The first autumn month was slower than the summer months interms of loan sales, and bankers, busy assimilating Ordinance 50,have been late in coming up with promotional offers. Economicuncertainty also cut demand for "First Home".
The total amount of mortgage loans in September rose by only 14meuros, to the equivalent of 6.57bn euros, as manly clients soughtto have their older loans refinanced and not new investmentsfunded. The mortgage growth rate was five to seven times lower inSeptember than in previous months, according to NBR data.
Despite the slower growth pace, mortgage loans are still the mostdynamic segment of the retail market, with a volume increase of 21%or the equivalent of 1.19bn euros over the past year.
Last year and in the first months of 2010, housing loans werestrongly supported by the "First Home" scheme, with the stateissuing guarantees worth around 1.2bn euros for the loans releasedas part of the programme. The second part of the programme nolonger had the expected success, so that the number of peopleresorting to it has constantly declined in recent months.
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