12  12  Studies tend to find that equity positions matter most for default rates when they interact with other contributing factors; for example, numerous studies have found that borrowers are more likely to default when house prices have fallen and incomes decline.
Finally, I will make a few remarks on the Danish discussions. I understand that work is going on to ease the requirements for Danish covered bonds, if the loan exceeds 80 per cent of the property value due to declines in property prices. The socalled LTV rule.