It is common for banks to claim progress in financial inclusion stating that the number of accounts opened has gone up by 100% over a period. This use of mathematics to claim progress in financial inclusion can be terribly misleading.
In 2011, we were among the first in the EU to introduce responsible lending regulations and establish restrictions on lending standards for housing loans, namely loan-to-value, debt-service-toincome, and loan maturity. Moreover, macroprudential capital buffers were introduced as soon as they became available in the European regulation from 2015.