BIS central bankers’ speeches  13  Figure 13 Retail sales and new car sales (1) (2) (index, 2003=100)  250  Employment and unemployment (1) (index, centered on mean of period 19902011)  225  300  200  250  175  200  150  150  125  100  100  50  20.00  20  0.00  0  -20.00  -20  -40.00  -40  06 07 08 09 10 11 Durables Non-durables  40  350 40.00  New cars  90 93 96 99 02 05 08 11 Employment  Unemployment  (1) Seasonally-adjusted series. (2) Sold during moving quarter. Sources: National Automobile Association of Chile, Central Bank of Chile, National Chamber of Commerce, and Ricaurte, M. 2011, “Indicadores de Mercado Laboral para la Comparación de las Crisis Asiática y Financiera Internacional”. Preliminary document, Central Bank of Chile, June. Table 3 Economic growth and current account (annual change, percent) 2009  2010  GDP National income  -1.7 -1.9  5.2 6.25-6.75 4.25-5.25 15.7 6.6 4.2  Domestic demand Domestic demand (w/o inventory change) Gross fixed capital formation Total consumption Goods and services exports Goods and services imports  -5.9 -2.9 -15.9 1.9 -6.4 -14.6  16.4 11.5 18.8 9.3 1.9 29.5  9.1 9.7 14.4 8.2 6.5 12.0  4.5 5.4 7.1 4.9 5.0 4.6  1.6  1.9  -1.0  -2.1  Current account (% of GDP)  2011 (f)  2012 (f)  (f) Forecast. Source: Central Bank of Chile.
Banks should therefore maintain these surpluses in future, or should establish and increase them in line with their risk profile. As before, the SNB will regularly assess whether the countercyclical capital buffer needs to be adjusted due to mortgage and real estate market developments. If the momentum in these markets picks up again, additional measures to limit the affordability risk in mortgage lending should be taken into consideration. 2  BIS central bankers’ speeches