Your browser is not supported

Our website does not support the browser you are using. For a better browsing experience update to a compatible browser like the latest browsers from Chrome, Firefox and Safari.

Facilities at a glance

This page shows all of our domestic market facilities, their objective, method of trading, frequency, volume, maturity and related statistics.

Facility Objective Method Frequency Announcement, Open, Close, Results Volume Terms Settlement Statistics
Overnight Reverse Repo facility (ORRF) Provides access to liquidity at a penalty rate and against Tier 1, 2 & 3* collateral for liquidity management and monetary policy purposes. Priced at OCR plus 0.25% Automatic or reverse enquiry Daily Results announced 9.00am next business day Unlimited subject to approved collateral Overnight  T+0 Refinitiv: RBNZ02

Bloomberg: RBNM3

D12
Standing Repurchase Facility (SRF) Provide counterparties a facility to lend NZD cash in exchange for nominal New Zealand Government Securities as general collateral. Priced at OCR minus 0.15% Reverse enquiry Daily 11.00am, 3.00pm, 4.00pm, 4.00pm (approx) $5 billion in aggregate per offered settlement date in the facility window Overnight and Tomorrow next T+0, T+1 Refinitiv: RBNZ09

Bloomberg: GPGX 1549 7 1

D12
Bond Lending Facility (BLF) Provide access to NZ government bonds as a lender of last resort to facilitate settlement. Priced at OCR minus 0.25% Reverse enquiry Daily N/A, 3pm, 4pm, 4pm (approx) Unlimited, subject to inventory availability** Overnight T+0 Refinitiv: RBNZ01

Bloomberg: RBNM2

D12
Open Market Operations – Repo and Reverse Repo Inject or withdraw liquidity from banking system to ensure maintain efficiency of New Zealand payments system, and to maintain stability of wholesale short term interest rates Auction Daily (as required) 9.30am, 9.30am, 9.45am, 10.00am (approx) Discretionary, and determined by daily system flows and level of wholesale interest rates 1 day to 3 months T+0 Refinitiv: RBNZ02

Bloomberg: RBNM3

D3
FX Swaps (incl. Cross Currency basis swaps) The sale of NZD, purchase USD or vice versa for a pre-agreed term for liquidity management and market functioning Direct request for quote from banks; Broker, Reverse enquiry Daily Not applicable Unlimited 1 day to 6 months Various Refinitiv: RBNZ02

Bloomberg: RBNM3

D12
Reserve Bank Bills (RB Bills)

RB Bill Term Sheet - April 2022(PDF 637KB)
Instrument to withdraw liquidity using short-term Central Bank bills issued against cash Auction Twice a week (Monday and Wednesday) 11.00am, 2.30pm, 2.45pm, 3.00pm (approx) 400 million per auction^ 7 and 28 days T+1 Refinitiv: RBNZ08

Bloomberg: RBNM7

D3
Early Bond repurchase Purchase of soon to mature New Zealand Government bonds for liquidity management Reverse enquiry from banks; trading via Broker Daily Window open 10.00am to 12.00pm and 2.00pm to 4.00pm

Results 4.30pm (approx)
Discretionary 1 day to 18 months T+2 Refinitiv: RBNZ22

Bloomberg: GPGX 1549 14 6

D3
Bond Market Liquidity Support (BMLS) Small scale purchases of nominal New Zealand government bonds to support market functioning Broker Daily Window open 10.00am to 3.00pm Discretionary 1 to 21 years T+2 D10
Bond Market Liquidity Support (BMLS LGFA) Small scale purchases of nominal Local Government Funding Agency ("LGFA") bonds to support market functioning Direct request for quote from banks; Broker Daily Window open 10.00am to 3.00pm Discretionary 1 to 17 years T+2 D10
Funding for Lending Programme (FLP) Provide term funding, collateralised against approved Tier 1* collateral or RMBS, to lower the cost of borrowing for businesses and households Reverse enquiry Daily
Available as below:
Initial allocation has now closed
Additional allocation 7 December 2020 to 6 December 2022
Window open 9.00am to 12.00pm
Results reported next business day
Allocations based on a bank’s eligible loans 3 years T+1 D12

D10

 

Inactive facilities - not currently being offered
Facility Objective Method Frequency Announcement, Open,
Close, Results
Volume   Terms  Settlement  Statistics
Term Auction Facility (TAF) Provide term funding collateralised against approved (Tier 1 and 2)* collateral Auction Once a week (Tuesday) 9.30am, 9:30am, 9.45am, 10am (approx)
2 billion per auction^
3, 6 and 12 months T+1
Refinitv: RBNZ05
Bloomberg: RBNM 5
D3
Corporate Open Market Operations (COMO) Provide short-term funding collateralised against approved (Tier 3)* collateral Auction Once a week (Tuesday) 11.00am, 11.00am, 11.15am, 11:30am (approx)
500 million per auction^
1 day to 3 months
T+0
Refinitiv: RBNZ13
Bloomberg: RBNM 11
D3
Large Scale Asset Purchases (LSAP)
Outright purchases of nominal and inflation-indexed New Zealand government bonds to lower term interest rates and support market functioning
Auction
Three times per week (Monday, Wednesday and Friday) 10.00am, 11.00am, 11.30am, 11.45am
Program size 100 billion
Nominal bonds cap of 60% of total issuance
Inflation-indexed bonds cap of 30% of total issuance
(Auction size set weekly by RBNZ)
 1 to 21 years (maturity governed by NZ government bonds on issue) T+2

Refinitiv: RBNZ03 & 09

Bloomberg: RBNM 4 & 8

D3

Large Scale Asset Purchases - LGFA (LSAP LGFA)
Outright purchases of nominal Local Government Funding Agency ('LGFA') bonds to lower term interest rates and support market functioning
Auction
Once a week (Thursday)
10.00am, 11.00am, 11:30am, 11:45am
Program size is limited to 30% of overall LGFA bond issuance
(Auction size set weekly by RBNZ)
1 to 17 years (maturity)
T+2 Refinitiv: RBNZ03 &10
Bloomberg: RBNM 4 & 8
D3
Term Lending Facility (TLF)
Provide term funding collateralised against approved Tier 1* collateral or RMBS to support the Crown's Business Finance Guarantee Scheme ('BFGS')
Reverse enquiry
Monthly (18th - 20th business day of each month) Window open 10.00am to 12.00pm and 1.00pm to 3.00pm. Results reported next business day
Determined by Crown and based on monthly outstanding numbers reported by individual banks
5 years
T+1
D12
D10

 

Key

* Tier 1 – government, Kauri and RB bills

* Tier 2 – bank, local authority, state-owned enterprise, and residential mortgage backed security

* Tier 3 – corporate and asset back securities

** We reserve the right to adjust bond lending facility (BLF) volumes to meet policy objectives

See a comprehensive list of repo eligible securities and haircuts

^ We reserve the right to adjust volumes

Participation in our facilities is limited to registered counterparties.

Read more information about participation in our facilities

Auction Facilities

Weekly Calendar

Time Monday Tuesday Wednesday  Thursday  Friday
0900-1200 FLP FLP FLP FLP FLP
1430-1445 RB Bills
  RB Bills
  RB Bills
1500-1600
BLF, SRF BLF, SRF BLF, SRF BLF, SRF BLF, SRF
1000-1600
Early Bond Repurchase
Early Bond Repurchase  Early Bond Repurchase Early Bond Repurchase  Early Bond Repurchase

Discretionary Operations

Time Monday Tuesday Wednesday  Thursday  Friday
1000-1500 BMLS BMLS BMLS BMLS  BMLS 
1000-1500 BMLS (LGFA) BMLS (LGFA) BMLS (LGFA) BMLS (LGFA)  BMLS (LGFA) 
0700-1730 FX Swaps
FX Swaps
FX Swaps
FX Swaps
FX Swaps

Key

  • FLP – Funding for Lending Programme

  • TAF – Term Auction Facility
  • COMO – Corporate Open Market Operations

  • LSAP – Large Scale Asset Purchases
  • LSAP LGFA – Large Scale Asset Purchases – LGFA
  • RB Bills – Reserve Bank Bills
  • BLF – Bond Lending Facility
  • TLF – Term Lending Facility
  • BMLS – Bond Market Liquidity Support
  • BMLS LGFA – Bond Market Liquidity Support
  • FX Swaps (includes Cross Currency basis swaps)
  • ORRF – Overnight Reverse Repo Facility