Informal note: June 27, 2009 NY
after the UN summit on financial crisis.

by Enrico Campagnoli, FIABCI representative at UNECE.

UN Conference on World Financial and Economic crisis New York on 24-26 June 2009 final document approved does not contain these parts that were in the “preliminary report” related to RE sector:

1- to reduce the fraction of financial products related to RE sector in the bank portfolios,

2- to reduce the lending to RE sector

3- to discourage the investments in RE sector as this sector would be with a multiplication factor^¹ not competitive with other sectors.

The approved document is attached^²

I have to point out that in the impacts of the crisis at pag 4, point 8 of the approved document is reported: “Collapse of housing markets.”.

It could be important to show to UN member States that a well regulated RE Market can be a driving force for the recovery as it is represented in the UNECE/REM Guidelines on RE Market.

REM Guidelines presented at VI session at UNECE/WPLA in Geneva on June 18, 2009 will be probably delivered by UNECE/REM in next September at UNECE/WPLA in final draft.

1 - Multiplication factor: ratio between investment in the sector and related increase in GDP

2 - The attached is the approved document, also if it appears aa a draft.