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They need to be regulated hard as soon as possible. This is what party happened in Spain, although the major banks were well regulated and among the most prudent in Europe (lesser so at the peak of the bubble) they were sideswiped by the smaller regional banks which were funded from abroad (eg...

Restricting LVR to investors is a prudent move but maybe a little too late. 20% across the board is pretty reasonable. Many other countries use similar maximum LVRs now to investors to control rampant speculation, Switzerland is 80%, UK 75%, Ireland and Spain 70 to 75%.