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Coming out the recession of the early 1990s, New Zealand had a higher percentage of non-performing loans than the US. However, the recession beginning in 2007 did not have as severe effect on loan performance in New Zealand as in the US – where the sub-prime (higher-risk) mortgage market had unravelled.
Using this item
Te Ara - The Encyclopedia of New Zealand
Source: Reserve Bank of New Zealand Financial Stability Report, May 2009
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