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Standing facilities (D12)

This data shows the settlement cash level and use of the Reserve Bank's standing facilities on a daily basis.

Standing Facilities


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

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

Coverage characteristics

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
  • Amount
  • Bond
  • Settlement date
  • Maturity date
  • Term Lending Facility
  • Funding for Lending Programme
  • Amount drawn
  • Repayments
  • Aggregate outstanding

Periodicity

Daily.

Timeliness

We release the results of the Standing Facilities via electronic media the next banking day.

Access by the public

Data release

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.

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 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.

Read the procedures in Section 3 of the Operating Rules and Guidelines for the Domestic Markets

Quality

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

Not applicable. 

Electronic media

Includes Refinitiv, Bridge and Bloomberg.

Security types

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.

Government securities

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
- 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.