The impact of borrower based measures when they are binding is much more evident to the public at large than capital and liquidity restrictions imposed directly on banks. Borrower-based measures can have important distributional and welfare effects in society, particularly in relation to access to home ownership.
These factors underline the importance of getting the design of the measures right, taking into consideration country-specific factors, and also the need to communicate the overall framework and ensure it becomes generally acceptable in society as a permanent feature of the mortgage market.