www.ecb.europa.eu
24 July 2026
- Overall, respondents reported slight net easing of credit terms and conditions for all counterparty types for second consecutive quarter
- Dealers repriced across all collateral types, in particular equity, as demand for secured funding increased
- Non-price credit terms remained broadly unchanged across counterparty types, secured financing transactions and non-centrally cleared OTC derivatives markets
The June 2026 survey covered a period of heightened market volatility from March to May 2026. Escalating conflict in the Middle East triggered an oil supply shock that drove commodity prices sharply higher. This weighed on risk sentiment in March, while in April and May markets recovered strongly. Over the review period, market-implied policy rate expectations rose considerably. Against this backdrop, credit terms and conditions proved broadly resilient, with survey respondents reporting that overall terms had eased slightly for all counterparty types for a second consecutive…