Standing facilities (D12)
This data shows the settlement cash level and use of the Reserve Bank's standing facilities on a daily basis.
|Transaction date||Settlement cash balance (m)||Overnight reverse repo (m)||Total FX Swaps (m)|
|12 Aug 2022||52,268||-||3,421|
Bond lending facility
|Transaction date||Amount ($m)||Bond Issuer||Bond Maturity Date||Settlement date||Maturity date|
|12 Aug 2022||23||NZGB||14 Apr 2033||12 Aug 2022||15 Aug 2022|
|12 Aug 2022||109||NZGB||15 May 2024||12 Aug 2022||15 Aug 2022|
|12 Aug 2022||4||NZGB||15 May 2031||12 Aug 2022||15 Aug 2022|
|12 Aug 2022||79||NZGB||15 May 2032||12 Aug 2022||15 Aug 2022|
|12 Aug 2022||39||NZGB||20 Sep 2035||12 Aug 2022||15 Aug 2022|
Standing repurchase facility
Date: 12 Aug 2022
|Settlement date||Amount offered ($m)||Rate (%)||Total successful bids ($m)||Total number successful bids|
|12 Aug 2022||4,500||2.35||125||1|
|15 Aug 2022||5,000||2.35||500||1|
Term lending facility
|Transaction date||Amount Drawn ($m)||Repayments ($m)||Aggregate Outstanding ($m)|
|12 Aug 2022||-||-||2,165|
Funding for Lending Programme
|Transaction date||Amount Drawn ($m) - Initial Allocation||Amount Drawn ($m) - Additional Allocation||Repayments ($m) - Initial Allocation||Repayments ($m) - Additional Allocation||Aggregate Outstanding ($m)|
|12 Aug 2022||-||-||-||-||12,660|
Auto Repo rollover discontinued from end of February 2020
Auto Repo rollover was discontinued from end of February 2020 when the ESAS/NZClear were refreshed. All Auto Repo transactions are now matured each day and all rollovers are deemed to be considered new trades.
View all Standing facilities Special notes
The data: coverage, periodicity and timeliness
The following data is collected and is detailed further in the series description:
- Transaction date
- Settlement Cash Balance
- Overnight Reverse Repo facility
- Total FX swaps
- Bond Lending facility
- Settlement date
- Maturity date
- Term Lending Facility
- Funding for Lending Programme
- Amount drawn
- Aggregate outstanding
We release the results of the Standing Facilities via electronic media the next banking day.
Access by the public
Data is released on the Reserve Bank's Statistics section.
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.
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 historical 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
The data are final and are not subject to revision. Any changes to the processes of conducting the OMOs are announced via electronic media.
Dissemination of documentation on methodology and sources used in preparing statistics
For additional explanatory information see the RBNZ Bulletin, Vol 67 No 4, Dec 2004.
Dissemination of statistics that support statistical cross-checks and provide assurance of reasonableness
Includes Refinitiv, Bridge and Bloomberg.
Most securities reported are wholesale market instruments: New Zealand government bonds, Local Government Funding Agency bonds, Treasury bills, corporate bonds, Reserve Bank bills, commercial paper and registered certificates of deposit (RCDs).
Interest bearing securities
These are written promissory agreements, whether marketable or not, in which one party promises to pay a stated sum on demand, or on a specified date, to the legal holder of the document. They may also involve a promise to pay stated interest at specified intervals over the term of the bond. Alternatively, they may be issued and traded at discount from their nominal value.
These include: government bonds, Treasury bills, Reserve Bank bills, bills of exchange, commercial paper (including eurocommercial paper), certificates of deposit, debentures, convertible notes, and medium term notes issued by private placement.
There are three main categories of government securities, each of which have several sub-categories.
- Wholesale government securities are issued for terms of greater than one year and carry a coupon payment. Wholesale securities are initially sold, normally by tender, to financial institutions.
- Treasury bills are securities issued for terms of less than one year and do not carry a coupon payment. Treasury bills are initially sold at a discount to the nominal value to financial institutions, normally by tender.
- Retail government securities are issued over the counter for terms of two or four years starting from the date of purchase and carry a coupon payment.
Types of Government securities currently on issue are:
Government bonds which are denominated in New Zealand dollars, issued for terms greater than one year, and have a fixed interest coupon paid semi-annually in arrears.
Inflation-indexed bonds (IIB) are denominated in New Zealand dollars with a fixed coupon paid quarterly in arrears. On maturity, the principal and the indexed component of the -bonds are redeemable. The index component refers to the incremental CPI adjustment.
Treasury billsare denominated in NZ dollars sold at a discount to the nominal value and carry no coupon. The bills are redeemable at par on maturity. Treasury bill tenders are generally held by NZDMO, on a weekly basis. Three maturities of regular Treasury bills are offered in each tender with roughly three, six and twelve month maturities. However, from time to time the RBNZ will also offer seasonal Treasury bills in the tenders. Seasonal Treasury bills are issued for liquidity management purposes and generally have a maturity of less than three months. Seasonal Treasury bills sold in tenders are noted by *.
Security related terminology
Maturity – The date the final repayment for a security or loan is expected to be made. Maturity data may be presented in slightly different ways depending on the particular form of the security.
Present value – The present value refers to the current market value of a security.
Nominal value – The nominal value of a security represents the amount to be repaid at maturity. The nominal value is recorded on the face of the document recording the entitlement, generally a certificate or bond. It is also referred to as the ‘face value’.
Banking day – Mondays through Fridays, excluding public holidays.
Outright holdings (nominal holdings) – Securities held outright by the owner either directly or through an agent.
Settlement date – The date a counterparty buys the government bond from us.
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.
Total FX swaps – The total 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.
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).
Bond Lending Facility – Bonds borrowed in our bond lending facility.
Term Lending Facility – A new longer-term funding scheme for the banking system, in support of the government’s Business Finance Guarantee Scheme to help promote lending to businesses. The TLF will provide funding at a rate of the OCR, fixed for three years. The facility will require approved eligible collateral to be pledged in a similar manner to our Open Market Operation (OMO).
Funding for Lending Programme – The FLP will provide funding at a rate of the OCR, for a term of three years. The borrowing rate will adjust over the term of the transaction with any changes to the OCR. Eligible counterparties can borrow up to an amount of 6% of their total outstanding loans to businesses and households, made up of an initial allocation of 4% and an additional incentive-based allocation of 2% based on new lending. The programme will require approved eligible collateral to be pledged in a similar manner to our Open Market Operation (OMO) and Term Lending Facility.
Symbols and conventions for summary table
|Symbol or convention||Definition|
|0||Zero or value rounded to zero|
|Light grey background||Historical|
- Individual figures may not sum to the totals due to rounding
- Percentage changes are calculated on unrounded numbers
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View other data in the Reserve Bank balance sheet statistics series.