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Notes On The Margin: An Overview Of Nma'S Mortgage Market Study

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  • Bastiaan Overvest
  • Gülbahar Tezel

Abstract

This article presents the findings of a sector study conducted by the Netherlands Competition Authority on the Dutch mortgage market. Following the outbreak of the financial crisis, the average margins in the Dutch mortgage market increased sharply and reached historically high levels. In 2011, the margins fell back to pre-financial crisis levels. The historically high margins were accompanied by significant increases in concentration due to a merger between two relatively large banks and the (partial) exit of several smaller (foreign) banks. In the study, we found no indication that the temporary high margins were driven by collusive conduct. The price leadership bans of the European Commission can also not explain the margin developments around 2009, because these developments precede their introduction. There is, however, some evidence that the bans have led to higher prices in the Dutch mortgage market.

Suggested Citation

  • Bastiaan Overvest & Gülbahar Tezel, 2014. "Notes On The Margin: An Overview Of Nma'S Mortgage Market Study," Journal of Competition Law and Economics, Oxford University Press, vol. 10(4), pages 779-794.
    • Handle: RePEc:oup:jcomle:v:10:y:2014:i:4:p:779-794.
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    File URL: http://hdl.handle.net/10.1093/joclec/nhu029
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    More about this item

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L4 - Industrial Organization - - Antitrust Issues and Policies

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