Property funds Finally, let me now turn to the most recent addition to our macroprudential toolkit, more relevant to the commercial real estate market. As I mentioned earlier, the financing of commercial real estate has changed significantly over the past decade, with a growing role for financial intermediation by investment funds.
This changing nature of financial intermediation entails potential benefits for macroeconomic and financial stability. But, it also means that the resilience of financial intermediation by property funds matters much more for the overall functioning of the commercial real estate market now, than it did a decade ago. So the macroprudential framework needs to adapts accordingly. This is an important principle.