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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.

(NZ$ million) Mar 2022 Apr 2022 May 2022 Jul 2022 Jul 2022 Aug 2022
1. Cash at beginning of month 40,652 46,293 47,297 45,215 44,885 47,713
2. Government cash influence 4,671 4,431 -6,006 553 4,428 -430
3. Reserve Bank transactions -464 177 368 342 433 124
4. Government debt transactions
  Bonds issued -1,052 -573 -938 -576 -1,347 -2,758
  Bond maturities - - - - - -
  Regular Treasury bills issued -498 -497 -494 -603 -491 -376
  Regular Treasury bill maturities 1,100 700 850 900 500 600
  Other - - - - - -
5. Foreign exchange 0 0 - 0 9 -
6. Cash after public sector transactions during month (=1+2+3+4+5) 44,410 50,530 41,077 45,831 48,417 44,873
7. Liquidity management operations
  Net reverse repos - - - - - -
  Net repos - - - - -1,213 -470
  Net FX swaps and basis swaps -42 -2,170 3,704 -2,666 -5 -426
  Net RB bills - 0 -799 600 -199 -797
  Net overnight reverse repo facility 0 - 0 - - -
  Net auto-repo rollover .. .. .. .. .. ..
  Net bond lending facility 452 -730 679 -638 378 -64
  Net Large Scale Asset Purchases - - - - - -
  Net Term Lending Facility reverse repos -41 -43 -27 -40 -34 -4
  Net Funding for Lending Programme reverse repo 1,495 101 722 1,798 370 1,374
  Net total liquidity management operations during month 1,864 -2,842 4,280 -945 -704 -387
8. Cash as at end of month (=6+7) 46,273 47,689 45,356 44,886 47,713 44,487
9. Average settlement cash 45,437 48,082 46,379 48,941 52,401 50,914
10. Outstanding liquidity management operations as at end of month
  Reverse repo - - - - - -
  Repo - - - - -1,213 -2,367
  FX swaps and basis swaps 10,563 8,099 12,114 9,467 9,474 8,668
  RB bills - - -800 -200 -400 -475
  Overnight reverse repo facility - - - - - -
  Auto-repo rollover .. .. .. .. .. ..
  Bond lending facility -85 -815 -136 -775 -396 -197
  Term lending facility 2,306 2,264 2,238 2,198 2,165 2,161
  Large scale asset purchases 62,302 62,040 62,040 62,040 61,583 60,701
  Funding for Lending Programme 9,721 9,814 10,525 12,310 12,660 14,745
Total 84,807 81,403 85,981 85,040 83,873 83,236


Publication release

25 February 2021

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


View all Influences on settlement cash Special notes

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.

Periodicity

We capture the information daily and release it monthly.

Timeliness

We update tables 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. We update and release it on the first working day of the month.

View the statistics release calendar

Integrity

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

Although there is no law that requires us to compile and publish data on the tenders, we disseminate the data as a service to the public.

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

Due to our 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 our 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 our liquidity management operations.

Quality

Dissemination of documentation on methodology and sources used in preparing statistics

The actual receipts and expenditure for the government and us.

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 we hold in Exchange Settlement Account System (ESAS) accounts at the end of a banking day.

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

Government cash influence – 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 us. Currency in circulation refers to notes and coins we issue less those held in the vaults of registered banks.

Other (government debt transactions) – The net amount of miscellaneous government debt transactions.

Foreign exchange – Deals transacted by the New Zealand government and us.

Net reverse repos – The net amount of reverse repos we transact to help manage the government's daily liquidity flows.

Net repos – The net amount of repos we transact 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) we transact to help manage our and the government’s daily liquidity flows.

Net Reserve Bank bills – The net amount of Reserve Bank bills we issue to help manage the government’s daily liquidity flows.

Net overnight reverse repo facility – The net amount of overnight reverse repos we transact with other parties. We are willing to enter into overnight reverse repos on demand with those parties who have entered into a Master Repurchase Agreement with us. These transactions are done at a margin above the OCR. The OCR is an interest rate we set to implement monetary policy to maintain price stability.

Net Bonding Lending facility – Bonds borrowed in our 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 our Term Lending facility.

Cash as at end of month – The surplus cash we hold 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 us 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).

Symbols and conventions for summary table

Symbol or convention Definition
0 Zero or value rounded to zero
- Not applicable
.. Not available
bold Revised/new
italics Provisional
Light grey 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.