While there has doubtless been excess investment in apartments and office buildings, and when growth prospects change dramatically, over-capacity in other areas is likely, I do not get the impression that there has yet, for instance, been over-investment in city freeways in either Jakarta or Bangkok.
We would have to judge whether these funding constraints are a result of dysfunctional markets or whether they only exist at the individual bank level. In the latter case, it is obvious that any funding support from the Eurosystem would have to be carefully assessed as our operational framework serves the implementation of monetary policy.