May 13, 2022 14:59 GMT
- Surprising lack of tightening in lending conditions through Q1: lending to businesses and households both saw a net easing on the quarter, albeit at a slower pace than was the case in Q4.
- The largest changes were in non-price terms, where standards on net didn’t ease for households (both mortgages and non-mortgages) for the first time since 3Q20 having eased each quarter since then.
- Price conditions (i.e. spreads/fees) continued to see a net easing at broadly similar pace to Q4 as lenders don’t fully pass on higher yields.
- In short, no sign of lenders taking additional actions to tighten conditions on top of what market rates are already doing but it could be a first step.