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e magnitude of the eect of changes in bank capital on the extension of bank credit has been one of the most important questions of the crisis, due to the role that banks play in the economy. In the European Union (EU) context, with bank -oriented nancial systems, bank capital may be even more salient, as capital losses may result in reduced lending and therefore be a hindrance to real economy investment activity and thus economic growth. As implementation of more restrictive Basel III capital standards in the EU is accelerating, due to the formal acceptance of its rules into a directive and a regulation in 2013 and due to relatively scant evidence on the role of bank capital in lending activity in the EU, it seems vital to answer the question what the impact of capital ratios on the EU banks’ lending is. As previous cross-country studies suggest that the procyclicality of bank capital regulation is alleviated by more stringent bank regulations and supervision, we ask whether additional country specic factors inuence the size of the eect of the bank capital ratio on lending during contractions in the EU. We hypothesise that

Do Financial Sector Structure and Development Matter for the Effect of Bank Capital on Lending in Large EU Banks?