The range of uncertainty about the future path for house prices is an important risk factor that motivates the need for ceilings on LTI and LTV ratios. These refinements will improve the design of the framework and will take effect from January 1, 2017.
Looking to the future, the revised framework should require adjustments only if there are material 3/4  BIS central bankers' speeches  changes to the macro-financial environment that require a tightening or loosening of these measures.