RBNZ consults on new mortgage bond standard


The Reserve Bank of New Zealand today published a consultation paper proposing a new mortgage bond standard aimed at supporting confidence and liquidity in the New Zealand markets.  

This follows an initial consultation in November 2017 and ongoing discussion with issuers and investors over the past year. 

The new mortgage bond standard aims to:

  • reduce contingency risks for the Reserve Bank as a lender of last resort and ensure financial intermediaries supply sufficient high quality and liquid assets; and
  • provide issuers and investors with an additional funding and investment instrument, supporting the development of deeper capital markets.

The consultation paper summarises the changes proposed in response to the key issues raised by industry and sets out the revised mortgage bond standard in an exposure draft for final consultation.

The Bank expects to issue final decisions in March 2019, and commence implementation from June 2019. A five-year transition to full implementation is proposed.

The consultation closes at 5.00 pm on Friday 22 February 2019.

Read the RBNZ consultation material

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