A small digression on AI may be in order here. It is said that the world’s most valuable resource is no longer oil, but data and AI has the capability to unlock and leverage data, transforming our lives. I don’t have to mention the list of world “firsts” AI has already achieved.
This annual figure is equivalent to around 7 per cent of the stock of housing credit outstanding. While the value of loans scheduled to reach the end of the interest-only periods appears large, it is worth emphasising that expirations of this size are not unprecedented.