They say that the sheer number and complexity of the new rules increase the costs of doing business. They also say that this limits their ability to finance the economy. In short, the banks claim that regulation hurts them, the economy and, thus, all of us. Unsurprisingly, I disagree.
Grant Spencer: Investors adding to Auckland housing market risk policy Speech by Mr Grant Spencer, Deputy Governor of the Reserve Bank of New Zealand, to The Northern Club, Auckland, 24 August 2015. *  *  *  Accompanying figures can be found at the end of the speech.