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Reserve Bank Announces New Standing Repurchase Facility

RBNZ
"The Reserve Bank today announced a facility to improve the anchoring of wholesale short-term interest rates at the Official Cash Rate (OCR)."
  • "From 20 July 2022, the Reserve Bank will allow eligible counterparties to lend New Zealand dollars (NZD) through a Standing Repurchase (Repo) Facility."
  • "The initial settings for the Standing Repo Facility are as follows, and will be subject to regular review:"
  • "The Standing Repo Facility will allow for eligible counterparties to lend NZD overnight and from tomorrow to the next day, on a secured basis."
  • "The collateral provided by the Reserve Bank as security for the NZD will be nominal NZ Government Bonds (NZGBs) as general collateral."
  • "NZD deposited through the Standing Repo Facility will be remunerated at the Official Cash Rate (OCR) less 15 basis points."
  • "Settlement may occur on a same-day or a T+1 basis (transaction day plus 1 banking day).The Standing Repo Facility will be available between 3:00pm and 4:00pm New Zealand Time every business day and a total facility size of $5 billion will be available for each value date."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsForeign Exchange BulletsHomepage

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