The end of the credit boom came rapidly: annual credit growth fell from 15 per cent to 2 per cent in only 18 months.
Figure 5 Private sector credit* growth  * Private sector credit to resident borrowers, excluding repos Source: RBNZ  6  BIS central bankers’ speeches  Figure 6 Public and private sector credit*  *Private sector credit to residents, ex repos, and former core Crown net debt Source: RBNZ, Statistics New Zealand  New Zealand’s credit growth was not so different from that in a variety of other countries.