And, so far, it has not been at the expense of bank performance, with the positive impact of higher rates on banks' interest margins outweighing the negative impact on volumes. [13] But we know that our rate hikes have not yet been fully reflected in financing conditions.
And we are also aware that recent financial market tensions may have intensified the tightening by increasing bank funding costs and encouraging more risk aversion. So we need to monitor carefully how this pass-through process is playing out.