“…Size, liquidity, capitalisation, credit risk, securitisation and bank market power are the main bank‐specific characteristics used in the literature. Thus, small banks are more influenced by a tight monetary policy than big banks (Kashyap & Stein, ,, ; Kishan & Opiela, , ; Altunbas et al ., , ); poorly capitalised banks respond more to monetary policy than well‐capitalised banks (Kashyap & Stein, , ; Peek & Rosengren, ; Kishan & Opiela, , ; Altunbas et al ., , ; Van den Heuvel, ; Gambacorta & Mistrulli, ; Gambacorta, ); less liquid banks feel more acutely the impact of monetary changes than more liquid banks (De Bondt, ; Kashyap & Stein, ; Ehrmann et al ., , ; Gambacorta & Mistrulli, ; Gambacorta, ; Altunbas et al ., ; Matousek & Sarantis, ); banks with higher credit risk are more affected by monetary contractions than banks with lower credit risk (Altunbas et al ., ; Bogoev, ; Adelino & Ferreira, ; Cantero‐Saiz et al ., ); less securitisation improves monetary policy (Altunbas et al ., ; Loutskina & Strahan, ; Gambacorta & Marques‐Ibanez, ); and, the higher the level of bank competition (less market power) the higher the influence of monetary policy (Adams & Amel, , ; Gunji et al ., ; Turk‐Ariss, ; Olivero et al ., ,; Brissimis et al ., ; Fungáčová & Weill, ; Fungáčová et al ., ; Leroy, ). Ehrmann et al .…”