The wholesale lenders’ share of housing loan approvals rose quickly from 2 per cent in 1993 to 8 per cent in 1996 (Graph 3). The banks responded to this increased competition by reducing their spreads, such that by 1997, the spread over the cash rate on their indicator housing rates had decreased to about 175 basis points.
Wollen ist nicht genug; wir müssen es tun!” “Knowing is not enough; we must apply. Willing is not enough; we must do.” I think this applies admirably to the sense of action which should inspire Europe in the coming days. And sense of direction.