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

ANZ admits 'unacceptable failure' as bond probe continues
Finance

ANZ admits 'unacceptable failure' as bond probe continues

Regulator is investigating the bank over its bond turnover data.

AAP 25 Jul 2024
ComCom will try to bring down PayWave, credit card surcharges
Finance

ComCom will try to bring down PayWave, credit card surcharges

Card industry tried to regulate itself, Govt has tried, now it is ComCom's turn.

Staff reporters 23 Jul 2024
Massive cyber outage cripples banks and other organisations worldwide
Finance

Massive cyber outage cripples banks and other organisations worldwide

A major cybersecurity outage has taken out computer-reliant services

Dileepa Fonseka 19 Jul 2024