Third, the level of seasoning in non-bank deals has also fallen (Graph 12). In other words, their loans are newer than in the past and newer than for the bank securitisations. The fact that non-banks are bundling up mortgages more quickly into securities suggests that they are writing loans more quickly and, therefore, reaching the limits of their warehouse facilities.
As for the euroindexed loans, favourable terms of financing were supported by the lower interest rates in the European money market and, to a greater extent, also by the decline in Serbia’s risk premium. What I want to emphasize particularly is that Serbia’s risk premium is now among the lowest in the region and that its sharp fall was largely driven by domestic factors.