As stated above, the database used for this study is the Credit Register of the Bank of Spain (CIR). This database records monthly information on all loans granted by credit institutions (banks, savings banks, cooperatives and credit finance establishments) in Spain for a value of over 6,000 euros. The CIR’s data distinguishes between companies and individuals. Among the latter it is possible to identify those undertaking business activities (individual businesspersons). There is a clear separation between the characteristics of loans to companies (mainly in terms of the size of the loan, maturity, collateral, and default rates).
