FT All the top financiers were saying that they’ve got to have unlimited ECB capacity. Of course, but the conditionality was crucial for winning support within the Governing Council, but even more important in Berlin. MD The decision was taken in total and full independence. Certainly, conditionality, in a set-up like ours, is essential for two reasons.
Recent declines in house prices have eroded the equity that homeowners have in their homes, which has made it difficult or impossible for many of them to refinance their mortgage on more favorable terms compared to their current mortgage, even if interest rates have declined since they took out their loan. Tighter lending standards have also limited opportunities for these families to refinance.