15 For more detail see C J McDermott, ‘How the Bank formulates and assesses its monetary policy decisions’, a speech delivered to the Manawatu Chamber of Commerce in Palmerston North, 13 July 2016; and Adam Richardson, ‘Behind the scenes of an OCR decision in New Zealand’, RBNZ Bulletin 79(11) July 2016.
(iii)  Banks have managed to contain their credit risk at prudent levels, with the Net NPLs to Net Loans ratio at 2.4%, and gross NPLs to advances ratio at 9.0% for the overall banking sector. Among the various categories of banks, foreign banks have the lowest levels of NPLs and domestic private banks are second in ranking.