The persistent decline in long-term and shortterm interest rates has supported very high levels of private sector leverage. 1  See the discussion of economic and social costs in Bascand (2018)  4  As shown in Figure 3 below, the credit to GDP ratio in New Zealand remains very close to that observed just prior to the Global Financial Crisis (GFC).
The example Equity Bank has shown here today takes us steps towards realization of this goal. These are steps to emulate for the growth and development of our financial sector. Ladies and Gentlemen: It is now my honour and pleasure to declare the Equity Bank Mobile Phone Banking Service Officially Launched. Thank you. 2  BIS Review 108/2008