It’s a bright summer’s morning in downtown Auckland as busy commuters pour into the city’s central business district. Tall skyscrapers along the city waterfront occupied by banks and financial services firms reflect the warm summer sunshine back out on to the calm bay that fronts Auckland.

But behind the glass exterior of the large New Zealand banks, tension is growing about the underlying health of the country’s land market, and by extension the NZ$40bn (€24bn) of debt currently carried by New Zealand dairy farmers. For context, total lending to Irish farms is less than €3.2bn