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RBNZ accidentally sent a 'small group' of firms a letter about its Monetary Policy Statement 45 minutes before the document was published

RBNZ accidentally sent a 'small group' of firms a letter about its Monetary Policy Statement 45 minutes before the document was published

The Reserve Bank (RBNZ) has admitted to accidently sending a letter about its latest Monetary Policy Statement to a “small group” of firms 45 minutes ahead of the document being published on November 11.

While Monetary Policy Statements are highly market-sensitive, the RBNZ said, “The limited information contained in the letter is unlikely to have provided anyone with a market advantage, but the Reserve Bank is taking the matter seriously.”

The letter was sent to non-bank deposit takers (NBDT).

It confirmed the RBNZ’s well-signalled decision to introduce a Funding for Lending Programme (FLP), but didn't include specifics on the scheme.

The letter followed a period of consultation on the $28 billion FLP.

Its purpose was to explain why most NBDTs would probably not be able to access the programme. Building societies and credit unions have since voiced their disappointment over this.

"NBDTs would not have assets (collateral) eligible for this facility; additionally, we appreciate that the costs of establishing the required infrastructure is likely to be prohibitive," the RBNZ said in the letter.

The RBNZ has commissioned Deloitte to review its internal processes.

It didn’t say how many institutions it sent the letter to and won’t make further comment until the review is complete.

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18 Comments

Market discrimination!

TTP

the quality of public service has been continuously dropping.

Oh zingmo, so you think we should pay (bribe) a group of entitled, corrupted, indoctrinated sycophants like you do in China? Will that improve the situation?

shambolic

Sounds like someone is rattled...that's when silly mistakes creep in.

Whose head should roll for this?

Nobodies head rolls at the RBNZ. They could (and are) bomb the whole economy and everyone will still keep their jobs.

“ Omnes Auctoritate Nihil Responsabilitas” thus rides forth The Brown Cardigan Brigade to the ultimate goal of stifling and drowning every true and reasonable facet of everyday life in New Zealand. There is no greater threat to democracy and society than a civil service that is opinionated. unaccountable and self serving. Folks, apart from a thin red line of good souls, that is exactly what has invaded New Zealand.

LOL no heads will ever roll at the RBNZ.
They are "independent": this bunch of unelected bureaucrats can even wreck the economy with their reckless policies, and nobody is doing anything about it.

Excuse me - but all bureaucrats are unelected.

TTP
P.S. Would someone at interest.co please change my name back to tothepoint. Much appreciated!

Beanie
"Whose head should roll for this?"
Joan in the typing pool pushed the send button instead of the save button so was responsible - need to get rid of her pronto. :)
Happy?

Clerical error? Ho Hum.
RBNZ has bigger problems to address.

Has Dads Army come true?

At least Dads Army was funny. On the other hand, the current management of the RBNZ are tragicomic - the tragic part will come later, when the results of their current policies will fully impact the NZ financial system.

Whos mandate was it to send that letter? We may never know...

Sending market sensitive information early could certainly benefit friends, just like pulling certain levers at the right time, thus increasing house prices could benefit friends. It sure is a good job that this lot at the RBNZ are trustworthy and have the whole countries best interests at heart. It would be a nightmare if they decided to just protect and reward certain people and completely abandon and ruin others.

Chrr Orr’zo... looking forward to our annual Christmas holiday together... ps my shout ;)

Perhaps a round of drug testing is needed at the RBNZ?