It is also unclear what the impact will be on the intermediation of credit to the household and corporate sectors. Moreover, further tensions in structured credit markets cannot be excluded in view of the ongoing weakness in the US housing market, and there is a risk of adverse developments in the credit cycle.
As the impact of these factors is turning out to be somewhat longer-lasting, the slower growth momentum is expected to extend into the current year. Looking ahead, the effect of these adverse factors is expected to unwind.