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The Reserve Bank announces updates to the Overnight Reverse Repurchase Facility

The Reserve Bank announces today the following updates to the Overnight Reverse Repurchase Facility (ORRF)

The Reserve Bank of New Zealand – Te Pūtea Matua announces today the following updates to the Overnight Reverse Repurchase Facility (ORRF):

  • The automated-ORRF will be renamed to ORRF available through ESAS, and the manual-ORRF will be renamed to ORRF available through telephone. The ORRF available through ESAS is available during and outside business hours and is available for use during the weekend. 
  • Eligible collateral to be pledged in the ORRF available through ESAS (formerly automated-ORRF) has been expanded from only New Zealand Government Bonds (including IIBs and T-bills) and Reserve Bank bills to also include Kauri securities, Bank securities, Local Authority securities, and State-Owned Enterprise securities. Note that RMBS will still only be accepted in the ORRF available through telephone.
  • These updates are effective 9 October 2023
  • The Operating Rules and Guidelines have been updated to reflect these changes.

The Reserve Bank publishes the list of eligible securities approved for repurchase transactions and applicable haircuts on the Reserve Bank website. The Reserve Bank retains absolute discretion and reserves the right to add or remove securities from the list of eligible securities.

Full details of our domestic facilities are available on the Domestic Markets page and in the Operating Rules and Guidelines.

More information

Domestic Markets page

Operating Rules and Guidelines for the Domestic Markets section

Repo eligible securities and haircuts

For further information contact:

Andrew Turner

Acting Director of Financial Markets
Email: [email protected]


Dean Hill
Senior Manager, Financial Markets
Email: [email protected]

Media contact

James Weir
Senior Adviser, External Stakeholders
DDI: +64 4 471 3962 MOB: 021 103 1622
Email: [email protected]