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7. The impact of sectoral macroprudential capital requirements on mortgage loan pricing: Evidence from the Belgian risk weight add-on

Author

Ferrari, Stijn, Pirovano, Mara, and Rovira Kaltwasser, Pablo

Subjects
G28, Belgien, real estate, Kapitalbedarf, ddc:330, Systemic risk, E44, G21, Hypothek, E58, bank capital requirements, macroprudential policy, Systemrisiko
Abstract

In December 2013 the National Bank of Belgium introduced a sectoral capital requirement aimed at strengthening the resilience of Belgian banks against adverse developments in the real estate market. This paper assesses the impact of this macroprudential measure on mortgage lending spreads. Our results indicate that affected banks reacted heterogeneously to the introduction of the measure. Specifically, mortgage-specialised and capital-constrained banks increase mortgage lending spreads by a greater amount. As expected, the impact of the measure on mortgage loan pricing has been rather modest in economic terms.

Published
2016

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