Aggregate loan development typically hinges on a combination of factors that impact sim-ultaneously on the demand and the supply side of bank lending. Disentangling these develop-ments is a crucial issue for policymakers, as changes in credit dynamics - especially when ex-ceptional, as in the period of a financial crisis - can have different effects on economic activity and may require different monetary policy responses depending on whether they originate from demand or supply shocks.