up house prices even further, with mortgage interest tax relief the clearest example of this. schemes that were introduced to give first - time buyers greater opportunities in the housing market are unfortunately mainly having an adverse effect. altogether, this causes spiralling higher house prices and increasing debt levels. lending behaviour developments are generating risks for households and financial institutions. banks, however, do not yet take sufficient account of the systemic risk inherent in the housing market. they are vulnerable to the impact that a price correction on the housing market would have on economic activity, and thus on the quality of their loan portfolios. in order to increase their resilience, we will introduce the previously announced floor for risk weighting of mortgages on 1 january 2022. final remarks now the recovery of the dutch economy is gaining traction, it is important to refocus on structural vulnerabilities. on the housing market, but of course also when it comes to the energy transition and the problem. the formation of a new coalition government offers the perfect opportunity to set out appropriate policies in these areas. this concludes my introductory statement. i would be happy to answer any questions you may have. 2 / 2 bis central bankers'speeches

national markets. this is why both authorities and industry players are making great efforts to achieve posttrade harmonisation. today, we have been offered a comprehensive overview of what is currently happening in europe at the post - trade level. on behalf of commissioner barnier, mr paulis highlighted how, with the crisis, the speed of financial reforms has accelerated. many participants have underscored the importance of transparency to achieve safer posttrading and to increase the existing level of competition in the industry. we have heard an interesting discussion on the legal initiatives currently being undertaken at eu level to remove the barriers that are hindering the single market objectives. mifid is being revised to increase investor protection and improve the functioning of eu capital markets. emir entered into force in summer 2012, requiring standard derivative contracts to be cleared through central counterparties and establishing stringent organisational, business conduct and prudential requirements for central counterparties. the european commission ’ s bis central bankers ’ speeches proposal for a csd regulation improving securities settlement is under scrutiny by the eu legislators ; it will enhance the legal and operational conditions for cross - border settlement in the union in general, and a strong emphasis has been placed today on the importance of its timely adoption. i noted that the majority of the audience saw the need to adopt the csd regulation at the latest by the start of 2014, also with a view to allowing sufficient time for the technical standards. the representatives from the parliament and the commission have highlighted the importance and feasibility of this objective. finally, another initiative is in the pipeline to harmonise the securities law legislation, establishing an eu - wide framework for the ownership of securities and increasing legal certainty in cross - border environments. combined, the review of mifid, the emir, the csd regulation and the securities law legislation are consistently building a harmonised legal framework for the whole securities transaction chain – from trading to clearing to settlement. important progress is also being made at the operational and business levels. the most notable example mentioned by many today is t2s, a project with huge potential for market integration. t2s will enable the participating csds to focus on value - added services while the basic settlement service is provided via the single t2s platform. t2s will thereby make it easier for business to move from one csd to another. the actors that harmonise in t2s have a greater chance of reaping the full benefits of t2s and widening their business. conversely,