##ration in the rate of house price inflation is expected. property prices : annual percentage increases residential a commercial b rents c 4. 1 7. 6 2. 3 7. 2 4. 2 1. 8 11. 8 11. 1 8. 2 17. 2 17. 0 10. 6 22. 6 32. 1 14. 6 18. 5 23. 8 16. 1 13. 9 21. 6 16. 2 d ( a ) department of environment and local government, national new house prices. ( b ) jones lang lasalle, capital values. ( c ) jones lang lasalle, rental value for irish commercial property. ( d ) jan. - sept. 2000, year - on - year. commercial property prices have followed broadly similar trends to residential property prices with the rate of increase accelerating from 1996 onwards. since then, prices have risen by 113 %. the rate of increase in rents in the commercial property sector also accelerated in 1996, and while still strong, the cumulative rate of increase has been somewhat lower than for commercial property prices. these increases reflect very low vacancy rates, low nominal interest rates and a high level of business confidence. associated with this acceleration in residential and commercial property prices, and perhaps to some extent driving it, has been a large rise in bank lending. personal sector credit, which is dominated by residential mortgage lending, has risen strongly in recent years, although at a slower rate than total private - sector credit. the share of non - housing personal sector credit in total lending has remained relatively stable in recent years and was lower at end - 1999 than end - 1994. lending to real estate and construction activities rose from some 6 % of total lending at end - 1994 to over 8 % at end - 1999. bank lending : annual percentage increases to selected sectors total private - sector credit a personal b, c building and construction b, d financial b, g other b, h 11. 8 10. 5 16. 1 15. 2 4. 0 11. 2 13. 1 12. 1 2. 1 7. 2 15. 4 15. 9 26. 3 12. 3 17. 1 23. 6 21. 0 19. 8 47. 9 13. 5 23. 6 19. 3 58. 1 35. 7 21. 4 31. 6 26. 0 50. 2 86. 9 22. 9 2000 i 24. 2 17. 8 58. 4 39. 3 25. 6 ( a ) adjusted for lending to non - bank

authorities have the tools needed to protect local markets, the fsb developed safeguards for global clearing. these safeguards mean that global ccps must : • provide fair and open access ; this does not preclude the development and use of a local ccp in the future. see the december financial system review for more details on the analysis : http : / / www. bankofcanada. ca / wp - content / uploads / 2012 / 12 / fsr - 1212 - chande. pdf. bis central bankers ’ speeches • be subject to effective co - operative oversight arrangements ; • have robust recovery and resolution plans ; and • have access to emergency liquidity in all relevant currencies. now, when it comes to otc derivatives, the most systemically important market for canada is the interest rate derivatives market ; and the largest global ccp for this market is lch. clearnet ’ s swapclear service, located in london. the bank is satisfied with the progress being made to implement the safeguards for swapclear and has joined a multilateral arrangement for oversight co - operation put in place on 14 december 2012 by the u. k. financial services authority. to be clear, the safeguards have not yet been fully achieved, in particular the development of recovery and resolution regimes for ccps. going forward, authorities in canada will monitor the implementation of the safeguards in any ccp that becomes important to the stability of canadian otc derivatives markets. canadian institutions have steadily moved their interest rate derivatives transactions to swapclear. 7 we expect this trend to continue as canadian banks satisfy the g - 20 ’ s commitment to central clearing. indeed, the progress is such that the bank of canada now considers swapclear to be systemically important, and it will become subject to bank oversight as of 2 april. designation, which the minister of finance agrees is in the public interest, gives the bank the authority and responsibility to assure itself that swapclear has appropriate and effective risk controls in place. the bank believes that the combination of co - operative oversight of swapclear and the tools that come with designation will provide the bank with the ability to effectively control systemic risk within this critical market and thereby improve the resilience of the canadian financial system. holding financial market infrastructures to more stringent risk - management standards the last area of reform that i want to discuss today is the new risk - management standards for systemically important financial market infrastructures