The total value of credit approvals for investor loans in New South Wales as a whole is about 130 per cent higher than in 2008, and it is in the investor segment where there has been evidence of some increase in lending with loan-to-value ratios above 80 per cent in the past couple of quarters. Here we continue to have two messages.
For the ECB, it is a privilege to have been entrusted with a very special role in the performance of macro-prudential supervision in the EU. Although, we have ahead of us a very challenging task to carry out, I am fully confident that the ECB, in collaboration with the NCBs and the other members of the ESRB, will successfully meet this challenge.