Obviously there may be good reasons to have such policies, but they can harm productive activity and economic growth. Monetary policy is only one element of overall macroeconomic policy, and can only affect the production process through its impact on interest rates. There are two main channels of monetary policy.
With adjustable-rate loans, the mortgage bank must go to the market regularly, “come hell or high water”. So as a result of the long-term adjustable-rate loans financed via bonds with much shorter maturities, the mortgage banks’ balance sheets now have a bank-like characteristic which  BIS central bankers’ speeches  3  they did not use to have.