Here, capital would have to be topped up to the tune of € billion.7 So you see, the risks stemming from the residential mortgage market are relevant for banks. What is more, taking contagion into account would intensify the impact considerably. We see signs of growing competition to secure mortgage loan business in the low-interest rate environment.
1 2  I wish to thank Eliana Viviano and Francesco D’Amuri for their assistance in preparing this speech. Cerina, F., Moro, A., and Petersen Rendall, M. (2018), ‘The role of gender in employment polarization.’  The third driver is migration. Immigrants’ labour market participation is high, and their share in the working age population has increased significantly in developed countries (e.g.