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The Bank does this by forecasting liquidity based on information provided to it by the NZDMO and the larger government departments (such as Ministry of Social Development, Ministry of Health and Ministry of Education).
The NZDMO assists the Bank by ensuring that the government departments responsible for about 95 percent of the government's receipts and payments provide the Bank with forecasts of their transactions in a timely manner.
We set aside the Reserve Bank's time-consistency concerns, which have been largely resolved through the enactment of the Reserve Bank Act in 1989.(2) We also disregard the objectives facing the NZDMO: to manage the mean and variance of the Crown's financial position.
(1) In practice, other considerations will affect the NZDMO's decision.
The NZDMO said that bond market liquidity was important to help attract more investors and in turn lower borrowing costs for the Crown.
This would be of most immediate concern to the Crown and the NZDMO, which would face an increased cost of funding.
The NZDMO has no further involvement, apart from registering the change of ownership so the promised future payments associated with the security are directed to the new security holder.
(2) Full details about these securities and the issuance process are available from the NZDMO website http://www.nzdmo.govt.nz.
The Reserve Bank intends to continue to use the NZDMO to provide foreign currency funds in situations where it is sensible on a whole-of-Crown basis to do so.
* The change in ALM strategy means that the balance sheet assets and liabilities no longer match by function--for example, the amount of NZDMO FX loans has reduced as loans have matured and been replaced with long term currency and interest rate swaps, whose funding source is NZD provided from currency in circulation and settlement account liabilities.
The Bank does this by forecasting liquidity based on information provided to it by the NZDMO and the larger government departments (such as the Ministry of Social Development, the Ministry of Health, and the Ministry of Education).
The NZDMO assists the Bank by ensuring that the government departments responsible for approximately 95 per cent of the government's receipts and payments provide the Bank with forecasts of their transactions in a timely manner.
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