| 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 0.10% | Reverse enquiry | Daily | 3.00pm, 3.00pm, 4.00pm, 4.00pm (approx) | Unlimited, subject to inventory availability** | Overnight, Tomorrow next, and Tomorrow week | 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 - October 2023 (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) | Discretionary | 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 | Direct request for quote from banks; Broker | Daily | Window open 10.00am to 3.00pm | Discretionary | 1 to 21 years | T+2 | D3 |
| 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 | D3 |
| Facility | Objective | Method | Frequency | Announcement, Open, Close, Results |
Volume | Terms | Settlement | Statistics |
|---|---|---|---|---|---|---|---|---|
| Funding for Lending Programme undefined (FLP) | Provide term funding, collateralised against approved Tier 1* collateral or RMBS, to lower the cost of borrowing for businesses and households | Reverse enquiry | Available Daily. Note that Initial and Additional allocation windows are now closed | 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 |
| 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 |
| 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 |
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
Key
- TAF – Term Auction Facility
- 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