Australia's banking system has been given its semi-annual tick of approval but the central bank is keeping a watchful eye on potential longer-term risks.
And that's just what all good central banks should do.
The Financial Stability Review from the Reserve Bank of Australia (RBA) on Tuesday understandably dwelt on the risks posed by Europe's trouble-plagued common currency and the weakness in the world's economy in the aftermath of the global crisis in 2008.
Countries in the euro zone have big fiscal deficits and banks in the region have troubled balanced sheets.
And there is an entrenched tendency for each of those problems to feed back into the other and make it worse, the RBA said.
"Given these ongoing difficulties, markets will likely remain sensitive to any setbacks in dealing with the euro area crisis," the RBA said in the review.
That problem is the obvious one.
But peppered through the report you will find references to problems that don't yet exist - except in the minds of the RBA staff charged with safeguarding financial stability.
Asian banking systems have been resilient in the face of the euro crisis, but the RBA does not assume this will last forever.
"While non-performing loan ratios are relatively low, vulnerabilities may have built up during the recent credit expansions, which could be revealed in the event of a significant decline in asset prices or economic activity," the RBA said.
Domestically, things look nicely shipshape despite the troubles in Europe and the sluggish growth of other advanced economies.
"Against this backdrop, the Australian banking system has remained in a relatively strong position."
And the RBA wants to keep it that way.
The local banks overall bad and doubtful debts are higher than before the crisis but have declined "substantially" since the crisis peak.
"However, they now appear to have troughed, which has contributed, along with higher funding costs and lower credit growth - to a slower rate of profit growth in recent reporting periods," the RBA said.
And this is ringing alarm bells at the RBA.
"While this has prompted a renewed focus by banks on cost containment, at this stage, it has not spurred inappropriate risk-taking."
But it's clear the RBA sees such inappropriate risk-taking as a potential result of a scramble to boost profits - it happened in Australia in the late 1980s and it can happen again.
Another risk lies in the heavily indebted household sector.
The RBA says that, along with businesses, households "continue to display a relatively prudent approach to their finances in recent quarters".
And it wants things to stay that way.
"Ongoing consolidation of household balance sheets would be desirable from a financial stability perspective, as it would make indebted households better able to cope with any future income shock or fall in house prices," the RBA said.
The RBA clearly takes the view that problems are easier to deal with if you prevent them from happening in the first place.
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