Offshore some of these funds have helped develop more sophisticated segments of capital markets, such as venture capital. But in New Zealand the relatively small scale and low risk appetite of institutional funds means that this market has had to rely on a small number of high wealth individuals and has developed much less as a result.
BIS Review 127/2008  3  relative to overnight rates. This intensified through to the end of each calendar quarter as bank accounting dates approached, and lessened thereafter. This cycle was repeated several times through to the middle of 2008.