I 1979 steg renten på statsobligationer stærkt i forbindelse med den tiltagende inflation, omsvinget i handelsbalancens løbende poster og den generelle stigning i renterne; bankerne var imidlertid ikke villige til at sætte deres indlånsrente i vejret i samme grad, eftersom de behøvede en stor margen mellem indog udlånsrenten og ikke var ivrige efter at sætte udlånsrenten for meget op.
In 1979, with the renewal of inflation, the reversal of the trend of the balance on current account and the global rise in interest rates, rates on Treasury bonds rose steeply ; the banks, however, were not willing to increase their deposit rates to the same extent, because they needed to keep a substantial margin between lending and deposit rates, and they were anxious not to increase lending rates too far.