New figures show New Zealand's reliance on short-term borrowing has fallen to a record low.
Economists say it shows new rules designed to tackle the problem are working.
The Reserve Bank was forced to make emergency loans to the banks in 2008 when credit markets froze.
The money squeeze was made worse by the high levels of banks' short term borrowing, and following the crisis the central bank made it harder for the retail banks to raise money this way.
New figures show the portion of the country's foreign debt due in a year or less at a record low.
The country's overall foreign debt remains very high. Finance Minister Bill English says it is as high as many struggling European economies such as Greece.