[Skip to Navigation]

Supporting information:

Basic information: New Zealand’s overseas debt table (E3)

The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

New Zealand's overseas debt is a gross figure. It includes liabilities only and does not take account of overseas assets held by New Zealanders. Data is disseminated in millions of New Zealand dollars. The series starts in March 1992.

The data includes Corporate sector, Official Government, and total overseas debt. Private and government corporation series have been discontinued as of March 1995. Refer to series descriptions for more detail.

Statistics New Zealand changed New Zealand's overseas debt survey from December 1992 by discontinuing the Private and Government Corporations series for reasons of commercial sensitivity. Earlier figures come from previous surveys and are not strictly comparable with later observations. From 1997, the survey switched from a quarterly to an annual “as at 31 March” release date. From 2001, Statistics New Zealand advise that the survey will revert to a quarterly release, and be produced as part of a quarterly International Investment Position survey.

Periodicity

Annually

Timeliness

Data is released 3 months after the reference year.

Access by the public

Advance release calendar

The “Advance Release Calendar” is updated and released each Friday on the website. 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

Publicly available series from Statistics New Zealand.

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

Statistics New Zealand changed New Zealand's overseas debt survey from December 1992. Earlier figures come from an older survey and are not strictly comparable with later observations.

Statistics New Zealand advise that the next release will be replaced by new overseas debt series using a new collection vehicle and will be produced each quarter as part of a new series of Quarterly International Investment Position Statistics.

Provisional data are italicised. Data are deemed provisional when a series is under review. New data, or revised data, are in bold font. Revisions are generally published when the table is next due to be updated and released. Should revisions need to be made more promptly, a note is posted on the website under “Revisions to Tables”.

Any major changes in methodology will be posted on this website.

Quality

Dissemination of documentation on methodology and sources used in preparing statistics

Refer to Statistics New Zealand “Hot off the Press” release: “New Zealand’s total overseas debt”

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

Statistics New Zealand survey

Additional notes

Percentage of GDP figures are based on annual nominal expenditure-based GDP. Source: Statistics New Zealand.

Changes in Liquidity Management

Some Reserve Bank balance sheet, foreign currency asset and liquidity management data series disseminated monthly have recently begun to reflect changes made this year to the Bank's liquidity management policy.

As explained in the document "Reform of the Reserve Bank of New Zealand's Liquidity Management Operations" a new approach to liquidity management policy is now being phased in by the Bank. Increasing liquidity needs of the banking system at a time when availability of government securities was declining, have prompted the Bank to move away from a system relying on bank holdings of government debt as the basis for generating the cash needed to facilitate interbank settlement of payments.

In February 2006 the Bank increased the level of settlement cash in the system to $2 billion to meet immediate needs. From July 2006 the level of settlement cash will be increased further over time to a likely range of $5 - $7 billion. This new liquidity management policy manifests in the Bank's balance sheet and foreign currency reserves, with larger domestic liabilities matched by larger foreign exchange assets. At present the Bank is holding foreign currency assets as the counterpart to the increased settlement cash made available to the domestic banks The foreign exchange risk on the foreign currency assets is hedged, using off-balance sheet transactions (foreign exchange swaps).

28 July 2006