RBNZ publishes a summary of submissions on mortgage bond collateral standards

The Reserve Bank of New Zealand (RBNZ) has just released a summary of non-confidential submissions following the public consultation on its review of mortgage bond collateral standards. 

Deputy Governor Geoff Bascand said: "The feedback has provided useful insights into the terms under which the Reserve Bank should accept mortgage bonds as collateral and the proposed new standard in Residential Mortgage Obligations.” 

“The Reserve Bank plans to follow up with stakeholders on the key issues raised.”  “We also expect to consult on a revised proposal with the aim of finalising the mortgage bond collateral policy review by the end of the year,” Mr Bascand said.

The consultation paper was released by RBNZ on 17 November 2017.  

View the press release and consultation documents

The proposal for a more standardised and transparent framework for mortgage bonds sought to improve their quality and make them more marketable, as well as: 

  • improving the risk position of the Reserve Bank by promoting the use of higher quality and potentially more liquid, mortgage bonds as collateral in the Bank’s lending operations; 
  • supporting New Zealand market lenders by creating an additional funding instrument for residential mortgages; and
  • promoting a deeper capital market through the availability of simple, comparable and transparent mortgage bond instruments. 

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