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Irish SME credit supply and demand: comparisons across surveys and countries

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  • Holton, Sarah

    (Central Bank of Ireland)

  • McCann, Fergal

    (Central Bank of Ireland)

Abstract

This letter provides a consistent picture of Irish SME credit supply and demand up to March 2012 across two data sources: the European Commission and European Central Bank Survey of Access to Finance of Small and Medium Enterprises (SAFE) and the Mazars SME lending demand survey, commissioned by the Department of Finance. The data report that the Irish rejection rate for credit applications is the second highest in the euro area, while Irish SMEs are among the most likely to have faced increased collateral requirements, increased interest rates, or lower loan quantities. On the demand side, the data depict Irish credit demand, as measured by changes in firms’ reported need for external financing, to be at or close to the euro area average, while application rates for credit are slightly lower than average. The difference between Ireland’s ranking on demand and application rates is partly explained by a share of discouraged borrowers, who have demand for credit but do not apply for credit, that is double the euro area average.

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Bibliographic Info

Paper provided by Central Bank of Ireland in its series Economic Letters with number 08/EL/12.

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Date of creation: Aug 2012
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Handle: RePEc:cbi:ecolet:08/el/12

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  1. Lawless, Martina & McCann, Fergal, 2011. "Credit Access for Small and Medium Firms: Survey Evidence for Ireland," Research Technical Papers 11/RT/11, Central Bank of Ireland.
  2. Nicolas Berman & Jérôme Héricourt, 2008. "Financial factors and the margins of trade : evidence from cross-country firm-level data," Documents de travail du Centre d'Economie de la Sorbonne bla08050, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  3. Holton, Sarah & Lawless, Martina & McCann, Fergal, 2012. "Firm Credit in Europe: A Tale of Three Crises," Research Technical Papers 04/RT/12, Central Bank of Ireland.
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Cited by:
  1. Gerlach, Petra & O'Connell, Brian & O'Toole, Conor, 2013. "SME Credit Constraints and Macroeconomic Effects," Papers WP467, Economic and Social Research Institute (ESRI).
  2. O'Toole, Conor & Gerlach, Petra & O'Connell, Brian, 2013. "Measuring Credit Constraints for Irish SMEs," Research Notes RN2013/1/3, Economic and Social Research Institute (ESRI).
  3. Cussen, Mary & O'Leary, Brídín, 2013. "Why are Irish Non-Financial Corporations so Indebted?," Quarterly Bulletin Articles, Central Bank of Ireland, pages 104-118, January.
  4. Lawless, Martina & McCann, Fergal & O'Toole, Conor, 2013. "The importance of banks in SME financing: Ireland in a European context," Economic Letters 05/EL/13, Central Bank of Ireland.

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