Reserve Bank's cheap funding ends with $19.02b drawn down

Reserve Bank's cheap funding ends with $19.02b drawn down
The FLP provided banks with three-year money at whatever rate the OCR was at. (Image: Depositphotos)
Jenny Ruth
The Reserve Bank of New Zealand’s cheap bank funding scheme at last expired on Tuesday after banks had accessed $19.02 billion of the about $28b that's been on offer since late 2020.When the central bank announced the funding-for-lending programme (FLP), it said it would both directly lower the funding costs of those taking part in it and indirectly lower the funding costs of non-participants by reducing the demand for retail deposits and wholesale funds.In a letter to non-banks, which had complained about not being able to access the...

More Finance

Budget 2024: tax relief on, surplus further off
Finance

Budget 2024: tax relief on, surplus further off

The package will be less generous than National’s election campaign promises.

Pattrick Smellie 27 Mar 2024
New Guardians of NZ Super CEO appointed
Finance

New Guardians of NZ Super CEO appointed

Townsend will be its first external CEO appointment since Adrian Orr in 2007.

Staff reporters 27 Mar 2024
Russia’s backdoor to the global banking system slamming shut
Finance

Russia’s backdoor to the global banking system slamming shut

Major Dubai lender has scaled back Moscow business, and Turks are now more cautious.