18 reserve bank of new zealand bulletin vol 66 no 2 1introduction following deregulation the financial system in mid 1980s and implementation a framework for registration supervision from 1987 banks began to grow fast relative rest industry previously fragmented regulated by wide variety statutes rapidly transform itself one that 1990s was more highly concentrated with five major banking groups accounting over 85 per cent assets all deposit taking institutions end 1990 little than six years after sector earnest registered already dominated market they held as much households on their balance sheets were placed other including funds under management provided 70 total household credit source almost 80 business consolidated 60 1998 however gradually quickly pace
