New Zealand begins exit from extraordinary measures

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The Reserve Bank of New Zealand on Wednesday began withdrawing the extraordinary liquidity support it has provided to the country's banks during the financial turmoil.

Grant Spencer, the deputy governor at the Reserve Bank, said: "Financial market conditions have improved significantly since 2008 when these facilities were introduced. New Zealand banks are now able to readily access funding from the markets, and the usage of these special facilities has been very low in the last six months. The

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