The Swiss National Bank (SNB) is unlikely to make good on its threat of negative interest rates because of fears that it could fuel the booming housing market, according to a report by Bloomberg.

The Banks President said last month that a shift in its ceiling on the Swiss Franc or a negative rate on commercial banks’ excess deposits was in the SNB’s toolkit. That comment, made the same month that European Central Bank President Mario Draghi dangled a similar threat, prompted the Swiss Franc to drop to below €1.26, the lowest in two years.

The SNB already has its base rate at zero and has limited options now that the country is facing its biggest house price boom in 20 years, fuelled by the central bank’s loose monetary policy.