However, just as the banks have done very well in New Zealand in good times, so they have a key role to play in tough times. They are a critical part of the mechanism by which monetary policy stimulus gets through to the wider economy.
While continuing to manage their risk prudently, the banks’ challenge will be to continue lending on sound business proposals, to keep working to develop stable sources of funding from depositors and the financial markets, and to keep passing on to lending rates the cuts in wholesale interest rates. BIS Review 11/2009  15  What if things get worse?