Publications

Monetary policy

From this page you can access thematically grouped Analytical Articles published in the Economic Bulletin from 1999, ordered by date of dissemination within each year.

All documents are available in PDF format PDF File. Opens in a new window

  • 26/07/2022
    Recent developments in financing and bank lending to the non-financial private sector. First half of 2022 (600 KB) Laura Álvarez, Pana Alves and Javier Delgado

    In 2022 to date there has been a tightening of financing conditions for firms and households, with a strong rise in the cost of corporate debt issuance and a contraction in the supply of loans. However, the pass-through of market interest rates to bank lending interest rates appears to be somewhat slower than in other historical bouts of interest rate hikes. Against this backdrop, the flow of new funding raised by households and firms and their outstanding debt have increased moderately or remained stable. Lending by deposit institutions (DIs) for non-financial business activities declined in 2022 Q1, more than offsetting the increase in the balance of loans for house purchase, while in April and May their joint performance was moderately expansionary. Since early 2022 and despite the worsening of the macro-financial environment, the credit quality of the DIs’ portfolio has continued to improve in general, except in the case of financing allocated to the sectors most affected by the pandemic, as well as in Official Credit Institute (ICO)-backed loans as a whole. The materialisation of adverse macro-financial scenarios might lead to less buoyancy in the volume of bank lending and the deterioration of its quality in the coming quarters.

  • 19/07/2022
    July 2022 Bank Lending Survey in Spain (664 KB) Álvaro Menéndez Pujadas and Maristela Mulino

    According to the Bank Lending Survey, during 2022 Q2 credit standards and credit terms and conditions tightened slightly, across all market segments, both in Spain and in the euro area. Meanwhile, loan applications declined or rose more moderately in both areas, in almost all segments. All this, against a backdrop of growing uncertainty (with a perception of increased risk) and monetary policy normalisation. This setting has also affected expectations for Q3, with banks expecting the contraction in credit supply to continue and demand to decline in almost all the segments analysed.

  • 27/04/2022
    The effect of TLTRO III on Spanish credit institutions´ balance sheets (473 KB) M.ª Carmen Castillo Lozoya, Enrique Esteban García-Escudero and M.ª Luisa Pérez Ortiz

    With the onset of the COVID-19 crisis, the ECB’s Governing Council modified the conditions of the TLTRO III, aiming to facilitate the flow of bank credit to the real economy. The new conditions encouraged an unprecedented level of take-up of the Eurosystem’s refinancing operations by credit institutions. In the case of Spain, all participating banks met the eligible net lending target (that is, loans to non-financial corporations and households, except loans to households for house purchases) established for the period March 2020 to March 2021. To ascertain the impact on banks’ balance sheets of this huge liquidity injection via TLTRO III, this article identifies four strategies – lending, holding reserves at the Banco de España, purchase of government debt and substitution for market funding – that banks could implement after applying for TLTRO III funding. The conclusion drawn is that there is a significant relationship between participation in TLTRO III and eligible lending and reserve holding strategies.

  • 12/04/2022
    April 2022 Bank Lending Survey in Spain (560 KB) Álvaro Menéndez Pujadas and Maristela Mulino

    According to the Bank Lending Survey, during 2022 Q1 credit standards in business lending tightened both in Spain and in the euro area as a whole, against a backdrop of greater concern for the risks associated with the impact of the energy crisis and, more recently, the war in Ukraine. There were no significant changes in credit standards in Spain in the two household lending segments. Loan applications continued to increase moderately in both areas, across almost all segments. For Q2, supply is expected to contract, more intensely in business lending, both in Spain and in the euro area, in a setting of greater uncertainty associated with the effects of the war in Ukraine. Lastly, as regards the non-standard monetary policy measures of the European Central Bank (ECB), banks expect the favourable effects on their financial position and lending policy to diminish over the coming months, reversing their sign in some cases, against a background of gradual monetary policy normalisation.

  • 01/02/2022
    January 2022 Bank Lending Survey in Spain (724 KB) Álvaro Menéndez Pujadas and Maristela Mulino

    According to the Bank Lending Survey, during 2021 Q4 credit standards tightened slightly in Spain, while remaining virtually unchanged in most segments in the euro area. The terms and conditions applied to new loans did not change significantly in either of the two areas, the sole exception being those applied in Spain to the loans to households for house purchase segment, which eased slightly. Loan applications increased moderately in both Spain and the euro area, across almost all segments, in keeping with the recovery in economic activity.

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