Bringing the overnight interest rate to a negative level already in June last year de facto meant that we started generating effects – again to a certain extent – that one expects to see under quantitative policies, eight months before we expanded our purchase programmes on a large scale.
Third, it is important to note that in 2013, LTI ratios at or below 3.5 were the norm and comprised around 83 per cent of new lending. Similarly, lending at LTVs greater than 90 per cent was circa 15 per cent of all new lending in 2013.