Most non ADI mortgage providers don’t really have a balance sheet to warehouse the mortgages on, so we have seen a marked decline in their number and market share over the past five years.
That is why they have rightly been enshrined in the Maastricht Treaty. Article 107 lays down the European Central Bank’s independence of instructions. The Statute of the European Central Bank requires it “to maintain price stability” as its primary objective. And Article 109 (1) and (2) require the EU Council to pursue external exchange-rate policy without prejudice to the objective of maintaining price stability.