It is also worth recalling that while there is flexibility to recalibrate the measures if necessary, they are  4  BIS central bankers’ speeches  designed to be permanent features of the regulatory landscape. Indeed, they are part of a wellfunctioning credit market.
My suspicion – which remains to be confirmed or disproven – is that the macro prudential policy tools that we introduced have not had much direct effect on bank lending yet. Indirect effects However, there are good reasons to believe that the new rules have had positive indirect effects on the market by reducing speculative demand.