New Zealand
RBNZ governor reiterates further easing ‘seems likely’
Graeme Wheeler says the central bank is ‘conscious’ of the impact low rates can have on housing demand; RBNZ has cut OCR by 75bp since June
RBNZ reveals adjustments to ‘tight budgetary framework’
Central bank cuts 15 positions in preparation for new funding agreement; talk of an ‘offshore office’ put on ice last year as operating expenses ran over budget
RBNZ cuts OCR again in face of ‘softening’
Graeme Wheeler reiterates ‘some further easing in the OCR seems likely’ as he reveals the third consecutive rate cut; RBNZ notes importance of Chinese demand to commodity prices
New Zealand's colour-changing banknote feature hailed as world's first
A colour-shifting bird within a holographic window is main new security feature of the country's first banknote series in 16 years
RBNZ cuts number of interest rate decisions
Starting next July the Reserve Bank of New Zealand will take three-month summer break from monetary policy announcements; ‘clear rule' to replace ‘long-running pattern' for release dates
RBNZ deputy defends change in mortgage ‘speed limit'
Concession allowing 5% of new mortgages to exceed LTV ratios will not add fuel to market rally that has seen Auckland house prices rise by 24% in past year, deputy governor says
RBNZ tweaks macro-prudential plans after banks push back
Banks will be subject to more lenient ‘speed limits’ and will have more time to adapt to new macro-prudential rules, after the industry complains
Wheeler hints at more easing as RBNZ cuts again
Reserve Bank of New Zealand cuts the OCR by 25bp for the second month in a row; Wheeler says further easing "seems likely" despite more favourable inflation outlook
RBNZ proposes measures to boost regulatory efficiency
Consultation following ‘regulatory stocktake’ proposes refinements aimed at cutting unnecessary costs resulting from regulatory expansion in past decade
New Zealand SWF hires BMO to aid ethical push
The NZ Super Fund appoints BMO Global Asset Management to help 'global engagement programme' aimed at improving standards at the companies it owns
RBNZ to cut costs despite need to implement major new projects
Central bank plans to cut costs and use resources more effectively following tighter funding deal; strategy includes payment systems upgrade, new banknote series and first stress tests
IMF paper says ‘one size does not fit all’ with macro-prudential frameworks
Working paper examines use of macro-prudential policy in Hong Kong, the Netherlands, New Zealand, Singapore and Sweden
New Zealand paper calls for clearer financial stability aims
Researchers argue more guidance is needed on how and when macro-prudential policy will be used, pointing to the lack of hierarchy between distortions
Kiwi slides as RBNZ cuts OCR to boost demand
Reserve Bank of New Zealand cuts key rate to 3.25% and suggests further easing could follow; kiwi drops to lowest level against US dollar in almost five years in aftermath
RBNZ strikes new funding deal with government
Funding agreement features small increase in core operating expenditure over the next five years and additional $51.4 million to help meet cost of issuing new banknotes
Buyer sought for RBNZ securities settlement system
Reserve Bank of New Zealand looks to sell NZClear after deciding it is no longer a ‘core business'; sell-off part of payment system facelift
New Zealand central bank facing 'paradox of transparency'
RBNZ-commissioned survey finds trade-off between transparency and certainty; reveals discrepancy between public and stakeholder trust
RBNZ paper investigates changes to inflation expectations after oil price shocks
Research suggests changes in expectations following real oil price shocks have ‘little or nothing to do with actual inflation outcomes’
RBNZ targets Auckland with new macro-prudential plans
Central bank wants to impose stricter macro-prudential rules on lending to property investors in Auckland; will also force banks to hold more capital against those loans from October
Bank of Portugal ‘unprecedented’ decision over BES split questioned in lawsuit
Central bank’s decision to remove a loan from Oak Finance to BES from the ‘good bank’ created in the wake of its failure is challenged in court by New Zealand Superannuation Fund
RBNZ hires monetary policy advisers as inflation drops to 15-year low
Graeme Wheeler says advisers ‘bring fresh viewpoints'; assistant governor says monetary policy can do little to influence inflation outcomes in ‘near term'
RBNZ deputy calls for action on housing imbalances
Grant Spencer says changes to tax treatment of housing should be considered, while he identifies apartment development as the best prospect for boosting supply in the short term
Risks in commercial property have fallen, RBNZ research finds
Article in latest RBNZ bulletin finds less leverage is being used to fund new purchases and developments, while market is showing signs of a ‘robust’ recovery
Bascand says RBNZ more alert to risks
Deputy governor says new risk management framework has improved central bank’s ability to deal with risk; discusses reserves management policy and ‘open relationship’ with government