Facilities at a glance

The Reserve Bank's Markets Operations team implements monetary policy and manages liquidity in the banking system. It achieves this by undertaking a variety of operations in financial markets. The Bank also provides standby facilities for cash and Government bonds to registered market participants.


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 (Tues) 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 (Tues)  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 (Mon, Wed & Fri) 10.00am, 11.00am, 11.30am, 11.45am Program size 60 billion (Auction size set weekly by RBNZ) 1 to 20 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 (Thurs) 10.00am, 11.00am, 11:30am, 11:45am Program size 3 billion (Auction size set weekly by RBNZ) 1 to 13 years (maturity)  T+2

Refinitiv: RBNZ03 &10

Bloomberg: RBNM 4 & 8 

D3

Reserve Bank Bills (RB Bills) Instrument to withdraw liquidity using short-term Central Bank bills issued against cash Auction   Twice a week (Mon and Weds) 12.00pm, 2.30pm, 2.45pm, 3.00pm (approx) 400 million per auction^ 7 and 28 days    T+1

Refinitiv: RBNZ08

Bloomberg: RBNM 7 

D3

Bond Lending Facility (BLF) Provide access to NZ government bonds as a lender as a lender of last resort to facilitate settlement. Priced at OCR minus 0.50% Reverse enquiry Daily N/A, 3.00pm, 4.00pm, 3.00pm (next business day) 500 million per day 1 to 7 days  T+0 

Refinitiv: RBNZ01

Bloomberg: RBNM2

D12

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: GPGX1549 14 6

D3

Term Lending Facility (TLF) Provide term funding collateralised against approved (Tier 1 and 2)* collateral to support the Crown's Business Finance Guarantee Scheme ("BGFS") 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 3 years  T+1

D12

D10

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 17 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 13 years T+2  D10 
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: RBNM 3

D12

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

Key

* Tier 1 - Government, Kauri & RB Bills

* Tier 2 - Bank, Local Authority, State Owned Enterprise & Residential Mortgage Backed Security

* Tier 3 - Corporate & Asset Back Securities

See our Repo eligible securities and haircuts page for a comprehensive list

^ The RBNNZ reserves the right to adjust volumes

Participation in RBNZ facilities is limited to registered counterparties. For more information please visit the Domestic Markets section of the website.


Auction Facilities

Weekly Calendar

Time Monday Tuesday Wednesday Thursday Friday

0930-0945


 TAF


1100-1115

COMO      
1100-1130 LSAP   LSAP   LSAP
1100-1130     LSAP (LGFA)  
 1430-1445 RB Bills    RB Bills   RB Bills
1500-1600 BLF BLF BLF BLF BLF
 1000-1600   Early Bond Repurchase  Early Bond Repurchase  Early Bond Repurchase 

Early Bond Repurchase 

 Early Bond Repurchase 

Monthly Calendar

Time 18 - 20th business day of the month

1000-1200 & 1300-1500

TLF

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

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