Firstly, our proposals do not affect existing deferred-amortisation loans. We simply suggest a gradual and gentle lowering of the threshold for new mortgage loans with deferred amortisation. Secondly, we do not propose restoring the property value tax to the somewhat higher level applying before the tax freeze was introduced in 2002. That is another issue – which I will not discuss here.
Second, in government bond markets, there have been no signs of fragmentation in the euro area. Third, the euro has been rather robust in currency markets. What is more, bank equity and debt have recovered some ground over the course of this week. Let me add a few remarks on the euro area banking sector.