Another consequence that we are apt to forget is that the cost of financial intermediation came down very substantially. In the late 1980s the average net interest margin of the major banks was more than 5 percentage points. By the middle of the last decade it had fallen to a level less than half that – where, broadly speaking, it still is today.
Goods and Services Tax Network Let me now turn to a seemingly unrelated second stride being undertaken that can help directly address the information asymmetry problem in the credit market. It is one that most of you already know.