For the first time in two years, we see increasing bank margin. The average margin in the standard case is up by 14 basis points to 221 basis points for the second quarter. 

The five-year swap rate has increased significantly since our last bank survey. With increased five-year swap rate and bank margin, the overall lending rates have risen by 0.72 percentage points since the first quarter. The all in borrowing cost is now 5.14 per cent, and we must go back to 2013 to find a similar level.