8 S e e APRA Information Paper: International capital comparison study (2015),  and International capital  comparison update (2016).. 9 See Standard & Poor’s ‘Top 100 Banks: Risk-Adjusted Capital Ratios Have Improved For Most Banks In 2015’,  August 2016, and the December 2016 Standard & Poor’s Global Ratings reports for ANZ New Zealand, ASB Bank, Bank of New Zealand, and Westpac New Zealand.
This has to be corrected, and quickly. What has been going on to generate these high spreads? Here’s one oversimplified take on it but one that I think conveys some of the reality.