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

Colin Rath won't be pursued over potential director duties breach
Finance

Colin Rath won't be pursued over potential director duties breach

He's also had another nine months added to his sentence.

Riley Kennedy 21 Feb 2024
IAG profits on the back of premium hikes
Finance

IAG profits on the back of premium hikes

The insurer posted profits of A$204 million in the first half of the financial year.

Staff reporters 16 Feb 2024
Rocketing rates clip ASB margins
Finance

Rocketing rates clip ASB margins

But at 2.2%, ASB's margins are still high versus global norms.

Pattrick Smellie 14 Feb 2024