109 and Gertler, M. and Gilchrist, S. (1993) “The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence”, Scandinavian Journal of Economics, Vol. 95. 26. See Franceschi, E., Grodzicki, M., Kagerer, B., Kaufmann, C., Lenoci, F., Mingarelli, L., Pancaro, C. and Senner, R., (2023), “Key linkages between banks and the non-bank financial sector”, Financial Stability  Review, May, ECB. 27.
For instance, in some countries, non-banks had emerged as significant mortgage providers since nondeposit funding was so cheap during the low-for-long period. Since market funding costs have increased more quickly than deposit funding costs, these non-banks are no longer as competitive in offering mortgages. 28. In inflation-adjusted terms, the real declines in house prices are of course even greater. 29.