##rs resolution service ( abhaile ), the personal insolvency regime, and a court mentor service. collectively, these protections have kept the vast majority of distressed borrowers in their homes, despite the scale of mortgage arrears experienced following the financial crisis. at the end of 2018, less than one in sixteen mortgages relating to private dwelling homes are in arrears over 90 days. in 2018 there were over twenty two thousand ( 22, 171 ) new restructure arrangements for mortgages relating to private dwelling homes. this brings the total number of private dwelling homes loans categorised as restructured to over 1 / 3 bis central bankers'speeches one hundred and ten thousand ( 111, 504 ) as at the end of 2018. in addition, over three thousand distressed borrowers have secured personal insolvency arrangements, which return borrowers to solvency, while keeping them in their home in over 95 % of cases. the enactment of this bill will not offer new or existing borrowers any additional regulatory consumer protection and it could have negative consequences for the functioning of the mortgage market, with wider implications for all mortgage borrowers. functioning of the mortgage market the enactment of the bill in its current form would hamper the ability of banks to access marketbased sources of financing using mortgages as collateral, such as securitisations and covered bonds. access to such forms of finance helps diversify the funding base and achieve lower funding costs relative to issuing unsecured bonds. constraints on the ability to mobilise mortgages as collateral to raise funding through these market - based channels could ultimately limit the availability, or increase the cost, of mortgage credit. at a time when the severe dysfunction in the irish mortgage market is finally easing, this bill could, unintentionally, slow or even reverse that progress. it would certainly give further pause for thought for any firm considering entering the irish market by increasing the cost of doing business in ireland and effectively limiting the funding available for mortgage lending. we do not believe this in the interests of current and future mortgage borrowers. financial stability during the financial crisis, the ability of irish banks to post securitisations and covered bonds as collateral was crucial to allow them to borrow from the eurosystem to meet their acute liquidity needs. total monetary policy lending provided to irish - domiciled banks rose to a high of €140 billion towards the end of 2010, of which approximately 40 % was collateral

. it is, of course, difficult to determine which role this played in counteracting the development of the housing market. at any rate, prices undeniably rose rapidly. however, the fact that the riksbank clearly indicated that the development of household indebtedness and housing prices were not sustainable in the long term and that monetary policy considered this circumstance may have played an important role in curbing this development. in that case, this is exactly what is meant by leaning against the wind. the housing market today housing prices have recently started to rise again, which has aroused some attention, not without reason. it is undeniably remarkable that housing prices are rising and that the rate of increase of the banks ’ lending to households has started to grow again, at the same time as gdp is very weak and unemployment is rising. however, it seems reasonable to believe that this is because it is inexpensive to borrow money due to the low interest rates prevailing. rising stock market rates and steadily - growing consumer confidence are certainly also significant. household borrowing to invest in housing is also an effect we actually hoped to achieve by implementing a low interest rate. it is contributing to supporting demand and employment. even so, household saving has risen rapidly since 2007, from approximately eight to around 13 per cent of disposable income. over the short term, i do not consider the development of the housing market to be a problem. housing prices in sweden have certainly risen rather rapidly in real terms too, but there are good explanations for this. one such explanation is the low rate of housing construction in recent years, while another is provided by migration to metropolitan areas. the greatest price rises, without comparison, are found precisely in stockholm, goteborg and, above all, malmo. due to the taxation system and other regulations, we have not experienced the type of market in which households purchase homes as financial investments to then rent them out. it is easier for such markets to develop imbalances and become subject to rapid and heavy price adjustments. however, in the slightly longer term, there is reason to be vigilant. the increase in housing prices and in household debt in relation to income that we have seen over the most recent ten year period is not sustainable in the long term. there is thus a risk that an imbalance of the type i discussed previously will accumulate. at present, we cannot do much about this with monetary policy. we need to have a low interest rate for a longer period of time