Market niches provide a drive to innovativeness. I should now end my talk. It has been a pleasure to share with you a regulator’s view on compliance with IFRS. I hope my remarks and observations have been useful. We are travelling on an important and challenging path towards achieving a robust and resilient financial system, and steady progress is being made.
This includes policies that aim to ensure that foreign-owned systemically important banks can be run legally and operationally from New Zealand on a stand-alone basis if and when needed. We are also working to ensure that there is as much coordination and cooperation as is possible between regulatory authorities both here and abroad during times of financial stress.