Willem, Dutch households are borrowing more and more money. Isn’t that dangerous? Well, it’s remarkable. We’re witnessing a unique experiment in global financial history. Across the globe central bankers are allowing credit to expand at an explosive pace. Yearly in the Netherlands €50 billion in new mortgages are created. This is being pumped in the economy, that’s why there is more growth. In comparison, the total Dutch national budget is €150 billion, so we’re not talking small numbers here. Bankers often point towards strongly increasing real estate prices, which would justify this. I would say, of course, if you create €50 billion each year out of thin air and inject it in real estate, naturally real estate prices go up. However, if we ever get a correction in the real estate market, home prices can drop like a brick, but the mortgage debt will still exist, that’s the danger of this experiment. But in the last twenty years Dutch household income has risen significantly, which created opportunities to buy more expensive houses. Yes, but we just saw a chart which exposed that the growth in total mortgage debt is far greater than the growth in GDP. This shows that mortgage debt is not naturally growing along with economic growth.