2 May 2025

• Price and non-price credit terms and conditions remained largely unchanged between December 2024 and February 2025
• Financing rates/spreads and haircuts in securities financing transactions decreased across most asset classes
• Demand for funding secured against domestic government bonds decreased for the first time since 2021

Price and non-price credit terms and conditions remained largely unchanged between December 2024 and February 2025^[1], which broadly corresponds to expectations expressed in the previous quarter. For price terms, survey responses indicated no net change, while for non-price terms a very minor net tightening was reported. For the second quarter of 2025, some survey respondents expected a slight tightening in credit terms and conditions. However, the vast majority (88%) stated that, overall, no changes were foreseen (Chart 1).