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Senior Loan Officer Opinion Survey on Bank Lending Practices
July 2007

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Table 1 |Table 2 | Chart data
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Table 1

Senior Loan Officer Opinion Survey on Bank Lending Practices
at Selected Large Banks in the United States 1

(Status of policy as of July 2007)

Questions 1-6 ask about commercial and industrial (C&I) loans at your bank. Questions 1-3 deal with changes in your bank's lending policies over the past three months. Questions 4-5 deal with changes in demand for C&I loans over the past three months. Question 6 asks about changes in prospective demand for C&I loans at your bank, as indicated by the volume of recent inquiries about the availability of new credit lines or increases in existing lines. If your bank's lending policies have not changed over the past three months, please report them as unchanged even if the policies are either restrictive or accommodative relative to longer-term norms. If your bank's policies have tightened or eased over the past three months, please so report them regardless of how they stand relative to longer-term norms. Also, please report changes in enforcement of existing policies as changes in policies.

1. Over the past three months, how have your bank's credit standards for approving applications for C&I loans or credit lines--other than those to be used to finance mergers and acquisitions--to large and middle-market firms and to small firms changed? (If your bank defines firm size differently from the categories suggested below, please use your definitions and indicate what they are.)

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Tightened considerably 0 0.0 0 0.0 0 0.0
Tightened somewhat 5 9.4 3 8.6 2 11.1
Remained basically unchanged 47 88.7 31 88.6 16 88.9
Eased somewhat 1 1.9 1 2.9 0 0.0
Eased considerably 0 0.0 0 0.0 0 0.0
Total 53 100.0 35 100.0 18 100.0

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Tightened considerably 0 0.0 0 0.0 0 0.0
Tightened somewhat 5 9.6 3 8.8 2 11.1
Remained basically unchanged 46 88.5 30 88.2 16 88.9
Eased somewhat 1 1.9 1 2.9 0 0.0
Eased considerably 0 0.0 0 0.0 0 0.0
Total 52 100.0 34 100.0 18 100.0

2. For applications for C&I loans or credit lines--other than those to be used to finance mergers and acquisitions--from large and middle-market firms and from small firms that your bank currently is willing to approve, how have the terms of those loans changed over the past three months? (Please assign each term a number between 1 and 5 using the following scale: 1=tightened considerably, 2=tightened somewhat, 3=remained basically unchanged, 4=eased somewhat, 5=eased considerably.)

 All RespondentsLarge BanksOther Banks
MeanMeanMean
Maximum size of credit lines 3.02 3.03 3.00
Maximum maturity of loans or credit lines 3.08 3.09 3.06
Costs of credit lines 3.13 3.14 3.11
Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower spreads=eased) 3.34 3.29 3.44
Premiums charged on riskier loans 3.04 3.03 3.06
Loan covenants 3.09 3.14 3.00
Collateralization requirements 3.06 3.03 3.11
Other (please specify) 3.00 3.00 3.00
Number of banks responding 53 35 18

 All RespondentsLarge BanksOther Banks
MeanMeanMean
Maximum size of credit lines 3.00 3.00 3.00
Maximum maturity of loans or credit lines 2.98 2.97 3.00
Costs of credit lines 3.10 3.06 3.17
Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower spreads=eased) 3.33 3.26 3.44
Premiums charged on riskier loans 3.08 3.09 3.06
Loan covenants 3.06 3.06 3.06
Collateralization requirements 3.02 3.03 3.00
Other (please specify) 2.50 2.33 3.00
Number of banks responding 52 34 18

3. If your bank has tightened or eased its credit standards or its terms for C&I loans or credit lines over the past three months (as described in questions 1 and 2), how important have been the following possible reasons for the change? (Please respond to either A, B, or both as appropriate and rate each possible reason using the following scale: 1=not important, 2=somewhat important, 3=very important.)

 All RespondentsLarge BanksOther Banks
MeanMeanMean
Deterioration in your bank's current or expected capital position 1.06 1.00 1.25
Less favorable or more uncertain economic outlook 1.63 1.58 1.75
Worsening of industry-specific problems (please specify industries) 1.44 1.50 1.25
Less aggressive competition from other banks or nonbank lenders (other financial intermediaries or the capital markets) 1.19 1.25 1.00
Reduced tolerance for risk 1.56 1.50 1.75
Decreased liquidity in the secondary market for these loans 1.38 1.42 1.25
Increase in defaults by borrowers in public debt markets 1.06 1.08 1.00
Other (please specify) 3.00 3.00 0.00
Number of banks responding 16 12 4

 All RespondentsLarge BanksOther Banks
MeanMeanMean
Improvement in your bank's current or expected capital position 1.04 1.00 1.11
More favorable or less uncertain economic outlook 1.15 1.18 1.11
Improvement in industry-specific problems (please specify industries) 1.08 1.06 1.11
More aggressive competition from other banks or nonbank lenders (other financial intermediaries or the capital markets) 2.69 2.82 2.44
Increased tolerance for risk 1.31 1.35 1.22
Increased liquidity in the secondary market for these loans 1.19 1.29 1.00
Reduction in defaults by borrowers in public debt markets 1.08 1.12 1.00
Other (please specify) 0.00 0.00 0.00
Number of banks responding 26 17 9

4. Apart from normal seasonal variation, how has demand for C&I loans changed over the past three months? (Please consider only funds actually disbursed as opposed to requests for new or increased lines of credit.)

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Substantially stronger 1 1.9 1 2.9 0 0.0
Moderately stronger 4 7.7 3 8.6 1 5.9
About the same 32 61.5 22 62.9 10 58.8
Moderately weaker 15 28.8 9 25.7 6 35.3
Substantially weaker 0 0.0 0 0.0 0 0.0
Total 52 100.0 35 100.0 17 100.0
 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Substantially stronger 0 0.0 0 0.0 0 0.0
Moderately stronger 7 13.7 5 15.2 2 11.1
About the same 31 60.8 20 60.6 11 61.1
Moderately weaker 13 25.5 8 24.2 5 27.8
Substantially weaker 0 0.0 0 0.0 0 0.0
Total 51 100.0 33 100.0 18 100.0

5. If demand for C&I loans has strengthened or weakened over the past three months (as described in question 4), how important have been the following possible reasons for the change? (Please respond to either A, B, or both as appropriate and rate each possible reason using the following scale: 1=not important, 2=somewhat important, 3=very important.)

 All RespondentsLarge BanksOther Banks
MeanMeanMean
Customer inventory financing needs increased 1.40 1.38 1.50
Customer accounts receivable financing needs increased 1.40 1.38 1.50
Customer investment in plant or equipment increased 1.30 1.13 2.00
Customer internally generated funds decreased 1.10 1.13 1.00
Customer merger or acquisition financing needs increased 2.10 2.13 2.00
Customer borrowing shifted to your bank from other bank or nonbank sources because these other sources became less attractive 1.20 1.13 1.50
Other (please specify) 2.50 2.50 0.00
Number of banks responding 10 8 2
 All RespondentsLarge BanksOther Banks
MeanMeanMean
Customer inventory financing needs decreased 1.56 1.60 1.50
Customer accounts receivable financing needs decreased 1.44 1.40 1.50
Customer investment in plant or equipment decreased 1.72 1.70 1.75
Customer internally generated funds increased 1.50 1.50 1.50
Customer merger or acquisition financing needs decreased 1.50 1.50 1.50
Customer borrowing shifted from your bank to other bank or nonbank credit sources because these other sources became more attractive 1.56 1.30 1.88
Other (please specify) 2.00 2.00 0.00
Number of banks responding 19 11 8

6. At your bank, how has the number of inquiries from potential business borrowers regarding the availability and terms of new credit lines or increases in existing lines changed over the past three months? (Please consider only inquiries for additional C&I lines as opposed to the refinancing of existing loans.)

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
The number of inquiries has increased substantially 0 0.0 0 0.0 0 0.0
The number of inquiries has increased moderately 6 11.3 5 14.3 1 5.6
The number of inquiries has stayed about the same 33 62.3 24 68.6 9 50.0
The number of inquiries has decreased moderately 14 26.4 6 17.1 8 44.4
The number of inquiries has decreased substantially 0 0.0 0 0.0 0 0.0
Total 53 100.0 35 100.0 18 100.0

Questions 7-12 ask about your bank's involvement in and assessment of the outlook for the syndicated loan market.

7. Approximately what percentage of C&I loans currently on your bank's books is accounted for by syndicated loans? (Please consider only funds actually disbursed as opposed to unused lines of credit. Also, please include syndicated loans arranged by your bank, those arranged by other banks, and participations of syndicated loans that your bank has purchased.)

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
My bank does not currently have any syndicated loans on its books 3 5.7 0 0.0 3 16.7
More than 0 percent and less than 5 percent 11 20.8 3 8.6 8 44.4
More than 5 percent and less than 20 percent 25 47.2 19 54.3 6 33.3
More than 20 percent and less than 35 percent 7 13.2 6 17.1 1 5.6
More than 35 percent and less than 50 percent 3 5.7 3 8.6 0 0.0
More than 50 percent and less than 75 percent 1 1.9 1 2.9 0 0.0
More than 75 percent 3 5.7 3 8.6 0 0.0
Total 53 100.0 35 100.0 18 100.0

8. Approximately what percentage of the syndicated loans currently on your bank's books (as reported in question 7) is considered leveraged? (Please consider a loan to be leveraged when the obligor's post financing leverage as measured by debt-to-assets, debt-to-equity, cash flow-to-total debt, or other such standards unique to particular industries significantly exceeds industry norms for leverage.2 )

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
My bank does not currently have any leveraged syndicated loans on its books 10 19.2 3 8.6 7 41.2
More than 0 percent and less than 5 percent 16 30.8 14 40.0 2 11.8
More than 5 percent and less than 20 percent 15 28.8 10 28.6 5 29.4
More than 20 percent and less than 35 percent 5 9.6 4 11.4 1 5.9
More than 35 percent and less than 50 percent 3 5.8 3 8.6 0 0.0
More than 50 percent and less than 75 percent 3 5.8 1 2.9 2 11.8
More than 75 percent 0 0.0 0 0.0 0 0.0
Total 52 100.0 35 100.0 17 100.0

9. Approximately what percentage of the syndicated loans currently on your bank's books (as reported in question 7) was originated to fund leveraged buyouts (LBOs)?

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
My bank does not currently have any syndicated loans on its books that were used to fund LBOs 11 21.2 2 5.9 9 50.0
More than 0 percent and less than 5 percent 22 42.3 20 58.8 2 11.1
More than 5 percent and less than 20 percent 12 23.1 7 20.6 5 27.8
More than 20 percent and less than 35 percent 3 5.8 3 8.8 0 0.0
More than 35 percent and less than 50 percent 3 5.8 2 5.9 1 5.6
More than 50 percent and less than 75 percent 1 1.9 0 0.0 1 5.6
More than 75 percent 0 0.0 0 0.0 0 0.0
Total 52 100.0 34 100.0 18 100.0

10. Approximately what percentage of the syndicated loans currently on your bank's books (as reported in question 7) is accounted for by ``bridge loans'' used to fund M&A-related activity that your bank expects to be paid down with funds raised in the capital markets within the next twelve months?

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
My bank does not currently have any bridge loans on its books 27 50.9 11 31.4 16 88.9
More than 0 percent and less than 5 percent 25 47.2 23 65.7 2 11.1
More than 5 percent and less than 20 percent 1 1.9 1 2.9 0 0.0
More than 20 percent and less than 35 percent 0 0.0 0 0.0 0 0.0
More than 35 percent and less than 50 percent 0 0.0 0 0.0 0 0.0
More than 50 percent and less than 75 percent 0 0.0 0 0.0 0 0.0
More than 75 percent 0 0.0 0 0.0 0 0.0
Total 53 100.0 35 100.0 18 100.0

11. News reports suggest increased use of equity bridge loans to LBO sponsors to provide financing applied toward the sponsors' equity contributions in buyouts. These loans are subsequently paid down with funds raised in equity sales. Approximately what percentage of the syndicated loans currently on your bank's books (as reported in question 7) is accounted for by such equity bridge loans?

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
My bank does not currently have any equity bridge loans on its books 39 75.0 22 64.7 17 94.4
More than 0 percent and less than 5 percent 12 23.1 11 32.4 1 5.6
More than 5 percent and less than 20 percent 1 1.9 1 2.9 0 0.0
More than 20 percent and less than 35 percent 0 0.0 0 0.0 0 0.0
More than 35 percent and less than 50 percent 0 0.0 0 0.0 0 0.0
More than 50 percent and less than 75 percent 0 0.0 0 0.0 0 0.0
More than 75 percent 0 0.0 0 0.0 0 0.0
Total 52 100.0 34 100.0 18 100.0

12. The leveraged loan pipeline has reportedly been very substantial in recent months. In light of the high volume of new credits coming to market, which of the following modifications of syndicated lending standards and terms does your bank expect to occur? (Please assign to each item a number using the following scale: 1=unlikely to occur, 2=likely to occur, 3=very likely to occur.)

 All RespondentsLarge BanksOther Banks
MeanMeanMean
Tighter lending standards 1.98 2.09 1.71
Increased number of covenants and/or more stringent covenants 2.00 2.16 1.64
Wider loan rate spreads 1.93 2.09 1.57
Reduced size of the loan portions of deals 1.54 1.56 1.50
Introduction of call protection or original issue discount 1.46 1.56 1.21
Other (please specify) 1.00 1.00 0.00
Number of banks responding 47 33 14

Questions 13-14 ask about commercial real estate loans at your bank, including construction and land development loans and loans secured by nonfarm nonresidential real estate. Question 13 deals with changes in your bank's standards over the last three months. Question 14 deals with changes in demand. If your bank's lending standards or terms have not changed over the relevant period, please report them as unchanged even if they are either restrictive or accommodative relative to longer-term norms. If your bank's standards or terms have tightened or eased over the relevant period, please so report them regardless of how they stand relative to longer-term norms. Also, please report changes in enforcement of existing standards as changes in standards.

13. Over the past three months, how have your bank's credit standards for approving applications for commercial real estate loans changed?

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Tightened considerably 1 1.9 1 2.9 0 0.0
Tightened somewhat 13 25.0 10 29.4 3 16.7
Remained basically unchanged 37 71.2 22 64.7 15 83.3
Eased somewhat 1 1.9 1 2.9 0 0.0
Eased considerably 0 0.0 0 0.0 0 0.0
Total 52 100.0 34 100.0 18 100.0

14. Apart from normal seasonal variation, how has demand for commercial real estate loans changed over the past three months?

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Substantially stronger 0 0.0 0 0.0 0 0.0
Moderately stronger 3 5.8 1 2.9 2 11.1
About the same 31 59.6 20 58.8 11 61.1
Moderately weaker 16 30.8 11 32.4 5 27.8
Substantially weaker 2 3.8 2 5.9 0 0.0
Total 52 100.0 34 100.0 18 100.0

Questions 15-16 ask about three categories of residential mortgage loans at your bank--prime residential mortgages, nontraditional residential mortgages, and subprime residential mortgages. Question 15 deals with changes in your bank's credit standards for loans in each of these categories over the past three months. Question 16 deals with changes in demand for loans in each of these categories over the same period. If your bank's credit standards have not changed over the relevant period, please report them as unchanged even if the standards are either restrictive or accommodative relative to longer-term norms. If your bank's credit standards have tightened or eased over the relevant period, please so report them regardless of how they stand relative to longer-term norms. Also, please report changes in enforcement of existing standards as changes in standards.

For the purposes of this survey, please use the following definitions of these loan categories (note that the loan categories are not mutually exclusive) and include first-lien loans only:

15. Over the past three months, how have your bank's credit standards for approving applications from individuals for mortgage loans to purchase homes changed?

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Tightened considerably 0 0.0 0 0.0 0 0.0
Tightened somewhat 7 14.3 6 18.8 1 5.9
Remained basically unchanged 42 85.7 26 81.3 16 94.1
Eased somewhat 0 0.0 0 0.0 0 0.0
Eased considerably 0 0.0 0 0.0 0 0.0
Total 49 100.0 32 100.0 17 100.0
 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Tightened considerably 2 4.8 2 7.1 0 0.0
Tightened somewhat 15 35.7 11 39.3 4 28.6
Remained basically unchanged 25 59.5 15 53.6 10 71.4
Eased somewhat 0 0.0 0 0.0 0 0.0
Eased considerably 0 0.0 0 0.0 0 0.0
Total 42 100.0 28 100.0 14 100.0

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Tightened considerably 4 25.0 4 33.3 0 0.0
Tightened somewhat 5 31.3 4 33.3 1 25.0
Remained basically unchanged 7 43.8 4 33.3 3 75.0
Eased somewhat 0 0.0 0 0.0 0 0.0
Eased considerably 0 0.0 0 0.0 0 0.0
Total 16 100.0 12 100.0 4 100.0

16. Apart from normal seasonal variation, how has demand for mortgages to purchase homes changed over the past three months? (Please consider only new originations as opposed to the refinancing of existing mortgages.)

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Substantially stronger 2 4.0 2 6.1 0 0.0
Moderately stronger 12 24.0 8 24.2 4 23.5
About the same 17 34.0 13 39.4 4 23.5
Moderately weaker 18 36.0 10 30.3 8 47.1
Substantially weaker 1 2.0 0 0.0 1 5.9
Total 50 100.0 33 100.0 17 100.0
 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Substantially stronger 1 2.4 1 3.4 0 0.0
Moderately stronger 2 4.8 1 3.4 1 7.7
About the same 27 64.3 16 55.2 11 84.6
Moderately weaker 9 21.4 8 27.6 1 7.7
Substantially weaker 3 7.1 3 10.3 0 0.0
Total 42 100.0 29 100.0 13 100.0

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Substantially stronger 0 0.0 0 0.0 0 0.0
Moderately stronger 0 0.0 0 0.0 0 0.0
About the same 9 56.3 6 50.0 3 75.0
Moderately weaker 5 31.3 4 33.3 1 25.0
Substantially weaker 2 12.5 2 16.7 0 0.0
Total 16 100.0 12 100.0 4 100.0

Questions 17-22 ask about consumer lending at your bank. Question 17 deals with changes in your bank's willingness to make consumer loans over the past three months. Questions 18-21 deal with changes in credit standards and loan terms over the same period. Question 22 deals with changes in demand for consumer loans over the past three months. If your bank's lending policies have not changed over the past three months, please report them as unchanged even if the policies are either restrictive or accommodative relative to longer-term norms. If your bank's policies have tightened or eased over the past three months, please so report them regardless of how they stand relative to longer-term norms. Also, please report changes in enforcement of existing policies as changes in policies.

17. Please indicate your bank's willingness to make consumer installment loans now as opposed to three months ago.

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Much more willing 0 0.0 0 0.0 0 0.0
Somewhat more willing 1 2.0 0 0.0 1 5.6
About unchanged 47 95.9 31 100.0 16 88.9
Somewhat less willing 1 2.0 0 0.0 1 5.6
Much less willing 0 0.0 0 0.0 0 0.0
Total 49 100.0 31 100.0 18 100.0

18. Over the past three months, how have your bank's credit standards for approving applications for credit cards from individuals or households changed?

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Tightened considerably 0 0.0 0 0.0 0 0.0
Tightened somewhat 1 3.1 1 5.3 0 0.0
Remained basically unchanged 29 90.6 16 84.2 13 100.0
Eased somewhat 2 6.3 2 10.5 0 0.0
Eased considerably 0 0.0 0 0.0 0 0.0
Total 32 100.0 19 100.0 13 100.0

19. Over the past three months, how have your bank's credit standards for approving applications for consumer loans other than credit card loans changed?

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Tightened considerably 1 2.0 0 0.0 1 5.6
Tightened somewhat 5 10.0 3 9.4 2 11.1
Remained basically unchanged 44 88.0 29 90.6 15 83.3
Eased somewhat 0 0.0 0 0.0 0 0.0
Eased considerably 0 0.0 0 0.0 0 0.0
Total 50 100.0 32 100.0 18 100.0

20. Over the past three months, how has your bank changed the following terms and conditions on new or existing credit card accounts for individuals or households? (Please assign each term a number between 1 and 5 using the following scale: 1=tightened considerably, 2=tightened somewhat, 3=remained basically unchanged, 4=eased somewhat, 5=eased considerably.)

 All RespondentsLarge BanksOther Banks
MeanMeanMean
Credit limits 3.07 3.06 3.09
Spreads of interest rates charged on outstanding balances over your bank's cost of funds (wider spreads=tightened, narrower spreads=eased) 2.83 2.83 2.82
Minimum percent of outstanding balances required to be repaid each month 2.97 2.94 3.00
Minimum required credit score (increased score=tightened, reduced score=eased) 3.03 3.06 3.00
The extent to which loans are granted to some customers that do not meet credit scoring thresholds (increased=eased, decreased=tightened) 2.93 2.89 3.00
Other (please specify) 3.00 3.00 0.00
Number of banks responding 29 18 11

21. Over the past three months, how has your bank changed the following terms and conditions on consumer loans other than credit card loans? (Please assign each term a number between 1 and 5 using the following scale: 1=tightened considerably, 2=tightened somewhat, 3=remained basically unchanged, 4=eased somewhat, 5=eased considerably.)

 All RespondentsLarge BanksOther Banks
MeanMeanMean
Maximum maturity 3.02 3.03 3.00
Spreads of loan rates over your bank's cost of funds (wider spreads=tightened, narrower spreads=eased) 2.98 2.94 3.06
Minimum required downpayment 2.92 2.94 2.88
Minimum required credit score (increased score=tightened, reduced score=eased) 2.88 2.91 2.82
The extent to which loans are granted to some customers that do not meet credit scoring thresholds (increased=eased, decreased=tightened) 2.71 2.72 2.71
Other (please specify) 2.83 2.75 3.00
Number of banks responding 49 32 17

22. Apart from normal seasonal variation, how has demand for consumer loans of all types changed over the past three months?

 All RespondentsLarge BanksOther Banks
BanksPercentBanksPercentBanksPercent
Substantially stronger 0 0.0 0 0.0 0 0.0
Moderately stronger 5 10.2 3 9.7 2 11.1
About the same 28 57.1 17 54.8 11 61.1
Moderately weaker 15 30.6 10 32.3 5 27.8
Substantially weaker 1 2.0 1 3.2 0 0.0
Total 49 100.0 31 100.0 18 100.0

1. The sample is selected from among the largest banks in each Federal Reserve District. In the table, large banks are defined as those with total domestic assets of $20 billion or more as of March 31, 2007. The combined assets of the 35 large banks totaled $5.30 trillion, compared to $5.49 trillion for the entire panel of 53 banks, and $8.71 trillion for all domestically chartered, federally insured commercial banks.

2. For more information on leveraged loans, please refer to: www.federalreserve.gov/boarddocs/srletters/2001/sr0109.htm .

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