How would a global recession affect the New Zealand financial services industry?

1. It would have little effect, because New Zealand is a small country and relatively independent.
2. It would cause a recession in New Zealand, and a fall in the demand for borrowing and investing.
3. It would trigger a downturn in New Zealand's economy, and increase the demand for financial services.
4. It would push up interest rates in New Zealand, and reduce the demand for borrowing.