Does the German government subsidise mortgage rates

Mr. Richie Boucher:
However, a very significant feature of a number of the European markets is tax-based subsidies for bond markets. An example is the Pfandbriefe market in Germany where banks operate as originators and issuers and they sell their mortgages on to bond markets. If we take into account that there is tax-based or taxpayers' subsidy for those bond markets, it is not comparable.

The more comparable market in terms of market structure and access to bond markets is the UK market against the Irish market.

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