Figure 11: S&P RAC ratio – comparison of the four largest New Zealand banks to large banks in peer countries (October 2019)  20 18 16 14 12 10 8 6 4 2 0  S&P RAC ratio (%)  Range  Asset-weighted average  20 18 16 14 12 10 8 6 4 2 0  Source: Standard and Poor’s, RBNZ calculations.
Draghi: The banks to which the ECB has lent the money have, by and large, not fed this into the economic cycle but have used it to meet old liabilities. So the money in terms of inflation has, so to speak, been neutralised. This action is not inflationary.