Central Bank Lending Survey 23 October 2026

Central Bank lending survey 23 October 2026

lending survey

monetary policy

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The Central Bank conducts quarterly lending surveys among the four commercial banks. In the surveys, the Bank asks about respondents’ assessment of credit supply and demand; changes in their lending rules, lending rates, and interest premia; and the factors that have determined those changes in the past three months. Respondents are also asked about their expectations for the coming six months. The survey was conducted during the period 1-14 October 2026, and the results are based on the average of participants’ responses.

Highlights

According to the banks’ responses, the supply of loans to households was unchanged over the past three months, but the banks expect a slight increase in the supply of mortgage loans in the coming six months. [1] Household demand for mortgage loans contracted marginally in the past three months, according to the survey responses, but is expected to increase in the six months ahead. For other household loans, both supply and demand were unchanged in the three months prior to the survey, and the banks expect both to remain unchanged in the coming six months.

According to the banks’ responses, their rules for lending to households have been unchanged in the past three months and are expected to remain unchanged in the next six months. Furthermore, the banks expect competition with other credit market entities for household loans to increase marginally in the next six months.

According to the banks’ responses, interest rates and interest premia on inflation-indexed loans to households were unchanged over the past three months; however, the banks expect both to rise in the next six months. The increase is due in part to the intended increase in the bank tax and expectations that inflation will fall more rapidly than the Central Bank’s key interest rate. According to the survey, interest rates on non-indexed loans to households rose in the past three months because of the increase in the key interest rate, but interest premia declined slightly over the same period. The banks expect interest rates and interest premia on non-indexed mortgage loans to rise slightly in the next six months due to expectations of an increase in the bank tax.

The banks reported that the supply of corporate credit had been unchanged in the past three months, and they expect it to remain unchanged in the next six months. According to the banks’ responses, both small and large companies’ demand for long-term credit contracted slightly in the previous three months. Demand for short-term credit was unchanged among small companies, while demand for foreign-denominated loans increased slightly among large companies. The banks expect demand among small companies to contract further in the six months ahead, but they expect large companies’ demand for foreign-denominated loans to keep growing over the same period.

The banks’ rules on corporate lending were unchanged overall in the three months prior to the survey, but it is noted that developments and prospects for individual companies or sectors and risks relating to collateral had caused a tightening of lending rules for both short- and long-term loans to large companies. The banks do not expect their lending rules to change in the next six months. Furthermore, they expect competition with other credit market entities for loans to small companies to increase marginally in the next six months.

According to the banks’ responses, interest rates on indexed loans to small companies were unchanged in the previous three months, whereas rates on loans to large companies increased slightly. The banks assume that both interest rates and interest premia on loans to small and large companies will rise in the next six months, as the bank tax is expected to increase and inflation is expected to fall more rapidly than the key rate. This is offset by expectations of lower funding costs.

Rates on non-indexed corporate loans rose at the same time, mainly because of the increase in the key rate, but also because of higher funding costs. The banks assume that interest rates and interest premia on non-indexed loans to small companies will rise slightly in the next six months, owing to expectations of an increase in the bank tax. The banks expect such interest rates on loans to large companies to remain unchanged over the same period.

According to the survey, interest rates and interest premia on foreign-denominated loans to companies were unchanged in the previous three months, but the banks expect a slight rise in the next six months due to expectations of an increase in the bank tax. This is offset by expectations of lower funding costs.

See here the latest lending survey.

See here a special site for the lending surveys.

[1] In the survey, loans to households are divided into three categories: residential mortgages, motor vehicle loans, and other loans. Loans to businesses are classified as either long-term or short-term loans. Furthermore, survey participants are asked about foreign-denominated lending to both households and businesses.