Our concern is, as I've described before, with the vulnerability of the economy. It's not that there's some form of wall there, but the problem is that the economy is more vulnerable to future disturbances like the oil shock, the kind of shock that's unforeseen. It's the vulnerability we've characterized in the past as being like a crack in a tree. The tree looks fine. It's all fine except when just the right storm comes along. Then the tree is on your neighbour's house when you come home. That makes for a bad day.
The point is that the economy magnifies those shocks, and we get even bigger rises in unemployment and financial stress in the financial system when debt is high. The main point of these things is to make sure that the economy is more resilient in the future, so that if you've been tested for a two-percentage point higher rate of interest and your circumstances would allow you to ride through a two-percentage point increase at renewal, then we can be confident that things that transpire between now and then are not going to upset the system.
It means that all the new debt that is arriving in the system now is making the system much more resilient than it was in the past.