15%  2% 29%  1%  Denmark Germany Spain  7%  France  1%  Austria Sweden Norway 45% Source: The European Mortgage Federation  BIS Review 99/2000  2  The European market for housing bonds is currently dominated by three countries - Germany, Denmark and Sweden. Together, these countries account for around 89% of this market (Figure 4). Switzerland  0,7  Germany  Spain  Italy  Belgium  Netherlands  France  30 23,84 25 20 15 11,44 10 6,8 5 1,54 0,9 0,65 0,03 0 UK  Billion $  ABS/MBS securitisation transactions by country, 1997. Source: OECD  Competition for customers Although mortgages are a relatively straightforward and standardised financial product that should be well suited to sell abroad, international mortgage sales have been limited to date. One probable reason is that the mortgage market mainly targets private clients, which are hard to reach without using a local distribution network. In this respect, the Internet should be able to lead to greater transparency and competition, both by the credit issuers themselves supplying information and credit services over the Internet and by Internet-based brokerage sites finding the cheapest mortgages for borrowers. While Internet-based mortgage services are still a relatively new phenomenon, they are likely to increase competition on the mortgage market.
For a context specifically related to supervision,  see “Supervision of Behaviour and Culture: Foundations, practices & future developments,” DeNederlandscheBank, 2015 3 Mirea Raaijmakers, “INTERVIEW: ING’s behavioural risk team seeks to uncover ‘invisible drivers’ of risky  behavior”, Reuters Financial Regulatory Forum, Henry Engler, January 10, 2020. 4 Kevin J. Stiroh, “The Complexity of Culture Reform in Finance,” Remarks at 4th Annual Culture and Conduct  Forum for the Financial Services Industry, October 4 2018. 5 New York Fed Workshop on Culture Measurement and Assessment, June 2017. 6 Conduct, culture and Covid-19” Cara Bloomfield, Peter Ewing, Olivia Fahy, Nafa Ben Haddej and Ted  MacDonald, FCA, June 2020. “Citi investment bank boss predicts resurgence of offices,” Financial Times, May 2020. 7 How to Prepare Your Virtual Teams for the Long Haul,” Mark Mortensen and Constance Noonan Hadley, Harvard  Business Review, May 2020. 8 Supervision of Behaviour and Culture: Foundations, practices & future developments,” DeNederlandscheBank,  2015. 9 Why IBM Brought Remote Workers Back To The Office — And Why Your Company Might Be Next ” Forbes,  October 2017. 10 Don’t Let Uncertainty Paralyze You”, Nathan Furr, Harvard Business Review, April 2020 11 "Lockdown and crisis: why now is THE time to look at behavioural risks” Samhoud, March 2020  5/5  BIS central bankers' speeches