The Book of Kells, on permanent display here at Trinity, with its history and its beauty, reminds us of the importance of nurturing knowledge, spreading it throughout the world, and protecting it in times of peril. It also tells us how important Ireland and its culture are for Europe.
Given its importance, we have been undertaking a review of the optimal level of capital for the New Zealand system. We conclude that more capital is better. We are sharing our work with the banking sector and public, and expect to hear one side of the story loud and clear, that capital costs banks.