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Reserve Bank of New Zealand News Releases
The Reserve Bank of New Zealand is New Zealand’s central bank. We promote a sound and dynamic monetary and financial system.

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Stress test reinforces importance of bank capital

Release date 17 September 2020 The Reserve Bank’s – Te Pūtea Matua – latest stress test of New Zealand’s banks illustrates the benefit and necessity of shoring up bank capital in the good times to provide resilience. The COVID-19 pandemic has demonstrated that large shocks can occur with very little warning. “The onset of the COVID-19 pandemic provides a stark reminder to us all of the importance of being prepared for the unexpected, especially when you are a...

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Work on Insurance Act Review resumes

Release date 14 September 2020 The Reserve Bank – Te Pūtea Matua will be relaunching the review of the Insurance (Prudential Supervision) Act (IPSA) in October. The review began with an industry consultation in 2017 and was set to resume in March this year, but was delayed in-line with the regulatory relief implemented to free up the Reserve Bank and industry participants to support our economy and tackle the challenges created by COVID-19. “Maintaining a sound...

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Confidence in a world of uncertainty

Release date 06 September 2020 During this unsettling time of COVID-19 public confidence in our financial system is critical. This is why the Reserve Bank of New Zealand – Te Pūtea Matua – takes its mandate of promoting monetary and financial stability as sacrosanct. We rely heavily on our core values of integrity, innovation and inclusion to succeed. These values are our bedrock which ensured we were prepared for the challenges COVID threw at us, and will...

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Same objectives, different challenges

Release date 02 September 2020 The Reserve Bank’s goals of monetary and financial stability, and team values and capabilities, put it in good stead to manage the evolving economic consequences of the global COVID-19 pandemic. “There is no precedent for an economic shock of this nature in peoples’ living memory. It is assuring that during such uncertain times people can have confidence in New Zealand’s monetary and financial system,” said Reserve Bank Governor...

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Banks and NBDT's under COVID-19 Alert Level 3 – August 2020

Release date 24 August 2020 The Ministry of Health have granted an exemption to enable registered banks and licensed non-bank deposit takers (NBDTs) to carry out critical financial services at Alert Level 3. https://gazette.govt.nz/notice/id/2020-go3923 The exemption is subject to the following conditions: Interactions with customers should be via remote means wherever possible; Face-to-face customer interaction continues to be permitted for financial...

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RBNZ to lead Asia-Pacific Central Banks working group

Release date 21 August 2020 The Reserve Bank of New Zealand has been appointed chair of an international central bank working group for the next two years. In its virtual meeting on Wednesday, the Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) announced that the Reserve Bank has been appointed chair of the EMEAP Working Group on Payments and Market Infrastructures (WGPMI). EMEAP is a cooperative organisation of central banks and monetary...

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Changes to Term Lending Facility

Release date 20 August 2020 In conjunction with the Government’s review of the Business Finance Guarantee Scheme, the Reserve Bank today outlined the revised operational details of the Term Lending Facility (TLF). Under the revised facility, the Reserve Bank will continue to offer to lend funds to banks at the Official Cash Rate, however the term has been extended to five years from three years. The new facility will be available to use from 26 August and now...

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The Reserve Bank's balance sheet set to expand further in response to COVID-19

Release date 20 August 2020 The Reserve Bank’s balance sheet will continue to grow as it supports the economy and financial system in response to the COVID-19 pandemic. In a speech to the ANZ-KangaNews New Zealand Capital Markets Forum, Assistant Governor Christian Hawkesby outlined how the Bank is using its balance sheet to achieve its monetary policy mandate of low and stable inflation and full employment, as well as supporting financial stability. The Bank’s...

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Reserve Bank extending mortgage deferral scheme

Release date 17 August 2020 The Reserve Bank - Te Pūtea Matua - is announcing an extension of the regulatory guidance for the mortgage deferrals programme to help customers in need. Since the original guidance was issued in March, many lenders have been supporting customers affected financially by COVID-19. The regulatory guidance means banks can continue to offer temporary mortgage deferrals to their customers, without those loans being viewed as being in...

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Further easing in monetary policy delivered

Tēnā koutou katoa, welcome all. The Monetary Policy Committee agreed to expand the Large Scale Asset Purchase (LSAP) programme up to $100 billion so as to further lower retail interest rates in order to achieve its remit. The eligible assets remain the same and the Official Cash Rate (OCR) is being held at 0.25 percent in accordance with the guidance issued on 16 March. Reflecting a possible need for further monetary stimulus, the Committee also agreed that a package of additional monetary...

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