Bank Of England: Debt Dynamics, Speech Given By Ben Broadbent, Deputy Governor At The London Business School, Wednesday 23 January 2019

In mid-2007, as the first cracks in the financial system began to appear, some of the most indebted households in the developed world were not in the US or the UK but in the Netherlands. Average mortgage debt was almost twice average annual income. Yet over the following few years, there were almost no defaults on Dutch mortgages and associated losses for the lending banks were minimal.

Debt dynamics