3 The contribution of strong balance sheets to New Zealand’s economic resilience and recovery from the  pandemic 4 Supporting sustainable economic growth through financial stability policy 5 I note that APRA has just released its final capital review decisions in Australia, setting total capital  requirements at 18.25 percent for major banks from 2026, compared with our requirements of 18 percent from 2028.
Reserve money is defined as the sum of currency in circulation, bank’s balances with RBI and other deposits with RBI (in other words, liabilities of the RBI).