In the Council's assessment, the verdict was that the government had only partially complied with the recommendation. Overall, the Council found that systemic risks linked to interest-only mortgages were reduced by the Supervisory Diamond but that there were still systemic risks linked to the mortgage credit institutions' ability to grant interest-only mortgages at high LTV ratios.
That is, the Council did not agree with the government's explanation for not complying in full with the recommendation. The partial compliance by the government initiated some internal discussions in the central bank regarding the comply-or-explain mechanism. On the one hand, the government had evidently put forward an initiative that addressed the identified risks in the recommendation.