Denmark publishes first lending survey

The quarterly survey contains qualitative data based on statements from credit managers on changes in lending policy and the reasons for these changes. The questions cover the previous and coming quarters.

The first survey charts lending conditions over the fourth quarter of 2008. It shows a considerable tightening in lending standards over the three months to January and states that credit managers expect a further tightening in the first quarter of the new year.

"In the current economic climate, it is no surprise that institutions have tightened lending conditions and paid great attention to the lending process. The challenge is to avoid a credit-crunch that will have a further negative impact on the economy," Nils Bernstein, the governor of the central bank, said. "With the new statistics, we can more closely follow future changes in the banks' and mortgage lenders' policy and their own expectations of changes".

The European Central Bank, the Federal Reserve, the Bank of England and the Bank of Canada all produce their own quarterly lending polls. The surveys are regarded as important by rate-setters, who often cite evidence garnered from the polls in the literature explaining their rate decisions.

Click here to read the central bank's statement

Click here to view the survey