In the most recent round of the Survey on the Access to Finance of Enterprises (SAFE) in the euro area, covering the third quarter of 2026, euro area firms widely reported a further net increase in interest rates on bank loans (net 46%, compared with 42% in the previous quarter). Large firms reported increases more often (net 55%, up from 41%) than small and medium-sized enterprises (SMEs) (net 38%, down from 43%). At the same time, a net 27% of firms (down from 31% in the previous quarter) reported increases in other financing costs (i.e. charges, fees and commissions) and in collateral requirements (net 14%, up from 10%) (Chart 1). In this survey round, firms reported that the availability of bank loans had declined by more than their needs.
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