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The second factor we should have in mind is the tendency of people to borrow funds. For the past four years it's been very weak and can change only if people grow the long-term and sustainable feeling that there is no threat of unemployment and that real estate prices will not be sinking any more. Even pessimism and uncertainty can wear out. Optimism and the excessive willingness to take risks have their limits, but so do pessismism and cirisis. People cannot put off forever buying a home if they need one and can afford it with the help of a loan. So if there are no serious external shocks, I expect more active retail lending at the end of this year - and that will be because people themselves will want it.
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