A powerful outpouring between house prices in the east and west has been a headache for Øystein Olsen and Norges Bank.
Now advises the governor on government to tighten into at the bankers utlånspraksis, to dampen a stronger growth in house prices and husholdningsgjeld than expected.
our starting point here is that we are at least as worried as before, ” says Olsen to E24.
the central Bank holds the interest rate steady at a record low of 0.5 per cent.
advice
Now She and the rest of the executive board of Norges Bank has provided advice to the minister of finance Siv Jensen to tighten the banks ‘ utlånspraksis, in the form of a consultation paper. In the letter supports the bank accept finanstilsynet’s proposal innstramminger, which will restrict banks ‘ ability to provide loans to customers with less than 15 percent equity.
Finanstilsynet asks Siv Jensen breaking the mortgage-the promise
today, the banks exceed the egenkapitalkravet in up to ten per cent of lending to its. Financial supervisory authority of norway proposed in september to remove this “speed limit” or reduce it to four per cent of lending. The part of the authority proposal is also supported by some banks, BN Bank.
the Speed limit can be reduced to the lower part of the interval 5-10 percent of the total utlånsvolum, write the Norges Bank in its responses received can be seen.
the central Bank will not, however, go quite so far as the financial supervisory authority of norway.
– A strict speed limit can also increase the incentives to circumvent the regulation in any other way, writes the central bank.
–mute
With the exception of one member supports Norges Bank’s executive board also accept finanstilsynet’s proposal that lånekunders total debt shall not exceed five times your income.
Økonomi-nestor fears the housing bubble – this, he believes that the authorities should do
– Overall, will the proposed innstrammingene probably have a certain dampening effect on the aggregate the incurring of debt, writes the central bank.
the Governor says that house prices are still increasing at a brisk pace, and even stronger than the bank’s executive board argued in the previous trough. In september, house prices are ten percent higher than one year earlier.
– And then made up this gap regional, in the way that inflation is very high in Oslo and central eastern norway, more moderate in other parts of the country, and still falling in Stavanger, in any case on the tolvmånedersbasis, ” says Olsen.
Careful advice
the Governor is clear that the central bank wants tightening, but says he will not come with admonitions.
the Belief in the market is strengthened: how To predict the norwegians house
– We do not use that phrase, but our call, our assessments and opinions were clear, I would say, in the høringsbrevet, ” he says.
If the finance minister follows the advice and makes further measures to dampen the boligprisveksten, it can make it easier for Olsen to keep the interest rate at the current record low level of 0.5 per cent, in the hope of stimulating the economy as well as avoid that the crown forces themselves to uncomfortable levels.
Other actors fear that a tightening may have negative consequences. Finansforbundet write in a responses received can be seen that the stricter equity requirements hardly will slow boligprisveksten in the long term, but on the other hand will make it difficult for those who do not have wealthy family or values to lend on from before.
This is going to contribute to greater social differences, type associated.
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