Most of this borrowing was re-cycled by the banks into property loans.
The floor for fully appraised commercial property loans is $1 million.
At 30 June 2009, property loans were $414.2 million.
Cultural property loans are normally protected from seizure, he explained.
However, the lender can require this on a commercial property loan.
Commercial property loans that have gone bad as there are plenty of empty shops and offices.
Chase Manhattan, for example, once carried nearly $10 billion in commercial property loans.
In the near future, a new mortgage law will enable purchasers to take out property loans.
Do we not urgently need to open the way for cross-border competition in property loans?
There were ten property loans greater than $10 million.