In my remarks, I will first discuss some of the main issues in this debate before turning to a brief description of the regulatory perspective of the Central Bank of Ireland on Brexit.
One of the benefits of this has been that, though many companies and banks have borrowed overseas, none of this borrowing was undertaken in the belief that there was no currency risk involved. Overseas interest rates were frequently much lower than those in New Zealand, but after factoring in the exchange rate risk, the incentive to borrow offshore in foreign currency was substantially reduced.