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Using an agent-based model, we investigate how interest rates affects banks’ risk-taking in terms of the profile of their lending to real sector firms. Our agent-based model considers five types of agents: banks, depositors, the Central Bank, firms, and the clearinghouse. Banks are bounded-rational agents with adaptive strategies. In different setups, depositors are either noisy agents or bounded-rational agents that withdraw their deposits when they have concerns over their banks’ solvency. The other players’ behaviors are used as a reference to understand how these main agents respond strategically to different incentives and situations. Some of our findings recover stylized facts available in the literature: (1) when interest rates decrease, there is an increase of real sector loans, particularly for riskier clients; (2) the interbank market plays a fundamental role in banks’ liquidity management; (3) banks avoid borrowing …