For instance, the issuance and distribution of securities still hinges on fragmented legacy standards, structural constraints and complex market practices at the national level. Furthermore, facilitating interactions and procedures between some participants still entails high costs and risks. European issuers and in particular EU institutions needs to collect funds from investors across the continent deserve fair consideration.
Furthermore, a large share of that lending was interest only for the first 5–10 years of the loan – that is, the loans were not being amortised for a very long time. And this behaviour was being fuelled by competition between the banks. Individual banks were reluctant to pull back because if they did so, the business would go to their competitors.