European Economic Comment: ECB Bank Lending Survey: Credit supply not quite as tight as in Q1

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European Economic Comment: ECB Bank Lending Survey: Credit supply not quite as tight as in Q1

Global Research

21 July 2026ab

European Economic Comment Economics

Europe including UKECB Bank Lending Survey: Credit supply not

quite as tight as in Q1 Reinhard Cluse

Economist

reinhard.cluse@ubs.com

+44-20-7568 6722

Corporate loans: a bit less tight than in Q1, demand surprises positively Anna Titareva

The ECB's Q2-26 Bank Lending Survey, conducted between 15 and 30 June 2026, Economist

showed that credit standards for corporate loans (a measure of credit supply) remained anna.titareva@ubs.com

+44-20-7568 5083

tight, although not quite as tight as in Q1-26. Specifically, the net balance of Eurozone

banks that tightened their credit standards for corporate loans fell to +7% from +10% Franziska Fischer

in Q1-26, but this was a less severe tightening than banks had expected (+19%). Tighter Economist

standards continued to reflect concerns about the economic outlook and lower risk franziska.fischer@ubs.com

+41-44-239 2054

tolerance, with additional caution linked to geopolitical and energy-related risks. France

stood out with a marked tightening (18%), while Italy was the only large economy Felix Huefner

reporting an easing (-11%). Corporate loan demand unexpectedly improved to +3% Economist

from -2% in Q1-26, in contrast to banks' expectations of a decline (-10%). Demand was felix.huefner@ubs.com

+49-69-1369 8280

supported by inventories and working capital needs, fixed investment by large firms, and

refinancing activity. Loan demand rose in Germany and particularly in Italy, but fell visibly

in Spain and France. As regards Q3-26, banks expect credit standards to remain tight,

but with the net balance of banks reporting tighter standards expected to decline