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RBA governor Glenn Stevens yesterday expressed his confidence in the local banking system.
"The Australian banking system, even in the cases of where there had to be some provisions for write-downs, we are talking about profits being slightly lower than they otherwise would be." Mr Stevens said.
Prime Minister Kevin Rudd reiterated Mr Stevens's upbeat assessment of the Australian banking system today.
"The advice of the regulators is still that Australia's financial institutions are in sound shape, that the order of their balance sheets is strong," Mr Rudd told reporters in Canberra.
"There is a world of difference between the circumstances surrounding Australia's financial institutions and those which face financial institutions abroad."
(Quoted from: The Australian Newspaper 2008.9.18)
(2008.09.22)
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