While there was tightening in credit criteria earlier in the year, consistent with a more conservative risk appetite on behalf of lenders, the impact of the health restrictions on activity in the market appears to have been more 2/4  BIS central bankers' speeches  of a key driver in overall mortgage credit developments.
Taking a longer perspective, it is clear the mortgage measures have meant we were in a better position going into the COVID-19 shock than the previous financial crisis. The benefits of the measures are most evident in times of stress.