Reserve Bank Financial Markets Statement 15 April 2021

This Financial Markets Statement confirms the pricing of the Reserve Bank’s standing facilities and ESAS accounts, and the details of the Large Scale Asset Purchase (LSAP) Programme and Funding for Lending Programme.

Pricing is as follows:

  • ESAS balances – cash that ESAS account holders have on deposit at the Reserve Bank in their ESAS accounts will be remunerated at the Official Cash Rate (OCR).
  • Bond Lending Facility – bonds lent through the Bond Lending Facility will be lent at the OCR less 25 basis points.
  • Overnight Reverse Repo Facility – cash will be lent via the Overnight Reverse Repo Facility at the Overnight Reverse Repo Rate which is OCR plus 25 basis points.

Full details of the Bank's liquidity facilities including applicable haircuts for eligible securities, eligibility criteria and operational guidelines are available on the Bank's website.

The Monetary Policy Committee also agreed to keep the LSAP Programme of up to $100 billion and the Funding for Lending Programme unchanged.

The LSAP Programme includes NZ Government Bonds, Local Government Funding Agency Bonds and NZ Government Inflation-Indexed Bonds.

For more information read the April Monetary Policy Review.

For further information contact:

Vanessa Rayner
Head of Financial Markets
[email protected]

Dean Hill
Senior Manager, Financial Markets
[email protected]

Media Contact:
Oliver Bates
Manager, External Stakeholders
DDI: +64 4 474 8627
Email: [email protected]