Budapest, 14 May 2025 — Based on the responses to the quarterly Lending Survey of the Magyar Nemzeti Bank, banks left corporate credit conditions unchanged overall in 2025 Q1, and they do not plan to apply any changes in the next six months. About a quarter of the surveyed institutions reported a decrease in demand for corporate loans during the quarter, which may continue in the case of long-term loans. However, in the retail segment, the rebound in demand, seen in the first quarter, is expected to continue in 2025 Q2 and Q3.
The Magyar Nemzeti Bank conducts a questionnaire-based survey in each quarter among the senior loan officers of domestic banks to report on current changes in credit demand and credit supply. Banks’ senior loan officers responded to the MNB’s 2025 Q1 Lending Survey between 1 and 16 April 2025.
Overall, the banks participating in the Lending Survey left corporate credit conditions unchanged in 2025 Q1, and they do not plan to change them in 2025 Q2 and Q3. In the first quarter, about a quarter of banks reported a decrease in demand for corporate loans overall. According to a net 46 per cent of respondents there was a decline in demand for HUF loans and long-term corporate loans. However, a net 15 per cent of banks experienced an increase in credit demand from small and micro enterprises. Looking ahead to the next six months, banks generally do not expect a recovery in credit demand, with a net 17 per cent strongly anticipating demand for long-term loans continue to decline.
Overall, banks did not change the standards on commercial real estate loans in 2025 Q1; however, 14 and 12 per cent of banks tightened their standards on loans for logistics centres and office buildings, respectively. Respondents highlighted the challenges facing the industry and market valuation risks as the factors contributing to tightening. In 2025 Q2 and Q3, 14 per cent of respondents plan to tighten the conditions of credit accessibility for logistics centres. In 2025 Q1, 64 per cent of banks perceived a rise in demand for housing project loans. A net 24 per cent of banks reported a pick-up in demand for loans to finance office buildings, logistics centres and shopping centres. In the next six months, 55 per cent of banks expect credit demand to increase exclusively for housing projects reflecting an improving appetite for real estate investment, while a net 37 per cent predict loan demand to decrease for office buildings due to the persistently uncertain outlook for the commercial real estate market.
Based on the responses to the Lending Survey, overall, banks left the conditions on housing loans unchanged in 2025 Q1; however, a net 39 per cent reduced the spread on housing loans. Looking ahead to the next six months, a net 45 per cent of the responding institutions would tighten their price terms; however, no significant shifts can be expected in the standards of housing loans, overall. In 2025 Q1, 85 per cent of banks perceived an upturn in credit demand in the housing loan market, and looking ahead, a net 36 per cent expect demand to continue to pick up.
In 2025 Q1, banks left the conditions on consumer loans broadly unchanged. However, 54 per cent decreased their spreads, due to the improving creditworthiness of customers, as well as increasing competition and market share objectives. However, the standards on secured consumer loans were tightened by 13 per cent, as a growing proportion, i.e. a net 17 per cent, indicated a continuation of this trend. Banks do not plan to change the conditions of unsecured consumer loans significantly in the next six months. In Q1, two-thirds of the institutions surveyed (a net of 67 per cent) saw a pick-up in demand for consumer loans, which might reflect the effects of the interest-free Subsidised Loans for Workers, launched at the beginning of the year. A net 27 per cent of respondents expect demand to increase further looking ahead to 2025 Q2 and Q3.
In the Lending Survey, the survey uses the so-called net change indicator, expressed as a percentage of respondents, to indicate changes. This indicator is calculated as follows: market share-weighted ratio of respondents projecting a change (tightening/increasing/strengthening) minus the market share-weighted ratio of respondents projecting a change in the opposite direction (easing/decreasing/weakening).
The detailed findings of the Lending Survey and the set of charts are available on the MNB’s website at: