Government finance and securities – Historical Survey Changes
Breakdown of corporate bonds
16 August 2007
A breakdown of the corporate bonds series by "Domestic issuer" and "Non-domestic issuer" is now available.
Domestic issuer includes issues of New Zealand dollar denominated debt on a New Zealand register by New Zealand incorporated entities. Non-domestic issuer includes issues of New Zealand dollar denominated debt on a New Zealand register by non-New Zealand incorporated entities. Such issues are sometimes referred to as "Kauri" bonds.
Changes to the publication of table D3
12 June 2007
Details on Liquidity Management activity via FX swaps will no longer be published on a daily basis in table D3. Monthly net FX swap details can be found in table D10. Historical details on FX swaps will remain on the website until the end of June.
Changes in Liquidity Management
28 July 2006
Some Reserve Bank balance sheet, foreign currency asset and liquidity management data series disseminated monthly have recently begun to reflect changes made this year to the Bank's liquidity management policy.
As explained in the document "Reform of
the Reserve Bank of New Zealand's Liquidity Management Operations" a new
approach to liquidity management policy is now being phased in by the Bank.
Increasing liquidity needs of the banking system at a time when availability of
government securities was declining, have prompted the Bank to move away from a
system relying on bank holdings of government debt as the basis for generating
the cash needed to facilitate interbank settlement of payments.
In
February 2006 the Bank increased the level of settlement cash in the system to
$2 billion to meet immediate needs. From July 2006 the level of settlement cash
will be increased further over time to a likely range of $5 - $7 billion. This
new liquidity management policy manifests in the Bank's balance sheet and
foreign currency reserves, with larger domestic liabilities matched by larger
foreign exchange assets. At present the Bank is holding foreign currency assets
as the counterpart to the increased settlement cash made available to the
domestic banks The foreign exchange risk on the foreign currency assets is
hedged, using off-balance sheet transactions (foreign exchange swaps).
Special Note: Non-residents' holdings survey
17 November 2005
In October 2005, the Reserve Bank of New Zealand (RBNZ) initiated a full review of the methodology for the survey of non-residents' holdings of New Zealand wholesale debt securities. The new method includes data not previously available to the RBNZ and enhances the RBNZ's ability to check the integrity of data as well as reducing the overall compliance burden on many respondents.
The effects of the changes include:
- greatly enhanced reliability of the report through improved validation;
- superior ability to analyse and report due to finer granularity of the data;
- improved data capture to meet internal and external (in particular Statistics New Zealand) demands on the RBNZ's data; and
- significantly lower reporting burden on respondents.
The changes have improved the RBNZ's ability to monitor repurchase transactions (both bought and sold) with offshore parties. As a result, it appears that offshore holdings have been overstated in the past. Supplementing officially released data (July 2005 to September 2000) with trial data (July 2004 to June 2005), it is estimated that in the period July 2004 until September 2005 overseas holdings were typically overestimated by about $1.3bn.
Historical data based on the old survey are available in the discontinued tables.
D0, D6, D7, D(a) - (d) New survey methodology introduced for Non-residents' holdings survey
19 October 2005
The Reserve Bank of New Zealand (RBNZ) has undertaken a full review of the methodology for the survey of non-residents' holdings of New Zealand wholesale debt securities. The new method includes data not previously available to the RBNZ and enhances the RBNZ's ability to check the integrity of data as well as reducing the overall compliance burden on many respondents.
Changes
The changes include:
- a record-by-record "flat file" delivery of the data from the respondents - as opposed to a tabular report;
- respondents to report either in aggregate by security, or by holding, for each security, the country of domicile of the holding, the face value of the holding and whether the security was held outright; bought by a New Zealand institution from a non-resident under a repurchase agreement (a "reverse repurchase"), less those securities sold by a New Zealand institution to a non-resident under a repurchase agreements;
- all securities held by the respondent to be reported (debt securities held by resident and non-residents, as well as equities);
- where possible, reconciliation of respondents' holdings with those in New Zealand Central Securities Depository Limited (NZCSD); and
- an ability to reconcile with holdings data in the relevant registry.
The effects of these changes include:
- greatly enhanced reliability of the report through improved validation;
- superior ability to analyse and report due to finer granularity of the data;
- improved data capture to meet internal and external (in particular Statistics New Zealand) future demands on the RBNZ's data; and
- significantly lower reporting burden on respondents.
These changes have improved the RBNZ's ability to monitor repurchase transactions (both bought and sold) with offshore parties. As a result, it appears that offshore holdings have been overstated in the past. Supplementing officially released data (July 2005 to September 2000) with trial data (July 2004 to June 2005), it is estimated that in the period July 2004 until September 2005 overseas holdings were typically overestimated by about $1.3bn.
Comparison table
Items in italics are estimates only.
Comparison chart
The downloadable excel workbook (35KB) contains tables with more detailed information.
New survey results
The initial release of results of the revised methodology covers the period July 2005 to September 2005 (there is a break at June 2005).
D8 Deficit before borrowing
30 June 2002
The Bank has discontinued the table D8 Deficit before borrowing from the end of the June 2002 financial year, given the information is readily available on the Treasury website. This information is readily available on The Treasury website and can be found at http://www.treasury.govt.nz/government/financialstatements/index.htm
For research purposes, discontinued tables remain available on our site.
Changes to non-resident holdings of New Zealand government securities survey
22 May 2002
This month's survey of non-resident holdings of New Zealand government securities incorporates changes to the survey.
The first change reflects the inclusion of New Zealand government securities purchased for subsequent sale or sold for subsequent purchase by the Reserve Bank in reverse repo and repo transactions executed in open market operations (OMOs). Both domestic and offshore counterparties participate in OMOs. Government securities purchased or sold by the Reserve Bank as a result of reverse repo or repo transactions with non-resident OMO counterparties have, to date, not been included in surveys of non-resident holdings. These holdings will be included henceforth as they better reflect underlying beneficial ownership. Revisions to past data incorporating this change have also been made.
Secondly the range of institutions included in the “Registered direct” category has been widened. As historic data are not available there is a small break in the series between March and April 2002.
A further change has also been made to the “Registered direct” category. Some bond holdings which had previously been captured in the “Registered direct” category, are now held with domestic institutions. There is, therefore, a reduction in measured offshore holdings that are “Registered direct” and an increase in offshore ownership held by “Surveyed participants”. As “Surveyed participants” contribute to our estimates of holdings by “Country of residence”, there are changes to those data also. This change does not affect our estimates of the aggregated level of offshore holdings. Revisions to historical data have not been made at this stage.
Open market operations
9 October 1995
From October 1994, the RBNZ introduced repurchase agreements into its open market operations. On 9 October 1995 the RBNZ stopped using secured loans in its open market operations. From this date all lending to the banking system in open market operations has been by way of repurchase agreements.
Discontinued Tables
For research purposes, discontinued tables remain available on our site.
