The bank lending survey conducted by the Eurosystem also finds signs of a tightening of supply conditions by Italian banks, limited for now to requests for higher interest rates. Strong capital bases enable banks to cope with the cyclical worsening, and to contain the cost of fund-raising on the markets.
Figure 5.2 shows changes in the householder mobility rate between 2005 and 2009. A sharp decline is found across all age groups. Since there is no such change in renters, this sharp decline suggests that the housing crash reduced householder mobility rates. Loss of non-tangible/human capital The second consequence of severe and prolonged balance sheet adjustment is the loss of non-tangible or human capital.