This means that the current (nominal) cash rate setting of 1½ per cent today is not as expansionary as a cash rate of 1½ per cent would have been in the 1990s or the first half of the 2000s.
Where home or property loss has occurred, a lender is further required to conduct a causation analysis to determine whether loss of ownership resulted from its failings. To date, lenders have reported that as a result of their failings, loss of ownership has occurred in respect of 23 homes and 79 buy to let properties.