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ESAS Access Review

Information about our two consultations on our revised ESAS access policy and criteria.

What is the ESAS access review?

The Reserve Bank of New Zealand Act 2021 lists our central bank functions including providing settlement accounts to persons approved by the RBNZ (section 116(e)).

In line with this function, we reviewed our access policy and criteria for deciding applications to open ESAS settlement accounts. The review is designed to ensure that the access policy and criteria are appropriate for promoting a payment system that:

  • is efficient, open and flexible
  • has a high level of integrity
  • is robust in the face of financial crises.

What stage are we at?

ESAS is at the heart of our financial system and keeps our economy moving. We're taking a robust and risk-averse approach because it's important we get the policy right. While we're considering opening access, we are working through how this can be done safely. 

We haven't made any decisions about access for non-bank entities yet.

Because ESAS comes under the Financial Market Infrastructures Act (2021), we need to consult with and seek approval from RBNZ’s Board. We are seeking RBNZ Board approval in March (2025) for revisions to the access policy.  Applications will be considered as soon as practicable after Board approval.  

We intend to publish submissions from the second consultation by April 2025.  

We'll update this page with more information as we progress.

What have we consulted on?

There have been 2 consultations on our revised ESAS access policy and criteria.

Submissions for this consultation closed on 27 July 2023.

An important part of how we apply the access policy is assessing risks that may be introduced into the system by the ESAS applicant. We would use the RAF to evaluate the risks that an ESAS applicant may pose to the system if they were accepted to become an account holder. The draft framework considers CPMI-IOSCO's Principles for Financial Market Infrastructure (PFMI) in capturing the risks relevant for a systemically important payment system such as ESAS.

Submissions for this consultation closed on 18 November 2024.

We consulted on our revised access policy and whether it is easy to follow. 

We also asked for feedback on what clarity and guidance would be useful to help navigate the application process. We're now considering feedback to finalise the access policy and inform our application process.

While we are considering opening access, we need to ensure access can be broadened safely. No decisions about access have been made yet.

You can find more information about our consultations on the CitizenSpace website.

We intend to publish submissions from the second consultation by April 2025. You can join our mailing list to be notified when we publish submissions from Consultation 2 and as we progress towards considering applications.

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