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
30 September 2021 03:00 p.m.
Next release
29 October 2021 03:00 p.m.
Reserve Bank of New Zealand
(NZ$ million) Mar 2021 Apr 2021 May 2021 Jun 2021 Jul 2021 Aug 2021
1. Cash at beginning of month 24,669 25,913 30,492 29,802 30,046 32,412
2. Government cash influence -455 2,305 -6,432 873 3,721 -92
3. Reserve Bank transactions 173 155 -326 420 92 158
4. Government debt transactions
  Bonds issued -2,549 -1,382 -1,369 -3,607 -2,197 -2,673
  Bond maturities - - 6,368 - - -
  Regular Treasury bills issued -1,498 -1,099 -1,050 -1,250 -999 -997
  Regular Treasury bill matruities 900 1,500 1,200 1,250 900 1,100
  Other - - - - - -
5. Foreign exchange -3 1 0 7 0 -
6. Cash after public sector transactions during month (=1+2+3+4+5) 21,238 27,394 28,884 27,495 31,563 29,908
7. Liquidity management operations
  Net reverse repos -50 - -160 - - -
  Net repos - - - - - -
  Net FX swaps and basis swaps 444 594 -143 823 -1,004 1,756
  Net RB bills -55 -20 -150 175 -125 -200
  Net overnight reverse repo facility 0 0 0 0 0 0
  Net auto-repo rollover .. .. .. .. .. ..
  Net bond lending facility -203 353 -502 132 12 299
  Net Large Scale Asset Purchases 2,793 1,828 1,389 1,271 758 -
  Net Term Lending Facility reverse repos 146 225 280 150 596 -4
  Net Funding for Lending Programme reverse repo 1,600 112 205 - 612 2,041
  Net total liquidity management operations during month 4,675 3,093 918 2,551 849 3,892
8. Cash as at end of month (=6+7) 25,913 30,486 29,802 30,046 32,412 33,800
9. Average settlement cash 26,925 29,565 30,515 33,001 35,457 35,987
10. Outstanding liquidity management operations as at end of month
  Reverse repo 160 160 - - - -
  Repo - - - - - -
  FX swaps and basis swaps 8,696 9,294 9,154 9,981 8,981 10,740
  RB bills -280 -275 -450 -275 -375 -575
  Overnight reverse repo facility - - - - - -
  Auto-repo rollover .. .. .. .. .. ..
  Bond lending facility -420 -68 -619 -487 -475 -176
  Term lending facility 1,236 1,461 1,741 1,891 2,487 2,483
  Large scale asset purchases 58,837 60,619 60,534 61,615 62,302 62,302
  Funding for Lending Programme 2,740 2,852 3,056 3,056 3,667 5,707
Total 70,969 74,043 73,416 75,781 76,586 80,481

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.