Lending by banks and mortgage banks to the corporate sector has been virtually unchanged since 2008. But there has been a redistribution among the credit institutions, so that lending by mortgage banks has increased, while lending by banks has declined.
This may reflect the need for some banks to consolidate after the financial crisis, encouraging customers – especially firms – to raise mortgage loans rather than bank loans. At the same time, some firms may have found mortgage loans more attractive. In addition, firms have increasingly sought alternative sources of funding, such as corporate bonds, sector loans and trade credits, export guarantees, etc.