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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) Jul 2024 Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024
1. Cash at beginning of month 37,595 40,839 31,273 32,882 36,484 38,447
2. Government cash influence 3,337 11 5,105 3,236 2,994 3,186
3. Reserve Bank transactions 786 966 23 1,698 1,071 723
4. Government debt transactions
  Bonds issued -2,370 -7,511 -2,018 -7,112 -1,884 -1,140
  Bond maturities - - - - - -
  Regular Treasury bills issued -1,121 -832 -761 -749 -971 -476
  Regular Treasury bill matruities 1,080 1,000 1,000 960 1,150 895
  Other - - - - - -
5. Foreign exchange 3 9 80 1 -81 -173
6. Cash after public sector transactions during month (=1+2+3+4+5) 39,309 34,482 34,701 30,916 38,762 41,462
7. Liquidity management operations
  Net reverse repos - - 1,150 482 -1,635 -
  Net repos - - -1,060 1,060 - -
  Net FX swaps and basis swaps 2,238 -900 -997 4,219 705 -2,649
  Net RB bills - - -547 -144 700 -
  Net overnight reverse repo facility - 0 - - -10 200
  Net auto-repo rollover .. .. .. .. .. ..
  Net bond lending facility 0 -8 8 -15 -41 57
  Net Large Scale Asset Purchases - - - - - -
  Net Term Lending Facility reverse repos -32 -34 -39 -33 -34 -38
  Net Funding for Lending Programme reverse repo -675 -2,267 -334 - - -815
  Net total liquidity management operations during month 1,530 -3,209 -1,819 5,568 -315 -3,245
8. Cash as at end of month (=6+7) 40,839 31,273 32,882 36,484 38,447 38,217
9. Average settlement cash 43,186 43,135 35,869 38,282 39,140 40,035
10. Outstanding liquidity management operations as at end of month
  Reverse repo - - 1,150 1,634 - -
  Repo - - -1,060 - - -
  FX swaps and basis swaps 18,092 17,281 16,375 20,655 21,443 18,902
  RB bills - - -550 -700 - -
  Overnight reverse repo facility - - - - - 200
  Auto-repo rollover .. .. .. .. .. ..
  Bond lending facility - -8 - -16 -57 -
  Term lending facility 1,421 1,387 1,348 1,315 1,282 1,244
  Large scale asset purchases 30,008 29,593 29,178 28,763 28,348 27,933
  Funding for Lending Programme 15,354 13,314 13,014 13,014 13,014 12,290
Total 64,875 61,567 59,455 64,666 64,031 60,569

Revisions to D10 data

4 July 2023

Outstanding Large Scale Asset Purchases have been restated in face value terms. These transactions were originally reported as cash settlement amounts.


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.