These include electronic banking services, faster methods of money transfers, mobile banking, transfer services, and flexible banking hours to suit different categories of customers. The Deputy Governor said that the Central Bank is cognizant of the inter-linkages between the various sectors of the financial system because instability in one sector could eventually spill over into other sectors and spark off system-wide crisis.
Regarding the mortgage component of private sector credit, it can be expected that the slowdown in house price increases and, in time, a reduction in housing volume to more sustainable levels should also lead to a slowdown in mortgage credit growth. However, we will remain concerned until we see some evidence of such a slowdown.