Influences on settlement cash (D10)

This data summarises the Government's and the Reserve Bank's cash flows and outstanding balances on a monthly basis.
 Special note: Publication release
21 December 2021 03:00 p.m.
Next release
31 January 2022 03:00 p.m.
Reserve Bank of New Zealand
(NZ$ million) Jun 2021 Jul 2021 Aug 2021 Sep 2021 Oct 2021 Nov 2021
1. Cash at beginning of month 29,802 30,046 32,412 33,800 33,449 36,645
2. Government cash influence 873 3,721 -92 4,101 4,709 3,595
3. Reserve Bank transactions 420 92 158 -283 -357 418
4. Government debt transactions
  Bonds issued -3,607 -2,197 -2,673 -4,454 -1,924 -2,328
  Bond maturities - - - - - -
  Regular Treasury bills issued -1,250 -999 -997 -1,246 -996 -995
  Regular Treasury bill matruities 1,250 900 1,100 1,100 1,200 1,200
  Other - - - - - -
5. Foreign exchange 7 - - - - 2
6. Cash after public sector transactions during month (=1+2+3+4+5) 27,495 31,563 29,908 33,019 36,081 38,538
7. Liquidity management operations
  Net reverse repos - - - - - -
  Net repos - - - - - -
  Net FX swaps and basis swaps 823 -1,004 1,756 -106 702 -1,040
  Net RB bills 175 -125 -200 325 -150 200
  Net overnight reverse repo facility - - - - 0 0
  Net auto-repo rollover .. .. .. .. .. ..
  Net bond lending facility 132 12 299 -72 26 -729
  Net Large Scale Asset Purchases 1,271 758 - - - -
  Net Term Lending Facility reverse repos 150 596 -4 -18 -15 -38
  Net Funding for Lending Programme reverse repo - 612 2,041 301 1 2
  Net total liquidity management operations during month 2,551 849 3,892 430 564 -1,605
8. Cash as at end of month (=6+7) 30,046 32,412 33,800 33,449 36,645 36,933
9. Average settlement cash 33,001 35,457 35,987 35,069 37,716 39,794
10. Outstanding liquidity management operations as at end of month
  Reverse repo - - - - - -
  Repo - - - - - -
  FX swaps and basis swaps 9,981 8,981 10,740 10,641 11,349 10,315
  RB bills -275 -375 -575 -250 -400 -200
  Overnight reverse repo facility - - - - - -
  Auto-repo rollover .. .. .. .. .. ..
  Bond lending facility -487 -475 -176 -248 -222 -951
  Term lending facility 1,891 2,487 2,483 2,465 2,450 2,412
  Large scale asset purchases 61,615 62,302 62,302 62,302 62,302 62,302
  Funding for Lending Programme 3,056 3,667 5,707 6,007 6,007 6,007
Total 75,781 76,586 80,481 80,916 81,486 79,885

Find out more about how the Reserve Bank used its balance sheet to support monetary and financial stability

The data: coverage, periodicity, and timeliness

Coverage characteristics

Data volumes are shown in millions of New Zealand dollars.

The following data is recorded in the table and is detailed further in the series descriptions

  • Cash at beginning of month
  • Government cash influence
  • Other (RBNZ transactions)
  • Bonds issued
  • Bond maturities
  • Regular Treasury bills issued
  • Regular Treasury bill maturities
  • Other (Government debt transactions)
  • Foreign exchange
  • Cash after public sector transactions during month (totals 1, 2, 3, 4, 5)
  • Net reverse repos
  • Net repos
  • Net FX swaps and basis swaps
  • Net Reserve Bank Bills
  • Net overnight reverse repo facility
  • Net bond lending facility
  • Net large scale asset purchases
  • Net term lending facility
  • Net total liquidity management operations during month
  • Cash as at end of month (totals 6 and 7)
  • Average settlement cash
  • Reverse Repos (nominal)
  • Repos (nominal)
  • FX swaps and basis swaps
  • Reserve Bank bills
  • Overnight reverse repo facility
  • Bond lending facility (Net)
  • Term lending facility
  • Total


The information is captured daily and released monthly.


Tables are updated on the last working day of the month following the end of the reference month.

Access by the public

Statistics release calendar

The Statistics Release Calendar provides a long-term plan of scheduled releases. It is updated and released on the first working day of the month.

View the Statistics Release Calendar


Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses

Although there is no law that requires the RBNZ to compile and publish data on the tenders, the data are disseminated by the RBNZ as a service to the public.

Provision of information about revisions and advance notice of major changes in methodology

Due to the RBNZ's introduction of the Official Cash Rate scheme on 17 March 1999, the above table has been redesigned.

Previously the table was called "Influences on Primary Liquidity" and contained the influences on Settlement Cash and Discountable Securities. With the abolition of Discountable Securities the table has been renamed "Influences on Settlement Cash" and contains expanded detail on both the Government's and RBNZ's transactions with the banking system. The table also contains a list of the outstanding securities, as at the end of the month, that result from the Bank's liquidity management operations.


Dissemination of documentation on methodology and sources used in preparing statistics

The actual receipts and expenditure for the Government and RBNZ.

Dissemination of statistics that support statistical cross-checks and provide assurance of reasonableness

Not applicable.

Descriptions of settlement cash

Settlement cash balances The surplus cash held at the Bank in Exchange Settlement Account System (ESAS) accounts at the end of a banking day.

Cash at beginning of month The cash at the beginning of the month is the opening cash balance of the Exchange Settlement Accounts (ESA).

Government cash influence The Government cash influence is the Government revenue (taxes provided through Inland Revenue Department and Customs), less government expenditure and interest paid on Government bonds and Treasury bills.

Reserve Bank Transactions Includes Currency in circulation and various transactions that affect accounts held with the RBNZ. Currency in circulation refers to notes and coins issued by the RBNZ less those held in the vaults of registered banks.

Other (Government debt transactions) The net amount of miscellaneous Government debt transactions.

Foreign exchange Foreign exchange deals transacted by the New Zealand Government and the RBNZ.

Net reverse repos The net amount of reverse repos, transacted by the RBNZ to help manage the Government's daily liquidity flows.

Net repos The net amount of repos, transacted by the RBNZ to help manage the Government's daily liquidity flows.

Net FX swaps and Basis swaps The net amount of foreign exchange swap transactions (whether buying or selling the NZD) transacted by the RBNZ to help manage the RBNZ’s and Government’s daily liquidity flows.

Net Reserve Bank Bills The net amount of Reserve Bank bills, issued by the RBNZ to help manage the Government’s daily liquidity flows.

Net overnight reverse repo facility The net amount of overnight reverse repos transacted by RBNZ with other parties. The RBNZ will be willing to enter into overnight reverse repos on demand, with those parties who have entered into a Master Repurchase Agreement with the RBNZ. These transactions are done at a margin above the OCR. The OCR is an interest rate set by the RBNZ to implement monetary policy, so as to maintain price stability.

Net Bonding Lending Facility Bonds borrowed in the Bank’s bond lending facility

Net Large Scale Asset Purchases New Zealand Government Bonds and Local Government Funding Agency bonds purchased in the Large Scale Asset Purchase programme.

Net Term Lending Facility The net amount of reverse repos, transacted in the Bank’s Term Lending facility.

Cash as at end of month The surplus cash held at the bank in Exchange Settlement Account System (ESAS) accounts at the end of a banking day.

Average settlement cash Average daily balance of the exchange settlement accounts.

Overnight reverse repo facility A counterparty that has signed a Master Securities Repurchase Agreement sells government securities to the Bank in exchange for cash on an overnight basis. The counterparty agrees to buy the securities back at a stipulated price the next banking day. Currently the interest rate on these transactions is 25 basis points above the Official Cash Rate (OCR).

Publication release

25 February 2021

This data set was originally scheduled for publication on 26 February. The next release is 31 March 2021

Revisions to D10 data

21 September 2020

Government Debt transactions – bond maturities have been revised upwards for the months between 2016-2019. The revisions range from $1.8b for February 2016 to $4.5b for March 2019.

The data from 2016-2019 has been adjusted to avoid a series break.

For more information please contact [email protected]

Symbols and conventions for summary table

0 Zero or value rounded to zero
- Not applicable
.. Not available
bold Revised/new
italics Provisional
light red background Historical

General notes

  • Individual figures may not sum to the totals due to rounding
  • Percentage changes are calculated on unrounded numbers
  • You are free to copy, distribute and adapt these statistics subject to the conditions listed on our copyright page.