moly
Well done in remembering SRDs, and what about the LGS ratio (I think it stood for liquid and government securities ratio). I can not recall how it all worked, but it did ensure stability of our banking system. The prudential requirements were very strict as people had learnt from the Great Depression bank failures.
Hawkeating brought in a new system (not sure if it was Basle which we now have), but credit creation went up and we had a nice party in the 1980s (well some lucky ones did, not me). The credit creation and financial engineering just got larger more complex over time, with huge sums to be made by some. Easy money is a favourite with all shades of government.
It would be ironic to see a banking system introduced by one Labor govt bite a subsequent Labor govt.
loki
sack stevens and the rba board, page-27
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