 |
| 6/30/2016 | 0.00 | -3.03 | -9.50 | 7.80 |
| 9/30/2016 | 0.00 | 0.00 | 0.00 | -0.01 |
| 12/31/2016 | 13.90 | 0.00 | 0.00 | 0.72 |
| 3/31/2017 | 5.55 | 0.00 | -3.13 | -2.86 |
| 6/30/2017 | 0.00 | 0.00 | -3.13 | -4.03 |
| 9/30/2017 | 0.00 | 0.00 | -9.09 | -8.64 |
| 12/31/2017 | 0.00 | 0.00 | -3.00 | -5.00 |
| 3/31/2018 | 0.00 | -1.80 | -7.50 | -7.13 |
| 6/30/2018 | 0.00 | -2.00 | -8.00 | -11.76 |
| 9/30/2018 | 0.00 | -3.13 | -10.00 | -9.51 |
| 12/31/2018 | 1.50 | 0.00 | -3.13 | 3.56 |
| 3/31/2019 | 0.30 | 0.00 | -4.50 | -2.11 |
| 6/30/2019 | 15.12 | 1.30 | -3.00 | -4.31 |
| 9/30/2019 | 3.13 | 0.00 | -10.00 | 5.52 |
| 12/31/2019 | 9.20 | 0.00 | 0.00 | -0.72 |
| 3/31/2020 | 10.00 | 0.00 | -11.50 | 40.61 |
| 6/30/2020 | 9.38 | -12.46 | -33.00 | 70.62 |
| 9/30/2020 | 10.31 | 0.00 | -4.50 | 34.51 |
| 12/31/2020 | 20.00 | 0.56 | 0.00 | 8.45 |
| 3/31/2021 | 10.00 | 6.25 | -3.40 | -13.96 |
Notes: The sample range is the interquartile range of lending standards for France, Germany, Italy, Japan, Netherlands, Poland, South Korea, Spain, United States, and United Kingdom. The shaded area denotes the GFC. Values above zero are considered tightening and below zero are considered easing.
Source: Bank of England, Bank of Japan, Bank of Korea, European Central Bank, Federal Reserve Board, and National Bank of Poland.
Figure 2. Changes in Lending Standards for Firms
Net percentage tightened
| Date | Top interquartile range | Median | Bottom interquartile range | United States |
|---|---|---|---|---|
| 6/30/2007 | 6.70 | -12.93 | -18.10 | 16.33 |
| 9/30/2007 | 10.54 | 1.00 | -5.56 | 31.01 |
| 12/31/2007 | 9.67 | -0.32 | -12.34 | 41.49 |
| 3/31/2008 | 27.50 | 5.00 | -2.04 | 50.03 |
| 6/30/2008 | 33.33 | 22.30 | 5.00 | 63.01 |
| 9/30/2008 | 35.37 | 22.04 | 8.33 | 61.70 |
| 12/31/2008 | 50.00 | 30.90 | 11.84 | 41.91 |
| 3/31/2009 | 33.33 | 20.83 | 1.00 | 37.07 |
| 6/30/2009 | 33.33 | 10.00 | -2.00 | 19.17 |
| 9/30/2009 | 27.57 | 7.80 | 3.33 | 15.97 |
| 12/31/2009 | 7.67 | -0.25 | -5.13 | 8.60 |
| 3/31/2010 | 15.29 | 0.00 | -3.33 | 2.76 |
| 6/30/2010 | 10.74 | 0.00 | -9.00 | -3.60 |
| 9/30/2010 | 4.17 | -0.37 | -10.67 | 3.24 |
| 12/31/2010 | 14.03 | 0.30 | -0.54 | 0.02 |
| 3/31/2011 | 10.74 | 8.96 | -6.00 | -4.77 |
| 6/30/2011 | 4.17 | 2.21 | -2.30 | -5.33 |
| 9/30/2011 | 19.67 | 7.41 | 5.70 | -4.07 |
| 12/31/2011 | 14.81 | 6.00 | 0.00 | -6.32 |
| 3/31/2012 | 17.49 | 4.00 | 0.19 | -2.52 |
| 6/30/2012 | 7.78 | 5.71 | 0.03 | -3.46 |
| 9/30/2012 | 12.60 | 0.00 | 0.00 | -3.78 |
| 12/31/2012 | 25.00 | 10.74 | -1.00 | -1.31 |
| 3/31/2013 | 12.50 | 1.19 | -6.00 | -3.91 |
| 6/30/2013 | 5.78 | 0.00 | -17.63 | -2.75 |
| 9/30/2013 | 0.00 | -7.35 | -9.67 | -6.33 |
| 12/31/2013 | 0.00 | -2.30 | -10.07 | 0.76 |
| 3/31/2014 | 5.71 | -3.33 | -6.33 | 5.65 |
| 6/30/2014 | 0.00 | -2.22 | -9.07 | -12.03 |
| 9/30/2014 | 0.70 | 0.00 | -14.67 | -7.99 |
| 12/31/2014 | -2.54 | -8.33 | -10.77 | -4.75 |
| 3/31/2015 | 2.22 | 0.00 | -10.67 | -5.85 |
| 6/30/2015 | -3.33 | -9.64 | -22.00 | -10.76 |
| 9/30/2015 | 4.45 | -3.00 | -11.50 | -5.69 |
| 12/31/2015 | 0.00 | -5.09 | -9.87 | -5.09 |
| 3/31/2016 | 15.67 | 0.40 | -14.07 | -6.00 |
| 6/30/2016 | 17.78 | -4.57 | -10.74 | -2.70 |
| 9/30/2016 | 5.59 | -2.47 | -10.74 | -3.27 |
| 12/31/2016 | 0.00 | 0.00 | -3.33 | 1.43 |
| 3/31/2017 | 0.00 | -1.34 | -10.30 | -4.02 |
| 6/30/2017 | 1.11 | 0.00 | -10.00 | -2.34 |
| 9/30/2017 | -0.47 | -6.60 | -10.74 | -0.15 |
| 12/31/2017 | 3.13 | -1.06 | -4.45 | -1.24 |
| 3/31/2018 | -2.17 | -6.67 | -9.64 | -0.88 |
| 6/30/2018 | 0.00 | -1.23 | -10.00 | -2.45 |
| 9/30/2018 | 10.13 | -1.05 | -3.33 | -5.90 |
| 12/31/2018 | 12.17 | 3.33 | 0.00 | 1.29 |
| 3/31/2019 | 4.60 | -0.93 | -2.00 | 0.27 |
| 6/30/2019 | 5.36 | 0.00 | -1.05 | 1.00 |
| 9/30/2019 | 3.33 | 0.00 | -6.00 | 3.44 |
| 12/31/2019 | 16.34 | 0.00 | -7.90 | 1.50 |
| 3/31/2020 | 10.00 | 3.33 | -3.33 | 16.50 |
| 6/30/2020 | 52.22 | 20.95 | 3.67 | 61.79 |
| 9/30/2020 | 10.00 | 6.98 | 0.00 | 18.17 |
| 12/31/2020 | 3.33 | 0.00 | -4.63 | -3.22 |
| 3/31/2021 | 1.25 | -3.33 | -6.00 | -14.82 |
Notes: The sample range is the interquartile range of lending standards for France, Germany, Italy, Japan, Netherlands, Poland, South Korea, Spain, United States, and United Kingdom. The shaded area denotes the GFC. Values above zero are considered tightening and below zero are considered easing.
Source: Bank of Canada, Bank of England, Bank of Japan, Bank of Korea, European Central Bank, Federal Reserve Board, National Bank of Poland.
Figure 3. Covid-19 Government Interventions
Percent of GDP
| Country | Above the line measures | Contingent liabilities |
|---|---|---|
| Canada | 16.42 | 4.01 |
| France | 7.76 | 14.81 |
| Germany | 8.35 | 24.80 |
| Italy | 5.38 | 32.78 |
| Japan | 16.24 | 23.69 |
| S. Korea | 5.23 | 10.31 |
| Spain | 3.49 | 14.11 |
| UK | 9.35 | 16.52 |
| USA | 11.86 | 2.18 |
| Netherlands | 8.07 | 4.26 |
| Poland | 6.67 | 3.25 |
Notes: Above the line measures include additional spending (or forgone revenue) and accelerated spending (or deferred revenues). Contingent liabilities include loan guarantees and quasi-fiscal operations. Below the line measures such as equity injections, loans, asset purchases, are not included. Data are as of 2020:Q3.
Source: International Monetary Fund.
Figure 4. Ratio of Credit Held by Banks to Total Outstanding Private Credit and Contingent Liabilities
$R^2$ = 0.35
Percent of GDP
| Country | Contingent Liabilities | Bank Credit To Private Credit Ratio (Percent) |
|---|---|---|
| Germany | 24.80 | 64.61 |
| France | 14.81 | 48.14 |
| Italy | 32.78 | 65.02 |
| Spain | 14.11 | 60.64 |
| Netherlands | 4.26 | 39.55 |
| United Kingdom | 16.52 | 55.52 |
| United States | 2.18 | 33.91 |
| Japan | 23.69 | 68.33 |
| South Korea | 10.31 | 70.32 |
| Canada | 4.01 | 47.34 |
| Poland | 3.25 | 64.62 |
Notes: The ratio of bank credit to private credit refers to the percentage of all private credit in the economy that is held by banks, as of 2019:Q4. The ratio is calculated by taking total private nonfinancial credit minus such credit provided by banks, divided by total private nonfinancial credit. Contingent liabilities are as of 2020:Q3 and they include guarantee programs and quasi-fiscal operations.
Source: Bank for International Settlements and International Monetary Fund.
Figure 5. Above the line measures and lending standards
| Country | Above the Line Measures (percent of GDP) | Panel A: For Households ($R^2$ = 0.08). Change in Lending Standards (Percent) |
Panel B: For Firms ($R^2$ = 0). Change in Lending Standards (Percent). |
|---|---|---|---|
| Canada | 16.42 | 14.83 | 13.22 |
| France | 7.76 | 23.98 | -1.08 |
| Germany | 8.35 | 13.97 | 7.82 |
| Italy | 5.38 | 5.00 | -15.00 |
| Japan | 16.24 | -7.00 | -23.25 |
| Netherlands | 8.07 | 17.50 | 76.31 |
| Poland | 6.67 | 34.53 | 38.90 |
| South Korea | 5.23 | 6.33 | -1.50 |
| Spain | 3.49 | 36.48 | 0.00 |
| United Kingdom | 9.35 | 37.02 | -39.85 |
| United States | 11.86 | 39.98 | 52.56 |
Notes: Tightening Credit Standards refers to the net percentage of banks reporting a tightening of credit standards over 2020:Q2-Q3. Above the line measures include additional spending (or forgone revenue) and accelerated spending (or deferred revenues). Contingent liabilities include guarantee measures and quasi-fiscal operations and are as of 2020:Q3. Values above zero are considered tightening and below zero are considered easing.
Source: Bank of Canada, Bank of England, Bank of Japan, Bank of Korea, European Central Bank, Federal Reserve Board, National Bank of Poland, International Monetary Fund.
Figure 6. Contingent liabilities and lending standards
| Country | Contingent Liabilities (percent of GDP) | Panel A: For Households ($R^2$ = 0.28). Change in Lending Standards (Percent) |
Panel B: For Firms ($R^2$ = 0.48). Change in Lending Standards (Percent) |
|---|---|---|---|
| Canada | 4.01 | 14.83 | 13.22 |
| France | 14.81 | 23.98 | -1.08 |
| Germany | 24.80 | 13.97 | 7.82 |
| Italy | 32.78 | 5.00 | -15.00 |
| Japan | 23.69 | -7.00 | -23.25 |
| Netherlands | 4.26 | 17.50 | 76.31 |
| Poland | 3.25 | 34.53 | 38.90 |
| South Korea | 10.31 | 6.33 | -1.50 |
| Spain | 14.11 | 36.48 | 0.00 |
| United Kingdom | 16.52 | 37.02 | -39.85 |
| United States | 2.18 | 39.98 | 52.56 |
Notes: Tightening Credit Standards refers to the net percentage of banks reporting a tightening of credit standards over 2020:Q2-Q3. Above the line measures include additional spending (or forgone revenue) and accelerated spending (or deferred revenues). Contingent liabilities include guarantee measures and quasi-fiscal operations and are as of 2020:Q3. Values above zero are considered tightening and below zero are considered easing.
Source: Bank of Canada, Bank of England, Bank of Japan, Bank of Korea, European Central Bank, Federal Reserve Board, National Bank of Poland, International Monetary Fund.
Figure 7. Euro-area lending standards for loans with and without guarantees
Standards
| Half | All Firms With Guarantees | All Firms Without Guarantees |
|---|---|---|
| 2020 H1 | -38 | 20 |
| 2020 H2 | -18 | 16 |
Notes: Tightening Credit Standards refers to the net percentage of banks reporting a tightening of credit standards. Values above zero are considered tightening and below zero are considered easing.
Source: European Central Bank.
Figure 8. Changes in Commercial and Industrial Loans, Credit Standards, and Loan Demand
| Lending Growth | Panel A: Commerical and Industrial Loan Growth and Change in Lending Standards ($R^2$ = 0.35). Change in Lending Standards (Percent) |
Panel B: Commercial and Industrial Loan Growth and Change in Loan Demand ($R^2$ = 0.34). Change in Loan Demand (Percent) |
|
|---|---|---|---|
| France | 2.45 | -1.08 | 19.54 |
| Germany | -3.72 | 7.82 | 42.19 |
| Italy | 0.93 | -15.00 | 80.00 |
| Japan | 0.44 | -23.25 | 53.00 |
| Netherlands | -2.70 | 76.31 | 14.52 |
| Poland | -4.32 | 38.90 | 61.06 |
| South Korea | 3.24 | -1.50 | 32.75 |
| Spain | -1.52 | 0.00 | 10.00 |
| United Kingdom | -1.42 | -39.85 | 34.73 |
| United States | -12.18 | 52.56 | -33.15 |
Notes: Tightening Credit Standards refers to the net percentage of banks reporting a tightening of credit standards over 2020:Q2-Q3. Increase in Loan Demand refers to the net percentage of banks reporting an increase in the demand for loans over 2020:Q2-Q3. C&I loan growth refers to the increase in outstanding commercial and industrial loans over 2020:Q3-Q4. Panel A: Values above zero are considered tightening and below zero are considered easing.
Source: Bank of England, Bank of Japan, Bank of Korea, European Central Bank, Federal Reserve Board, National Bank of Poland.
Figure 9. Changes in Commercial and Industrial Loans, Credit Standards, and Loan Demand
| Country | Growth Sign | Change in Loan Demand | Change in Lending Standards |
|---|---|---|---|
| Canada | Negative | n/a | 13.22 |
| France | Positive | 19.54 | -1.08 |
| Germany | Negative | 42.19 | 7.82 |
| Italy | Positive | 80.00 | -15.00 |
| Japan | Positive | 53.00 | -23.25 |
| Netherlands | Negative | 14.52 | 76.31 |
| Poland | Negative | 61.06 | 38.90 |
| South Korea | Positive | 32.75 | -1.50 |
| Spain | Negative | 10.00 | 0.00 |
| United Kingdom | Negative | 34.73 | -39.85 |
| United States | Negative | -33.15 | 52.56 |
Notes: Tightening Credit Standards refers to the net percentage of banks reporting a tightening of credit standards. Increase in Loan Demand refers to the net percentage of banks reporting an increase in the demand for loans over 2020:Q2-Q3. C&I loan growth refers to growth in outstanding commercial and industrial loans over 2020:Q3-Q4. Countries with blue circles experienced a decline in outstanding C&I loans, while those with orange circles saw an increase in C&I loans. Larger circles indicate larger growth in absolute terms in C&I loans. For example, growth in C&I loans in the United States was about negative 12 percent. Values above zero are considered tightening and below zero are considered easing. Vertical line marked at about -1 as Median Change in Lending Standards. Horizontal line at about 32 as Median Change in Loan Demand.
Source: Bank of England, Bank of Japan, Bank of Korea, European Central Bank, Federal Reserve Board, National Bank of Poland.