According to a 2016 Small Business Credit Survey conducted by our 12 Federal Reserve Banks, some small businesses still face persistent credit gaps, even though they often seek credit in small amounts.
On the other hand, it is also possible that, while the CBPP may have had a positive effect on the outstanding amounts of covered bonds, the programme had no effect on the outstanding amounts of bank bonds – both covered and uncovered. In this case, uncovered bank bonds would have been substituted by covered bank bonds.