•  High financing costs related to the increase in the deposit base and the costs of hybrid instruments;  •  Decreasing activity in the credit market;  •  Increasing defaults in the credit portfolio;  •  The low profitability of the mortgage credit granted in the past.
Thirdly, despite the adjustment achieved to-date, banks currently bear operating costs that are out of step with the “new normal”, in which the economy will be less leveraged than before the financial crisis. This low profitability, coupled with the increasing application of Basel III rules, will continue to force institutions to manage their capital levels with particular care and pro-activity.