Our analytical accounts (R3)

This is the Reserve Bank's balance sheet –  a summary of the assets and liabilities we hold to fulfil our functions – classified by broad institutional sector of counterparties.
 Special note: R3 table revisions
15 June 2021 03:00 p.m.
Next release
14 July 2021 03:00 p.m.
Reserve Bank of New Zealand
Previous years: Monthly:
May 2019 May 2020 Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021
Net foreign assets 23,303 25,810 11,358 11,086 12,099 12,340 12,138
Claims on non-residents 24,229 27,213 12,180 12,421 13,050 13,659 13,186
less Liabilities to non-residents 926 1,402 822 1,335 950 1,319 1,048
Claims on other depository corporations 22 1,327 3,462 6,560 7,241 7,184 8,002
Net claims on central government -6,064 10,649 20,743 19,017 18,706 22,540 21,849
Claims on central government 3,253 22,413 59,003 59,240 62,504 64,308 60,006
less Liabilities to central government (1) 9,317 11,765 38,261 40,223 43,798 41,768 38,157
Claims on other sectors 3 3 4 4 4 4 4
Monetary base 13,649 34,088 31,945 32,824 34,263 38,708 37,962
Currency in circulation 6,790 8,086 8,210 8,155 8,350 8,215 8,160
Liabilities to other depository corporations (2) 6,859 26,002 23,735 24,669 25,913 30,492 29,802
Liabilities to other sectors - - - - - - -
Other liabilities to other depository corporations 825 703 606 867 798 413 1,126
Deposits and securities excluded from monetary base - 0 0 0 0 0 0
Loans - - - - - - -
Financial derivatives - - - - - - -
Shares and other equity capital 2,840 3,052 3,069 2,995 3,042 2,986 2,939
Other items (net) -49 -55 -53 -18 -52 -39 -35
(1) Crown settlement accounts 7,724 9,669 36,434 38,445 42,044 40,061 36,498
(2) Settlement institutions' balances 6,859 26,002 23,735 24,669 25,913 30,492 29,802

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

The table shows assets and liabilities as at end of month in millions of New Zealand dollars. All assets and liabilities denominated in foreign currency are converted into New Zealand dollars at the relevant exchange rates at balance date. The data starts from December 2001.

The table excludes New Zealand accounts with the IMF. IMF accounts are managed by the Debt Management Office at the New Zealand Treasury.

Go to the Treasury site for more information.

R3 shows balance sheet accounts classified by broad institutional sector of counterparties. Net foreign assets are net claims on non-residents and include such reserves as defined in the International Reserves and Foreign Currency Liquidity (IMF 2001 & 2012) plus other relevant assets of RBNZ. The main aggregates on the liability side are the monetary base, liabilities to other depository corporations and the Reserve Bank's capital equity.

R2 presents balance sheet accounts by instrument and currency. The format follows guidelines described in the Monetary and Financial Statistics Manual (IMF 2000) and Compilation Guide (IMF 2008), modified to meet confidentiality requirements. Some items common to R2 and the accounting balance sheet may differ in value due to methodological and presentational differences.

The main counterparty sub-sectors in the New Zealand economy are:

  • Financial Corporations
    • Reserve Bank of New Zealand
    • Other Depository Corporations
      • Registered Banks
        • Private registered banks
        • Government registered bank
      • Savings institutions
        • Credit Unions
        • Building Societies
      • Deposit taking finance companies
      • Managed funds (PIE funds)
    • Other financial corporations
      • Insurance companies
      • Pension funds
      • Other financial corporations except insurance and pension funds
  • Nonfinancial corporations
    • Private producer enterprises
    • Producer boards
    • Government enterprises
      • Central government enterprises
      • Local government enterprises
  • General government
    • Central government
      • Central government
      • Funded Social Security schemes
    • Local government
    • Rūnanga Iwi
  • Other resident sectors
    • Households
    • Non-profit institutions serving households




Data is released two to three weeks after 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

The information is disseminated by the Reserve Bank as a service to the public in a format that preserves the confidentiality of transactions. The function and operations of the Reserve Bank are governed by the Reserve Bank Act 1989.

Find out more about the Reserve Bank Act 1989.

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

Provisional data are italicised. Data are deemed provisional when a series is under review. New data, or revised data, are in bold font. This applies to the summary table only and not excel files. Revisions are generally published when the table is next due to be updated and released. Should revisions need to be made more promptly, a note is posted on the website.

Any major changes in methodology will be posted as a special note.


Dissemination of documentation on methodology and sources used in preparing statistics

The statistical data are prepared using guidelines contained in the Monetary and Financial Statistics Manual (IMF 2000) and subsequent Compilation Guide (IMF 2008).

Go to the International Monetary Fund for more information..

Official reserve assets (MFSM 2000)

RBNZ gross liquid claims on non-residents, excluding New Zealand accounts with the IMF. Include securities encumbered in repurchase agreements and similar reverse transactions. For international reserves data defined according to Balance of Payments/International Investment Position (IIP) standards, see table E1 and SDDS.

Monetary base

A set of liquid liabilities that, according to MFSM 2000, supports the expansion of broad money and credit. Also referred to as high-powered money, the concept includes currency in circulation outside RBNZ and settlement accounts of depository corporations at RBNZ. Exclude Reserve Bank Bills issued by RBNZ. Compulsory reserve requirements on depository corporations were abolished in February 1985

Short term

Financial instruments with original maturities of one year or less

Long term

Financial instruments with original maturities of over one year

Repurchase agreements

Securities repurchases, reverse repurchases and securities lending are classified as collateralised loans

Other depository corporations (ODC)

Registered banks and other deposit taking institutions operating in New Zealand

Other financial corporations (OFC)

Insurance companies, pension funds and other non-deposit taking financial corporations

Central government

Government departments, local authorities, Rūnanga Iwi and funded social security schemes

Public non-financial corporations

Government and local authority trading enterprises

Other non-financial corporations

Private producer enterprises

Other resident sectors

Households and non-profit institutions serving households


Entities whose centre of economic interest is located outside New Zealand territories

Memorandum item: Crown settlement accounts

Transferable deposits of the central government at the Reserve Bank

Memorandum item: Settlement institutions balances

Transferable deposits of ESAS account holders at the Reserve Bank. Settlement institutions include several registered banks and other approved financial institutions

MFSM 2000

Statistical methodology and guidelines contained in the Monetary and Financial Statistics Manual, IMF 2000

R3 table revisions

15 June 2021

Revisions published today impact historical data from March 2020 to present. The following high level items are affected:

  • UGEN.MR7001 - Net foreign assets
  • UGEN.MR7008 - Claims on other depository corporations
  • UGEN.MR7023 - Other liabilities to other depository corporations
  • UGEN.MR7032 - Other items

The largest revision is to net foreign assets as at 31 August 2020, which increases by 3.5 percent from the previously published value.

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.