NBFIs are responsible for almost one third of new lending in the refinancing and buy-to-let segments of the market. In recent years, non-banks have driven price competition in the Irish mortgage market, reducing mortgage interest rates more rapidly than banks.
Many countries’ responses were prepared by the countries’ statistical agencies, which tend to take a somewhat more sanguine view of the adequacy of the existing price statistics than do outside economists. But, in any case, the OECD survey did indicate that many countries reported that measurement bias was a concern and that most countries do not adequately adjust their statistics for quality improvements.