It is indeed a global financial crisis, since it effects are felt worldwide. However, the Reserve Bank of Australia is still clinging on their faith to some local banks and had never any doubt on the competency of some local and commercial banks.
The RBA has added extra cash to the banking system in the last couple of days seeking to ease funding pressures following the bankruptcy of US investment bank Lehman Brothers and worries about the future of insurer AIG.
"There was never any doubt about the solvency of any Australian bank,'' added Stevens. "Indeed, the very sound position of the local banks was a major source of strength for the Australian financial system during this period.''
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