In particular, the intermediation process in New Zealand is largely dominated by the banking sector which is primarily focussed on mortgage lending to households. Meanwhile, both the non-bank financial sector and capital markets are relatively small. Concerns have been raised by some commentators that the dominance of one intermediation channel may constrain financial market development.
Clearly, it was a successful campaign as both the public and your banks are now more conscious of recirculating our barya. We also thank the BMAP members who provided promotional support for the campaign.