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Reserve Bank announces changes to Standing Repurchase Facility

The Reserve Bank today announced changes to the Standing Repurchase Facility including amendments to the tenor, pricing, and size of the facility.

The updated settings for the Standing Repo Facility are as follows (effective 19 December 2022):

  • The Standing Repo Facility will allow for eligible counterparties to lend NZD in the following tenors: overnight, tomorrow to the next day, and tomorrow for 1 week (ordinarily 7 days), all on a secured basis.
  • The Reserve Bank will provide nominal NZ Government Bonds (NZGBs) as general collateral as security for the NZD.
  • NZD deposited through the Standing Repo Facility will be remunerated at the Official Cash Rate (OCR) less 10 basis points. For tomorrow-week transactions where the tenor crosses a Monetary Policy Review date the Overnight Indexed Swap (OIS) will be used in lieu of the OCR as the base rate for the transaction. A margin of 10 basis points will be deducted from this base rate.
  • The Standing Repo Facility will be available between 3pm and 4pm NZT every day with the facility size subject to available inventory.
  • The rules and guidelines related to the operation of this facility are detailed in the Domestic Markets section on the Reserve Bank's website.

The updated rates and tenors take effect from 19 December 2022. The Reserve Bank retains absolute discretion and reserves the right to adjust volumes to meet policy objectives as required.

Details of the Standing Repo Facility will be published on the Reserve Bank’s pages on Bloomberg and Refinitiv, and on the Reserve Bank’s Standing facilities (D12) statistical tables.

This facility announcement relates to the implementation of monetary policy and has no implications for the Reserve Bank's monetary policy stance.

More information

Operating Rules and Guidelines for the Domestic Markets section

Q&As for the Standing Repo Facility

Reserve Bank’s D12 tables

Contacts for further information

Dean Hill
Senior Manager, Financial Markets
[email protected]

Blake Etheridge-Yan
Manager, Portfolio Management
[email protected]

Media contact

Oliver Bates
Manager, External Stakeholders
[email protected]