A tightening in funding costs or worsening liquidity positions have so far been forestalled by the prompt policy reaction, and banks, in turn, have been able and willing to meet the strong demand for liquidity over the course of the pandemic. However, there are some worrying signals in recent survey data.
The October euro area bank lending survey (BLS) reports a broad-based tightening of credit standards that banks attribute https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp201126~c5c1036327.en.html  12/19  01/12/2020  Monetary policy in a pandemic: ensuring favourable financing conditions  primarily to the risks underlying the macroeconomic environment and a deterioration in borrower creditworthiness (Chart 15).