A quick catch up after BBG ran comments from...>

RBNZ: A quick catch up after BBG ran comments from RBNZ chief economist Ha in

the Asia/Asia crossover.

- Ha reiterated that the Bank expects to hold the OCR at its current level until

March '21, in line with its current forward guidance. Ha noted that "We're not

planning on taking it lower at this stage, simply because the banking system is

not ready for lower OCR rates at the moment. We've given the banking system

until the end of the year to get ready so that the option is there for the

Monetary Policy Committee in a year's time." Ha did note that "the ability to

continue to monitor, revise, reassess and re-evaluate our decisions and the

effectiveness of our decisions and do whatever it takes to get us back to our

medium-term objectives."

- He also echoed recent comments from other MPC members, noting that the

pass-through of lower wholesale interest rates to the retail side of the

equation has been slow, and that he expects further pass-through as we move

forwards.

- He also pointed to early signs of success for the RBNZ's LSAP.