Regulatory News
ECB says credit terms eased slightly for fourth straight quarter
ECB said credit terms and conditions eased slightly across all counterparty types in the September 2026 SESFOD survey, with price terms driving the move.
- Overall credit terms eased slightly for all counterparty types for a fourth consecutive quarter.
- Demand for securities financing rose for equities and most other collateral types.
- Initial margins declined slightly for several non-centrally cleared OTC derivative types.
Action
The European Central Bank said its September 2026 SESFOD survey showed a slight easing in credit terms and conditions across all counterparty types. The change was mainly in price terms.
The survey covered June to August 2026. The ECB said the period included uncertainty linked to the conflict in the Middle East and volatile energy prices.
Respondents
The results were based on responses from 26 large banks. The group comprised 14 euro area banks and 12 banks with head offices outside the euro area.
Effective
The ECB raised its key interest rates by 25 basis points in June and held them unchanged in July. The survey review period ran from June to August 2026.
The SESFOD survey is conducted four times a year and covers changes in credit terms and conditions over three-month reference periods ending in February, May, August and November.
Penalty
No penalty was reported.
Source: ECB,