Germany bank lending survey and credit constraint indicator, quarterly
Credit conditions in Germany from both sides of the desk. The Bank Lending Survey asks banks how they changed standards, terms and margins and how they see demand; the KfW-ifo indicator asks firms in actual credit negotiations how restrictive the banks were, by firm size and industry.
| Indicator | Q3-2026 | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bank Lending Survey (banks' answers)4 | ||||||||||||||
| Loan demand / Enterprise13 | ||||||||||||||
| Share of rejected loan application, Large enterprises, Backward looking three months | 10.34 | 6.9 | 6.9 | 10.34 | 3.45 | 0 | 17.24 | 10.34 | 10.34 | 10.34 | 13.79 | 13.79 | 13.79 | |
| Large enterprises, Backward looking three months | 13.79 | 3.45 | 10.34 | 13.79 | 13.79 | -3.45 | 6.9 | 6.9 | 17.24 | -13.79 | -13.79 | -27.59 | -31.03 | |
| Large enterprises, Forward looking three months | 20.69 | -6.9 | 13.79 | 10.34 | 31.03 | 10.34 | 0 | 13.79 | 13.79 | 0 | -6.9 | -10.34 | 0 | |
| Long-term loans, Backward looking three months | 12.9 | 0 | 6.45 | 9.68 | 19.35 | 0 | 6.67 | 10 | 9.68 | -19.35 | -19.35 | -35.48 | -38.71 | |
| Long-term loans, Forward looking three months | 16.13 | -12.9 | 9.68 | 12.9 | 25.81 | 13.33 | -3.33 | 6.67 | 12.9 | -3.23 | -6.45 | -12.9 | -12.9 | |
| Share of rejected loan application, Overall, Backward looking three months | 12.9 | 9.68 | 6.45 | 12.9 | 6.45 | 6.67 | 20 | 10 | 9.68 | 3.23 | 9.68 | 9.68 | 12.9 | |
| Overall, Backward looking three months | 9.68 | 3.23 | 6.45 | 9.68 | 22.58 | 3.33 | 6.67 | 13.33 | 16.13 | -12.9 | -16.13 | -22.58 | -32.26 | |
| Overall, Forward looking three months | 16.13 | 0 | 16.13 | 9.68 | 29.03 | 13.33 | 0 | 13.33 | 12.9 | 0 | -6.45 | -12.9 | -3.23 | |
| Share of rejected loan application, Small- and medium-sized enterprises, Backward looking three months | 13.33 | 13.33 | 6.67 | 13.33 | 10 | 13.79 | 24.14 | 13.79 | 13.33 | 3.33 | 13.33 | 16.67 | 10 | |
| Small- and medium-sized enterprises, Backward looking three months | -3.33 | -3.33 | 0 | 10 | 26.67 | 3.45 | 3.45 | 10.34 | 0 | -13.33 | -10 | -26.67 | -26.67 | |
| Small- and medium-sized enterprises, Forward looking three months | 16.67 | -3.33 | 13.33 | 10 | 33.33 | 13.79 | 0 | 3.45 | 6.67 | -6.67 | -6.67 | -13.33 | -3.33 | |
| Short-term loans, Backward looking three months | 0 | 6.45 | 6.45 | 3.23 | 12.9 | 6.67 | 3.33 | 0 | 0 | -6.45 | -9.68 | -3.23 | -16.13 | |
| Short-term loans, Forward looking three months | 19.35 | 3.23 | 12.9 | 0 | 22.58 | 13.33 | 6.67 | 13.33 | 9.68 | 3.23 | 3.23 | 3.23 | 9.68 | |
| Loan demand / Household6 | ||||||||||||||
| Consumer credit, Share of rejected loan application, Backward | 10.71 | 14.29 | 10.71 | 10.71 | 10.71 | -7.41 | 11.11 | 11.11 | 3.57 | 14.29 | 7.14 | 10.71 | 14.29 | |
| Consumer credit, Backward | -21.43 | -17.86 | 0 | 7.14 | 17.86 | 11.11 | 3.7 | 25.93 | 14.29 | 14.29 | -3.57 | -3.57 | -14.29 | |
| Consumer credit, Forward | -7.14 | 0 | -7.14 | -3.57 | 7.14 | 11.11 | 7.41 | 7.41 | 10.71 | 10.71 | -3.57 | 0 | 0 | |
| Loans for house purchase, Share of rejected loan application, Backward | 3.7 | 3.7 | 0 | 7.41 | 0 | -3.7 | 0 | -3.7 | -3.7 | 7.14 | 7.14 | 17.86 | 14.29 | |
| Loans for house purchase, Backward | -29.63 | -3.7 | 3.7 | 25.93 | 51.85 | 59.26 | 33.33 | 44.44 | 29.63 | 46.43 | -7.14 | -32.14 | -32.14 | |
| Loans for house purchase, Forward | -14.81 | -3.7 | 14.81 | 18.52 | 18.52 | 7.41 | 25.93 | 33.33 | 22.22 | 39.29 | 21.43 | 0 | -3.57 | |
| Loan supply / Enterprise37 | ||||||||||||||
| Large enterprises, Credit terms and conditions, Bank lending rate, Backward | 10.34 | 20.69 | 13.79 | 0 | -3.45 | 6.9 | -13.79 | -17.24 | -3.45 | -6.9 | ||||
| Small and medium-sized enterprises, Credit terms and conditions, Bank lending rate, Backward | 10 | 30 | 16.67 | 3.33 | 3.33 | 6.9 | -13.79 | -13.79 | 0 | -3.33 | ||||
| Not applicable, Credit terms and conditions, Bank lending rate, Backward | 12.9 | 25.81 | 16.13 | 3.23 | 3.23 | 6.67 | -13.33 | -13.33 | -3.23 | -3.23 | ||||
| Large enterprises, Credit terms and conditions, Collateral requirements, Backward | 3.45 | 10.34 | 0 | 0 | 0 | 3.45 | 6.9 | 3.45 | 3.45 | 6.9 | 0 | 3.45 | 3.45 | |
| Small and medium-sized enterprises, Credit terms and conditions, Collateral requirements, Backward | 3.33 | 6.67 | 0 | 0 | 0 | 0 | 10.34 | 3.45 | 0 | 6.67 | 0 | 3.33 | 3.33 | |
| Not applicable, Credit terms and conditions, Collateral requirements, Backward | 3.23 | 9.68 | 0 | 0 | 0 | 0 | 6.67 | 3.33 | 3.23 | 6.45 | 0 | 6.45 | 6.45 | |
| Large enterprises, Credit terms and conditions, Loan covenants, Backward | 6.9 | 3.45 | 0 | 0 | 3.45 | 0 | 6.9 | 0 | 3.45 | 3.45 | 10.34 | 3.45 | 3.45 | |
| Small and medium-sized enterprises, Credit terms and conditions, Loan covenants, Backward | 6.67 | 3.33 | 0 | 0 | 3.33 | 0 | 6.9 | 0 | 0 | 3.33 | 3.33 | 3.33 | 0 | |
| Not applicable, Credit terms and conditions, Loan covenants, Backward | 6.45 | 3.23 | 0 | 0 | 3.23 | 0 | 6.67 | 0 | 3.23 | 3.23 | 9.68 | 3.23 | 3.23 | |
| Not applicable, Credit standards, Large enterprises, Backward | 10.34 | 17.24 | 13.79 | 10.34 | 0 | 6.9 | 13.79 | -3.45 | 3.45 | 13.79 | 10.34 | 13.79 | 10.34 | |
| Not applicable, Credit standards, Large enterprises, Forward | 3.45 | 13.79 | 13.79 | 3.45 | -3.45 | 6.9 | 20.69 | 13.79 | 3.45 | 13.79 | 27.59 | 20.69 | 3.45 | |
| Not applicable, Credit standards, Long-term loans, Backward | 9.68 | 16.13 | 19.35 | 9.68 | 6.45 | 6.67 | 13.33 | 0 | 3.23 | 6.45 | 9.68 | 9.68 | 9.68 | |
| Not applicable, Credit standards, Long-term loans, Forward | 3.23 | 12.9 | 12.9 | 3.23 | 0 | 6.67 | 16.67 | 13.33 | 3.23 | 6.45 | 9.68 | 16.13 | 0 | |
| Large enterprises, Credit terms and conditions, Margin on average loans, Backward | 3.45 | 0 | 6.9 | 6.9 | 0 | 6.9 | 3.45 | -6.9 | 3.45 | -3.45 | 3.45 | 0 | 20.69 | |
| Small and medium-sized enterprises, Credit terms and conditions, Margin on average loans, Backward | 6.67 | 10 | 6.67 | 6.67 | 6.67 | 3.45 | 3.45 | -3.45 | 3.33 | 0 | -3.33 | 6.67 | 16.67 | |
| Not applicable, Credit terms and conditions, Margin on average loans, Backward | 0 | 3.23 | 6.45 | 6.45 | 6.45 | 3.33 | 3.33 | -3.33 | 3.23 | 0 | 3.23 | 3.23 | 19.35 | |
| Large enterprises, Credit terms and conditions, Margin on riskier loans, Backward | 10.34 | 6.9 | 10.34 | 6.9 | 6.9 | 10.34 | 6.9 | 6.9 | 0 | 3.45 | 6.9 | 10.34 | 17.24 | |
| Small and medium-sized enterprises, Credit terms and conditions, Margin on riskier loans, Backward | 10 | 6.67 | 13.33 | 6.67 | 3.33 | 3.45 | 6.9 | 6.9 | 0 | 6.67 | 3.33 | 10 | 16.67 | |
| Not applicable, Credit terms and conditions, Margin on riskier loans, Backward | 9.68 | 6.45 | 12.9 | 6.45 | 3.23 | 3.33 | 6.67 | 10 | 3.23 | 6.45 | 6.45 | 9.68 | 16.13 | |
| Large enterprises, Credit terms and conditions, Maturity, Backward | 0 | 0 | 3.45 | 0 | 0 | 0 | 3.45 | 3.45 | 0 | 0 | 3.45 | 3.45 | 0 | |
| Small and medium-sized enterprises, Credit terms and conditions, Maturity, Backward | 0 | 0 | 3.33 | 0 | 3.33 | 3.45 | 3.45 | 3.45 | 0 | 0 | 0 | 3.33 | 0 | |
| Not applicable, Credit terms and conditions, Maturity, Backward | 0 | 0 | 3.23 | 0 | 3.23 | 0 | 3.33 | 3.33 | 0 | 0 | 3.23 | 3.23 | 0 | |
| Large enterprises, Credit terms and conditions, Non interest rate charges, Backward | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.45 | 0 | 0 | |
| Small and medium-sized enterprises, Credit terms and conditions, Non interest rate charges, Backward | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.33 | 3.33 | 0 | |
| Not applicable, Credit terms and conditions, Non interest rate charges, Backward | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.23 | 3.23 | 0 | |
| Large enterprises, Credit terms and conditions, Overall, Backward | 6.9 | 17.24 | 3.45 | 6.9 | 0 | 10.34 | 3.45 | -3.45 | 3.45 | 0 | 6.9 | 10.34 | 20.69 | |
| Small and medium-sized enterprises, Credit terms and conditions, Overall, Backward | 13.33 | 16.67 | 6.67 | 6.67 | 3.33 | 13.79 | 10.34 | 0 | 6.67 | 3.33 | 3.33 | 13.33 | 16.67 | |
| Not applicable, Credit standards, Overall, Backward | 9.68 | 16.13 | 16.13 | 9.68 | 3.23 | 3.33 | 13.33 | -3.33 | 3.23 | 6.45 | 6.45 | 9.68 | 9.68 | |
| Not applicable, Credit terms and conditions, Overall, Backward | 9.68 | 19.35 | 6.45 | 6.45 | 3.23 | 10 | 6.67 | 0 | 3.23 | 3.23 | 9.68 | 12.9 | 19.35 | |
| Not applicable, Credit standards, Overall, Forward | 3.23 | 16.13 | 12.9 | 0 | -3.23 | 6.67 | 13.33 | 10 | 3.23 | 6.45 | 9.68 | 9.68 | 0 | |
| Not applicable, Credit standards, Small- and medium-sized enterprises, Backward | 3.33 | 13.33 | 6.67 | 3.33 | 6.67 | -3.45 | 13.79 | 0 | 6.67 | 6.67 | 3.33 | 6.67 | 10 | |
| Not applicable, Credit standards, Small- and medium-sized enterprises, Forward | 0 | 13.33 | 6.67 | 3.33 | 0 | 10.34 | 10.34 | 13.79 | 6.67 | 10 | 6.67 | 10 | 0 | |
| Not applicable, Credit standards, Short-term loans, Backward | 3.23 | 9.68 | 16.13 | 6.45 | 3.23 | 0 | 10 | 0 | 3.23 | 6.45 | 6.45 | 6.45 | 6.45 | |
| Not applicable, Credit standards, Short-term loans, Forward | 0 | 12.9 | 9.68 | 0 | -3.23 | 6.67 | 6.67 | 10 | 3.23 | 3.23 | 9.68 | 3.23 | 0 | |
| Large enterprises, Credit terms and conditions, Size of loans, Backward | -3.45 | 0 | 0 | 0 | 0 | 3.45 | 6.9 | 3.45 | 3.45 | 3.45 | 0 | 3.45 | 0 | |
| Small and medium-sized enterprises, Credit terms and conditions, Size of loans, Backward | 0 | 3.33 | 0 | 3.33 | 3.33 | 6.9 | 10.34 | 3.45 | 3.33 | 3.33 | 3.33 | 3.33 | 0 | |
| Not applicable, Credit terms and conditions, Size of loans, Backward | -3.23 | 0 | 0 | 0 | 3.23 | 3.33 | 6.67 | 3.33 | 3.23 | 3.23 | 3.23 | 6.45 | 0 | |
| Loan supply / Household26 | ||||||||||||||
| Consumer credit, Credit terms and conditions, Bank lending rate, Backward | 7.14 | 7.14 | 0 | -3.57 | -3.57 | 18.52 | -7.41 | -3.7 | 10.71 | 0 | ||||
| Loans for house purchase, Credit terms and conditions, Bank lending rate, Backward | 14.81 | 22.22 | 0 | 7.41 | -3.7 | 3.7 | -25.93 | -29.63 | -7.41 | -10.71 | ||||
| Consumer credit, Credit terms and conditions, Collateral requirements, Backward | 0 | 3.57 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Loans for house purchase, Credit terms and conditions, Collateral requirements, Backward | 0 | 0 | 3.7 | 0 | 0 | 3.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Consumer credit, Credit terms and conditions, Margin on average loans, Backward | -3.57 | 7.14 | 0 | 0 | 3.57 | 14.81 | 0 | 3.7 | 3.57 | 10.71 | 7.14 | 3.57 | 10.71 | |
| Loans for house purchase, Credit terms and conditions, Margin on average loans, Backward | -3.7 | -7.41 | -7.41 | 7.41 | -11.11 | -7.41 | -11.11 | -18.52 | -14.81 | -3.57 | -7.14 | -7.14 | 3.57 | |
| Consumer credit, Credit terms and conditions, Margin on riskier loans, Backward | -3.57 | 3.57 | 3.57 | -3.57 | 3.57 | 14.81 | 0 | 3.7 | 0 | 7.14 | 3.57 | 0 | 10.71 | |
| Loans for house purchase, Credit terms and conditions, Margin on riskier loans, Backward | 7.41 | 3.7 | -3.7 | 11.11 | 0 | -3.7 | -3.7 | -3.7 | -7.41 | 3.57 | 0 | 14.29 | 7.14 | |
| Consumer credit, Credit terms and conditions, Maturity, Backward | 0 | 0 | 0 | 3.57 | 0 | 7.41 | 3.7 | 0 | 0 | 3.57 | 0 | 0 | 0 | |
| Loans for house purchase, Credit terms and conditions, Maturity, Backward | 3.7 | 0 | 0 | 0 | 0 | 0 | 3.7 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Consumer credit, Credit terms and conditions, Non interest rate charges, Backward | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Loans for house purchase, Credit terms and conditions, Non interest rate charges, Backward | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Consumer credit, Credit terms and conditions, Overall, Backward | 0 | 14.29 | 0 | -3.57 | 10.71 | 14.81 | 0 | 11.11 | 7.14 | 10.71 | 0 | 0 | 10.71 | |
| Loans for house purchase, Credit terms and conditions, Overall, Backward | 7.41 | 3.7 | -3.7 | 14.81 | 0 | -7.41 | -14.81 | -14.81 | -7.41 | -3.57 | -7.14 | 6.9 | 7.14 | |
| Loans for house purchase, Credit terms and conditions, Other loan size limits, Backward | 0 | 7.41 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.57 | -3.57 | 0 | -3.57 | |
| Consumer credit, Margins on average loans, Perception of risk, Backward | 0 | 7.14 | 0 | 0 | 3.57 | 7.41 | 0 | 0 | 7.14 | 7.14 | 3.57 | 3.57 | 3.57 | |
| Consumer credit, Margins on riskier loans, Perception of risk, Backward | 0 | 3.57 | 3.57 | 0 | 0 | 7.41 | 0 | 0 | 3.57 | 7.14 | 3.57 | 0 | 3.57 | |
| Consumer credit, Credit terms and conditions, Perception of risk, Backward | 3.57 | 10.71 | 0 | 0 | 7.14 | 7.41 | 3.7 | 3.7 | 7.14 | 10.71 | 3.57 | 3.57 | 7.14 | |
| Loans for house purchase, Margins on average loans, Perception of risk, Backward | 0 | 0 | 3.7 | 0 | 3.7 | 0 | 0 | -3.7 | 0 | 0 | 0 | 7.14 | 0 | |
| Loans for house purchase, Margins on riskier loans, Perception of risk, Backward | 3.7 | 0 | 3.7 | 3.7 | 3.7 | 0 | 0 | 0 | 0 | 0 | 0 | 10.71 | 3.57 | |
| Loans for house purchase, Credit terms and conditions, Perception of risk, Backward | 7.41 | 0 | 3.7 | 0 | 3.7 | 0 | 3.7 | -3.7 | 0 | 3.57 | 0 | 10.71 | 3.57 | |
| Consumer credit, Credit terms and conditions, Size of loans, Backward | 3.57 | 7.14 | 0 | 3.57 | 0 | 3.7 | 0 | 7.41 | 0 | 7.14 | 3.57 | 3.57 | 3.57 | |
| Consumer credit, Credit standards, Not applicable, Backward | 10.71 | 10.71 | 10.71 | 7.14 | 10.71 | 0 | 11.11 | 14.81 | 7.14 | 14.29 | 3.57 | 7.14 | 14.29 | |
| Consumer credit, Credit standards, Not applicable, Forward | 3.57 | 3.57 | 3.57 | 7.14 | 7.14 | 14.81 | 7.41 | 11.11 | 3.57 | 7.14 | 21.43 | 7.14 | -3.57 | |
| Loans for house purchase, Credit standards, Not applicable, Backward | 7.41 | 3.7 | 11.11 | 3.7 | 11.11 | -7.41 | 11.11 | 7.41 | 7.41 | 7.14 | 0 | 3.57 | 10.71 | |
| Loans for house purchase, Credit standards, Not applicable, Forward | -3.7 | 11.11 | 11.11 | 7.41 | 7.41 | 18.52 | 7.41 | 0 | 11.11 | 10.71 | 17.86 | 7.14 | 3.57 | |
| KfW-ifo credit constraint (firms' answers)6 | ||||||||||||||
| All economic activities2 | ||||||||||||||
| Small and medium-sized enterprises | 40.5 | 34 | 37.8 | 33.9 | 35.2 | 33.8 | 32 | 31.5 | 27.8 | 26.3 | 28.8 | 31.7 | ||
| Large enterprises | 32.9 | 29.1 | 29.4 | 20.4 | 21.5 | 23.6 | 31.9 | 34.5 | 25.8 | 20.7 | 20.4 | 21.3 | ||
| Manufacturing2 | ||||||||||||||
| Small and medium-sized enterprises | 40.8 | 34.3 | 35.1 | 34.5 | 35.7 | 33.2 | 33.4 | 31.2 | 29.2 | 20.3 | 26.3 | 32.4 | ||
| Large enterprises | 30.1 | 30.3 | 28.3 | 15.5 | 19.6 | 20.8 | 35.5 | 40.4 | 20.5 | 18.3 | 16.7 | 19.1 | ||
| Main construction industry2 | ||||||||||||||
| Small and medium-sized enterprises | 27.1 | 31 | 29.6 | 27.6 | 26.8 | 29.6 | 24.8 | 21.2 | 34.3 | 25 | 23.9 | 29 | ||
| Large enterprises | 45.2 | 31.7 | 31.3 | 37 | 20.2 | 33.3 | 28 | 19.8 | 28.1 | 18.8 | 13.5 | 30.1 | ||
| Wholesale trade2 | ||||||||||||||
| Small and medium-sized enterprises | 42 | 42.6 | 35.6 | 37.9 | 41 | 36.8 | 36.7 | 24.8 | 27.2 | 28.9 | 33.8 | 29.5 | ||
| Large enterprises | 28.3 | 20.9 | 41.7 | 21.1 | 24.5 | 27.8 | 21.6 | 21.1 | 20.9 | 9.6 | 20.8 | 10.9 | ||
| Retail trade2 | ||||||||||||||
| Small and medium-sized enterprises | 52.2 | 41.9 | 45.2 | 45.6 | 35.3 | 33.5 | 37.2 | 33.6 | 27.4 | 34.1 | 28 | 26.4 | ||
| Large enterprises | 55.4 | 44.7 | 49.7 | 32.7 | 31.5 | 20.4 | 36.2 | 15.9 | 35.1 | 21.3 | 28.6 | 32.6 | ||
| Services2 | ||||||||||||||
| Small and medium-sized enterprises | 42.4 | 32.6 | 41.4 | 33.3 | 36.2 | 35 | 31.6 | 35.1 | 25.2 | 29.7 | 31.4 | 32.9 | ||
| Large enterprises | 29.3 | 23.8 | 20.3 | 21.6 | 20.2 | 27 | 27.9 | 36.9 | 31.6 | 27.2 | 23.7 | 22.6 | ||
| Firms in credit negotiations2 | ||||||||||||||
| Small and medium-sized enterprises | 19.3 | 21 | 20.2 | 19.5 | 20.9 | 19.9 | 21.1 | 20.3 | 21.2 | 20.5 | 19 | 20.2 | ||
| Large enterprises | 27.5 | 28.6 | 31.5 | 27.2 | 30.3 | 27.2 | 28 | 27.7 | 32.9 | 32.5 | 30.4 | 30.4 |
Latest reading
The latest reading is 10.34 Net percentage, for Q3 2026. That is +49.9% from Q2 2026 and +199.7% from a year earlier. The series on this page is quarterly and runs from Q2 2022 to Q3 2026. Source: Deutsche Bundesbank and KfW Research / ifo Institute.
- Latest
- 10.34 Net percentage
- Q3 2026
- vs previous period
- +49.9%
- Q2 2026
- vs a year earlier
- +199.7%
About this data
Credit conditions in Germany from both sides of the desk. The Bank Lending Survey asks banks how they changed standards, terms and margins and how they see demand; the KfW-ifo indicator asks firms in actual credit negotiations how restrictive the banks were, by firm size and industry. The share of firms negotiating at all is shown alongside, because it is the base the second indicator rests on.
