The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

Data volumes are shown in millions of New Zealand dollars and interest rates are New Zealand interest rates.

The following data is recorded and detailed further in the series description:

(a) Date held

(b) Transaction type

(c) Maturity

(d) Eligible securities

(e) Total volume offered

(f) Volume offered per maturity

(g) Volume bid

(h) Total amount transacted

(i) Range of bids received

(j) Range of successful bids

(k) Weighted average successful bids

(l) Settlement date

(m) Total number of bids submitted

(n) Total number of successful bids

The Open Market Operation (OMO) is used to manage the level of liquidity in the New Zealand financial system. These operations are announced daily via electronic media. The announcement indicates whether the RBNZ will inject or withdraw funds (using reverse repurchase transactions or repurchase transactions). Operations are conducted as tenders and registered bidders telephone their bids to the RBNZ.

Prior to 11 December 2007 eligible securities were limited to Government bonds, Treasury bills and Reserve Bank bills (RBB). The Reserve Bank discontinued issuing RBB in 1999 but re-introduced them in November 2008 (refer below).

Beginning on 11 December, 2007, Kauri bonds have been accepted for use in the Bank’s Domestic Market Operations. The range of acceptable securities was expanded further in June 2008. Refer Eligible securities and haircuts for a full list of eligible securities.

Beginning in November 2008, in conjunction with the re-introduction of RBB, the Reserve Bank introduced a Term Auction Facility (TAF). The TAF operates in a similar manner to the OMO and is used to inject liquidity into the banking system. A TAF auction is held each Wednesday morning in place of the daily OMO. RBB tenders are also held weekly on Wednesday afternoon, as required, and used to withdraw liquidity from the banking system.

Data is available on our website from 1 November 1995.

Periodicity

Daily.

Timeliness

The results of the OMOs and Term Auction Facility will be published on the day they are held. RBB tenders results will released the day after the tender. Results will also be released via electronic media.

Access by the public

Advance release calendar

The “Advance Release Calendar” is updated and released each Friday on the website. This is a long-term plan of scheduled releases.

Integrity

Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses

Although there is no law that requires the RBNZ to compile and publish historical data on OMO’s, the data are disseminated by the RBNZ as a service to the public.

Provision of information about revisions and advance notice of major changes in methodology

The data are final and are not subject to revision.

Any changes to the processes of conducting the OMO’s are announced via electronic media.

Procedures are outlined in Section 3 of the Operating Rules and Guidelines for the Domestic Markets .

Quality

Dissemination of documentation on methodology and sources used in preparing statistics

For additional explanatory information see the RBNZ Bulletin, Vol 71 No 4, Dec. 2008.

Dissemination of statistics that support statistical cross-checks and provide assurance of reasonableness

Not applicable.