Thus, the tripling of the price-rent ratio in the residential property market between 1995 and 2007, and the 50% increase of the same ratio in the commercial property market between 2003 and 2007, ought to have struck observers as out of line and as not unlikely to be reversed.
Distinguished Ladies and Gentlemen, this is particularly important in the context of dynamic changes in demography, technology, competitive landscape and prolonged low global interest rate environment, all which have had a profound impact on business models for banking.