SmugLex, I enjoy your thoughtful commentries, but reckon you must be very brave to be investing in banks imo. They're getting squeezed and the fact Reserve Bank of NZ needed to push out the new capital adequacy ratio rules by a year; agree they no longer need to hold any reserves and agree in principle they can leverage the NZ Government's balance sheet are all very large red flags!
Sure one could agrue these are positive as redue some of their costs, but also highlights how weak their balance sheets are and how fragile the underlying financial system is at the moment.
Ann: Change in substantial holding, page-19
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