www.ecb.europa.eu
31 July 2025
- Price and non-price credit terms and conditions remained largely unchanged between March 2025 and May 2025, tightening slightly for certain counterparty types
- Demand for lending against collateral and financing rates/spreads increased across all asset classes except equities
- Tariff turmoil in April 2025 had a limited but slightly negative impact on bank clients’ ability to meet margin calls
Price and non-price credit terms and conditions remained largely unchanged between March 2025 and May 2025, with a slight tightening of non-price terms across banks and dealers, non-financial corporations and sovereigns. For price terms, survey responses indicated no net change. General market liquidity and functioning was most frequently cited as the primary driver behind tightening. Looking ahead, some survey respondents expect credit terms and conditions to ease slightly in the third quarter of 2025. However, the vast majority (86%) stated that, overall, no changes were foreseen…