International credit rating agency Moody's stated that Turkey's monetary policy and several macro-prudential measures protect the market from the risk of a housing bubble. "Turkish mortgage covered bonds are very resilient to many macro risks. Turkish banks' strong mortgage lending experiences and Turkey's favorable demographics show banks' resilience to macro risks," added Moody's. Jose De Leon, a Moody's senior vice president, noted: "Current mortgage lending regulations and Turkish banks' lending practices have helped sustain mortgage market development and contained the potential for a housing boom. In contrast to the euro area where low interest rates suppressed mortgage credit costs and thus boosted housing demand, Turkey has kept interest rates high in an effort to control mortgage demand.""We also note that lending is limited to the more solvent borrowers, which lowers the likelihood of losses on cover pool assets if the issuer defaults. In Turkey, borrowers are forced to finance their house purchases using equity because mortgages are limited to a 75 percent loan-to-value ratio," added De Leon.Moody's announced that it would hold a meeting on Nov. 5 in Istanbul to discuss the Turkish economy.