Contrary to concerns, the share of first-time buyers increased after the mortgage lending framework was introduced. It reached 41.9% in March 2023 and exceeded 50% for primary residence purchases.

The standards set by the HCSF on September 29, 2021, applicable since January 1, 2022, impose a maximum duration of 25 years for mortgage loans, with a flexibility margin for specific situations such as off-plan sales and major renovation work.

The HCSF decided to release the countercyclical buffer from 0.25% to 0% on March 18, 2020, effective April 2, 2020. This measure freed approximately 8 billion euros in bank capital, enabling institutions to maintain their capacity to finance the economy. Causal analysis shows that this measure, combined with state loan guarantees, prevented a contraction of corporate lending during the acute phase of the crisis.

The French banking system had a CET1 ratio of 14.4% at end-2019, well above regulatory requirements. This resilience enabled the absorption of shocks without restricting credit supply.

The HCSF lifted this measure in June 2025 because it found that the specific risks that had justified it had significantly diminished. This demonstrates a reversible and proportionate approach.

According to the Banque de France, the decline in mortgage lending in 2023 was due to lower demand driven by rising interest rates and a drop in transactions, not HCSF constraints. Banks were underutilizing their flexibility margin, demonstrating that the standards were not the limiting factor.

CET1 ratios and capital requirements fall under banking stability. The default rate on loans and over-indebtedness relate to household stability.