Corporate credit quality during the health crisis and the recent monetary tightening cycle

This article analyses corporate credit quality in Spain at the sectoral level during two key episodes: the health crisis triggered by the COVID-19 pandemic and the monetary tightening that began in summer 2022 in the euro area. During the health crisis, stage 2 loans increased significantly. A small...

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Detalhes bibliográficos
Autores: Delgado, Javier, Pérez Asenjo, Eduardo
Formato: artículo
Fecha de publicación:2025
País:España
Recursos:Banco de España
Repositorio:Repositorio Institucional del Banco de España
OAI Identifier:oai:repositorio.bde.es:123456789/40136
Acesso em linha:https://repositorio.bde.es/handle/123456789/40136
Access Level:acceso abierto
Palavra-chave:credit quality
lending to non-financial corporations
health crisis
monetary tightening
sectors of activity
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spelling Corporate credit quality during the health crisis and the recent monetary tightening cycleDelgado, JavierPérez Asenjo, Eduardocredit qualitylending to non-financial corporationshealth crisismonetary tighteningsectors of activityThis article analyses corporate credit quality in Spain at the sectoral level during two key episodes: the health crisis triggered by the COVID-19 pandemic and the monetary tightening that began in summer 2022 in the euro area. During the health crisis, stage 2 loans increased significantly. A small part of that rise later eased as interest rates began to climb. The impact of the health crisis on non-performing loans was much lower, partly because of the measures implemented to mitigate its effect, particularly loans backed by the Official Credit Institute. It can be seen that sectoral activity is closely correlated with credit quality. This relationship was more relevant during the health crisis than during the monetary tightening period. Indeed, the decline in sales was a key factor behind the deterioration in corporate credit quality (especially in the case of stage 2 loans) during the pandemic. However, during the subsequent recovery other factors played a larger role.Banco de EspañaMadridMadrid : Banco de España, 2025-06-122025info:eu-repo/semantics/articleapplication/pdfhttps://repositorio.bde.es/handle/123456789/40136reponame:Repositorio Institucional del Banco de Españainstname:Banco de EspañaInglésFinancial Stability Review / Banco de España, 48 (Spring 2025), 41-61 p.Versión en español 123456789/40131info:eu-repo/semantics/openAccessoai:repositorio.bde.es:123456789/401362026-06-20T12:44:27Z
dc.title.none.fl_str_mv Corporate credit quality during the health crisis and the recent monetary tightening cycle
title Corporate credit quality during the health crisis and the recent monetary tightening cycle
spellingShingle Corporate credit quality during the health crisis and the recent monetary tightening cycle
Delgado, Javier
credit quality
lending to non-financial corporations
health crisis
monetary tightening
sectors of activity
title_short Corporate credit quality during the health crisis and the recent monetary tightening cycle
title_full Corporate credit quality during the health crisis and the recent monetary tightening cycle
title_fullStr Corporate credit quality during the health crisis and the recent monetary tightening cycle
title_full_unstemmed Corporate credit quality during the health crisis and the recent monetary tightening cycle
title_sort Corporate credit quality during the health crisis and the recent monetary tightening cycle
dc.creator.none.fl_str_mv Delgado, Javier
Pérez Asenjo, Eduardo
author Delgado, Javier
author_facet Delgado, Javier
Pérez Asenjo, Eduardo
author_role author
author2 Pérez Asenjo, Eduardo
author2_role author
dc.subject.none.fl_str_mv credit quality
lending to non-financial corporations
health crisis
monetary tightening
sectors of activity
topic credit quality
lending to non-financial corporations
health crisis
monetary tightening
sectors of activity
description This article analyses corporate credit quality in Spain at the sectoral level during two key episodes: the health crisis triggered by the COVID-19 pandemic and the monetary tightening that began in summer 2022 in the euro area. During the health crisis, stage 2 loans increased significantly. A small part of that rise later eased as interest rates began to climb. The impact of the health crisis on non-performing loans was much lower, partly because of the measures implemented to mitigate its effect, particularly loans backed by the Official Credit Institute. It can be seen that sectoral activity is closely correlated with credit quality. This relationship was more relevant during the health crisis than during the monetary tightening period. Indeed, the decline in sales was a key factor behind the deterioration in corporate credit quality (especially in the case of stage 2 loans) during the pandemic. However, during the subsequent recovery other factors played a larger role.
publishDate 2025
dc.date.none.fl_str_mv 2025
dc.type.none.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://repositorio.bde.es/handle/123456789/40136
url https://repositorio.bde.es/handle/123456789/40136
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Financial Stability Review / Banco de España, 48 (Spring 2025), 41-61 p.
Versión en español 123456789/40131
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Banco de España
Madrid
Madrid : Banco de España, 2025-06-12
publisher.none.fl_str_mv Banco de España
Madrid
Madrid : Banco de España, 2025-06-12
dc.source.none.fl_str_mv reponame:Repositorio Institucional del Banco de España
instname:Banco de España
instname_str Banco de España
reponame_str Repositorio Institucional del Banco de España
collection Repositorio Institucional del Banco de España
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,811543

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