I would also like to take the opportunity to thank the staff members of the OeNB, and our friends at SUERF, for their effort in organizing this event. We are very pleased to organize this year’s Economic Conference jointly with SUERF – The European Money and Finance Forum.
While most deposits are of short term nature, mortgage finance is long-term. The traditional mismatch constraint therefore comes into play. This requires a well developed mortgage market to address longterm funding requirements of the sector. Developing mechanisms for long-term finance is good for monetary policy transmission as well.