For example, in Finland we expect new legislation to become effective next month, which aims to curb excessive household indebtedness. The new legislation will introduce a maximum maturity of 30 years on housing loans and include certain amortisation requirements. Furthermore, non-bank lenders such as payday loan providers will be moved under the supervision of the FIN-FSA.
I'm convinced these new laws will contain risks related to housing loans and curb excessive household indebtedness. Dear participants, even the best combination of macroprudential policies and related legislation is not a silver bullet when it comes to curbing household indebtedness on an individual level. The design and implementation of various macroprudential policies aim to support the overall resilience of the financial system.