Let me start with financial markets. One does not have to follow financial markets too closely to know that developments in US financial markets have a big influence on our markets here in Australia. The correlation between the Australian and US stock markets, and between the Australian and US bond markets, is very high.
All systemically-important banks in New Zealand currently comply with the requirement to be incorporated locally, except for Westpac. Westpac has always been a branch bank in New Zealand.