Banco de Portugal's Q1 Bank Lending Survey Catches Banks Tightening SME Credit Criteria — Risk Perception Drives the Squeeze, Mortgage Demand Is Forecast to Cool in Q2 Even as the Stock Keeps Growing
BdP's April 28 BLS shows banks tightened SME credit criteria in Q1 2026 while demand kept rising. Large-company and mortgage screens held flat in Q1; mortgage criteria are flagged tighter for Q2. Risk perception drives the squeeze.