In this respect, I would like to underline the importance of adhering to the agreed transition period, which was based on the outcome of the impact assessments and country-specific considerations. In order not to compromise the economic recovery, any market pressure to accelerate the implementation of Basel III would be detrimental to the overall objective of the regulatory reform package.
Borrowing by households – especially for house purchase – and by non-financial corporations has been growing very strongly. At the same time, monetary growth has risen further over the past few months, with the annual growth rate of M3 standing at 8.8% in April. The rapid rate of monetary growth continues to be driven mainly by the expansion of its most liquid components.