While we expect to receive formal submissions from the banks and the banking industry closer to the 3 May comment deadline, we have already heard quite a bit from various market commenters, both within and outside New Zealand.
I think it’s fair to say that the reaction from these commentators has been mixed – some commentators believe our proposals are entirely reasonable and justified, while others believe that our proposals are too extreme. Let me once again say that all feedback on our proposals, whether short or long, supporting or dissenting, from whatever level of financial sophistication, is welcome.