D10 Influences on settlement cash

Released
22 December 2016 03:00 p.m.
Next release
31 January 2017 03:00 p.m.
Source
Reserve Bank of New Zealand
Periodicity
Monthly
Data files
D10 (1997-current) (XLS 133.5 KB)
(NZ$ million) Jun 2016 Jul 2016 Sep 2016 Oct 2016 Nov 2016
1. Cash at beginning of month 7,695 8,624 7,553 6,990 7,218
2. Government cash influence 1,009 2,769 955 -15 -791
3. Reserve Bank transactions -48 7 -143 -67 -151
4. Government debt transactions
  Bonds issued -593 260 95 537 -297
  Bond maturities - - - - -
  Regular Treasury bills issued -435 -593 -444 -593 -597
  Regular Treasury bill matruities 500 400 550 600 597
  Other - - - - -
5. Foreign exchange -30 -6 -43 -24 -26
6. Cash after public sector transactions during month (=1+2+3+4+5) 8,099 11,445 8,524 7,428 5,953
7. Liquidity management operations
  Net reverse repos - - -794 -400 50
  Net repos -110 110 - - -
  Net FX swaps and basis swaps -1,751 -2,370 -961 242 -698
  Net RB bills 1,215 115 685 105 -310
  Net overnight reverse repo facility - - - - -
  Net auto-repo rollover .. .. .. .. ..
  Net bond lending facility - - - 0 -
  Net total liquidity management operations during month - - - 0 -
8. Cash as at end of month (=6+7) 7,453 9,301 7,453 7,375 4,995
9. Average settlement cash 7,812 7,832 7,304 7,311 7,527
10. Outstanding liquidity management operations as at end of month
  Reverse repo (nominal) - - - - -
  Repo (nominal) -100 - - - -
  FX swaps and basis swaps 16,910 14,103 15,528 15,780 15,096
  RB bills -672 -557 -172 -67 -377
  Overnight reverse repo facility - - - - -
  Auto-repo rollover .. .. .. .. ..
  Bond lending facility (net) - - - - -
Total 16,139 13,546 15,356 15,714 14,719

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

(a) Cash at beginning of month

(b) Government cash influence

(c) Currency in circulation

(d) Other (RBNZ transactions)

(e) Bonds issued

(f) Bond maturities

(g) Regular Treasury bills issued

(h) Regular Treasury bill maturities

(i) Other (Government debt transactions)

(j) Foreign exchange

(k) Cash after public sector transactions during month (totals a, b, c, d, e, f, g, h, i and j)

(l) Net repos

(m) Net FX swaps

(n) Net seasonal Treasury bills

(o) Net overnight repo facility

(p) Net auto-repo rollover

(q) Net total liquidity management operations during month (totals l, m, n, o and p)

(r) Cash as at end of month (totals k and q)

(s) Average settlement cash

(t) Repos (nominal)

(u) FX swaps

(v) Seasonal Treasury bills

(w) Overnight repo facility

(x) Auto-repo rollover

(y) Total (totals t to x)

Periodicity

The information is captured daily and released monthly.

Timeliness

Tables are updated 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 is updated and released on the last working day of the month. This is a long-term plan of scheduled releases.

Integrity

Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses

Although there is no law that requires the RBNZ to compile and publish data on the tenders, the data are disseminated by the RBNZ as a service to the public.

Provision of information about revisions and advance notice of major changes in methodology

Due to the RBNZ's 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 RBNZ's 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 the Bank's liquidity management operations.

Quality

Dissemination of documentation on methodology and sources used in preparing statistics

The actual receipts and expenditure for the Government and RBNZ

Dissemination of component detail that support statistical cross-checks and provide assurance of reasonableness

Not applicable.

Descriptions of settlement cash

Settlement cash balances The surplus cash held at the Bank in Exchange Settlement Account System (ESAS) accounts at the end of a banking day.

Cash at beginning of month The cash at the beginning of the month is the opening cash balance of the Exchange Settlement Accounts (ESA).

Government cash influence The Government cash influence is 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 the RBNZ. Currency in circulation refers to notes and coins issued by the RBNZ less those held in the vaults of registered banks.

Other (Government debt transactions) The net amount of miscellaneous Government debt transactions.

Foreign exchange Foreign exchange deals transacted by the New Zealand Government and the RBNZ.

Net reverse repos The net amount of reverse repos, transacted by the RBNZ to help manage the Government's daily liquidity flows.

Net repos The net amount of repos, transacted by the RBNZ 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) transacted by the RBNZ to help manage the RBNZ's and Government's daily liquidity flows.

Net seasonal Treasury bills The net amount of seasonal Treasury bills, transacted by the RBNZ to help manage the Government's daily liquidity flows.

Net overnight reverse repo facility The net amount of overnight reverse repos transacted by RBNZ with other parties. The RBNZ will be willing to enter into overnight reverse repos on demand, with those parties who have entered into a Master Repurchase Agreement with the RBNZ. These transactions are done at a margin above the OCR. The OCR is an interest rate set by the RBNZ to implement monetary policy, so as to maintain price stability.

Net auto-repo rollover The net amount (borrowings less repayments) of auto-repo. Settlement account holders can enter into automated intra-day borrowing with the RBNZ. This borrowing can be rolled overnight, but at an interest rate of 30 basis points above the OCR. The auto-repo facility was discontinued in October 2006 following implementation of the new liquidity management regime.

Cash as at end of month The surplus cash held at the bank 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.

Settlement cash balances The surplus cash held at the Bank in Exchange Settlement Account System (ESAS) accounts at the end of a banking day.

Overnight reverse repo facility A counterparty that has signed a Master Securities Repurchase Agreement sells government securities to the Bank 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).

Autorepo rollover facility A counterparty that has signed a Master Intra-day Securities Repurchase Agreement can borrow cash from the Bank and repay the cash intra-day (within the 24 hour banking day). If the intra-day transaction is not repaid at the end of the business day, it automatically rolls over into an inter-day transaction at a rate of 30 basis points above the Official Cash Rate (OCR). The auto-repo facility was discontinued in October 2006 following implementation of the new liquidity management regime.

Net Bond lending facility Bonds borrowed in the Bank's bond lending facility

Symbols and conventions

0 Value rounded to zero
- Zero or not applicable
.. Not available
bold Revised/new
italics Provisional

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.