We are also being reproached for advocating full transparency in banks’ operations, and for requiring observance of the ethical code which would obligate bankers to fair competition. The NBS will intensify its efforts on educating citizens as users of financial and banking services, and I hope that in this it will be joined by an increasing number of banks.
Since 1986, the stock of bonds issued offshore by Australian residents has exceeded the size of the onshore market (Graph 10). Graph 10  The liberalisation of the capital account also contributed to the development of the “Kangaroo” bond market. Kangaroo issuance was also encouraged by, and contributed to, the development of an active cross-currency interest rate swap market in Australia.