Yeah

... that, that's a bit of a, of, of a, of a crucial trade-off.

Um, in the panel discussion we just had this morning, I...

You know, with all due respect to, to, to how great this market works also, um, in, in difficult market circumstances, and it remains by and large a triple A market in a world where government debt is certainly the case for US Treasuries losing its triple A.

So that's telling you that from a qualitative point of view, there is no reason to worry.

Um, but if you look at it a bit more in detail, you figure out that certain banks, big banks in Europe, great names, don't use covered bonds as much as they did, and you have to ask the question, why is that? Uh, those can be the Caixa banks of this world.

Those can be the Deutsche banks of this world.

What can the EMF ECBC as a whole do about mortgage affordability schemes? 'Cause it's the number one political priority for so many people.