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The “typical loan” amount increased during the pandemic crisis


Economics in a picture: The “typical loan” amount increased during the pandemic crisis


The developments in bank loans to non-financial corporations during the pandemic crises were very different from that observed in the sovereign debt crisis. Based on the universe of banking relationships present in the Central Credit Register, it is possible to estimate the evolution of the “typical loan” amount in the Portuguese economy over time.

This estimation shows that, during the sovereign debt crisis, the “typical loan” amount decreased by 6%, while in the pandemic crisis it increased by 11%. This different evolution stems from the characteristics of the two crises. In the first case, it was a financial crisis with a high shortage of liquidity and an increase in financial restrictions. In the pandemic crisis, monetary policy and government support measures, namely moratoria and State-guaranteed credit lines, allowed financing conditions to remain favorable.



For more details see Box 2 “Access to credit by firms“, published in the Economic Bulletin of Banco de Portugal, October 2021.


Prepared by Pedro Moreira. The analyses, opinions and findings expressed above represent the views of the authors and not necessarily those of Banco de Portugal or the Eurosystem.


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