Of course, it should be noted that, even if there is no significant overvaluation in house prices, any sizeable deterioration in the fundamental determinants of the market could still mean that house prices could fall significantly and this also would have adverse implications for financial stability.
Credit growth to the household sector As I said to you in July, credit growth continues to be a concern - especially credit for property-related purposes. The continuation of current rates of credit growth to the household sector, well in excess of the corresponding rates in other countries, will inevitably lead to a more highly indebted household sector in this country.