But they have not been immune to both global and local problems. As a result, the banks' conduits have been rolling over at shorter terms and higher interest rates and, in some instances, the banks have been taking some maturing paper onto their balance sheets. Nevertheless, the major banks appear to be well placed to deal with the current dislocations.
I welcome former Reserve Bank Governors Bob Johnston, Bernie Fraser and Ian Macfarlane; former Deputy Governors; and current and past members of the Reserve Bank Board and the Payments System Board.