2/7  Figure 3 : Household credit growing faster than income  It is possible that households' expectations of the capital gains from housing have been so strong that many households have seen scope to unlock recent capital gains, whilst still expecting to be able to build up their equity sufficiently over the long-run to meet their savings goals.
Instead, a move along the lines proposed by the Bank of Greece would bring about a direct and drastic reduction in the ratio of non-performing loans and would allow, under certain conditions, to target a single-digit ratio within three years.