It seems obvious: property prices have shrunk 5% in a year, but banks now grant loans of only 80% to 90% of the value.

Eurozone member states have agreed to set up a separate financial vehicle, funded by up to €440 billion, which will grant loans and provide financial guarantees.

In recent years, banks have been granting loans to home buyers and selling them on as securities, off-loading the risk.

The scheme grants loans for study in higher education of which up to 40% can be converted into a bursary, depending on the academic achievements of the student.

We are seeing new online companies where anyone in the world can log on and grant loans to individuals after viewing their profiles and business proposition.