Banks play an important role in supporting economic growth and it is worth reflecting on the lessons that have been learnt from the global financial crisis and the experience of the New Zealand financial system over recent years.
Under the Reserve Bank Act, the Reserve Bank has a legislative mandate to promote the “soundness and efficiency” of the  BIS central bankers’ speeches  1  financial system. In thinking about ways to make the financial system safer and more resilient, consistent with the aims of global regulatory reforms, we need to take both these dimensions of financial system performance into account.