Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
New Zealand 02 02 - Credit creation NZD 9,250,000,000 5,594,532,479
New Zealand 02A 02A - Financial sector lending/funding NZD 3,000,000,000 1,814,442,966 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/05/term-lending-facility-details-outlined-to-promote-business-lending (accessed on 12 May 2020); RBNZ. https://www.rbnz.govt.nz/covid-19 (accessed 08 May 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/05/large-scale-asset-purchases-expanded (accessed 14 May 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/08/changes-to-term-lending-facility (accessed 24 August 2020).

(i) No amount/estimate: April, The RBNZ is introducing a Term Lending Facility (TLF), a longer-term funding scheme for banks at low interest rates for up to 3 years duration. On May 04, further details have been announced, i.e., under the facility, RBNZ will offer to lend funds to banks at the official cash rate of 0.25%, and will be available to use for six months, starting from May 26 and ending on October 29. On August 20, RBNZ announced that the term has been extended to five years from three years [update]; (ii) April 7, The RBNZ announced that it has added NZD3 billion (equivalent to 30% on issue) of Local Government Funding Agency (LGFA) debt to the Large-Scale Asset Program (LSAP) (See Measure 10 notes: No breakdown).

New Zealand 02B 02B - Support policies for long-term lending NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); RBNZ. https://www.rbnz.govt.nz/covid-19 (accessed 08 May 2020).

No amount/estimate: (i) March 27, RBNZ (a) cut the official cash rate (OCR) by 75 basis points to 0.25% (at least 12 months), and (b) reduced bank’s core funding ratio requirement to 50% from 75% to help banks make credit available; (ii) March, The implementation date of regulatory reform requiring higher capital for banks has been postponed to July 2021; (iii) March, Other regulatory initiatives are also put on hold; (iv) March, RBNZ announced that there will be no dividend payments on ordinary shares and redemption of non-CET1 capital instruments; (v) April 30, RBNZ has removed loan-to-value ratio (LVR) restrictions on housing loans for 1 year (until May 2021).

New Zealand 02C 02C - Loan guarantees NZD 6,250,000,000 3,780,089,513 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020).

April, NZD6.25 billion business finance guarantee scheme for small and medium enterprises (SME) loans, in which the government covers 80% of the credit risk.

New Zealand 02 02 - Credit creation NZD 6,250,000,000 3,780,089,513
New Zealand 02A 02A - Financial sector lending/funding NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020); Reserve Bank of New Zealand (RBNZ). https://www.rbnz.govt.nz/news/2020/03/rbnz-to-implement-30bn-large-scale-asset-purchase-programme-of-nz-govt-bonds (accessed 12 April 2020).

No amount/estimate: April, The RBNZ is introducing a Term Lending Facility (TLF), a longer-term funding scheme for banks at low interest rates for up to 3 years duration.

New Zealand 02B 02B - Support policies for long-term lending NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020).

No amount/estimate: (i) March 27, RBNZ (a) cut the official cash rate (OCR) by 75 basis points to 0.25% (at least 12 months), and (b) reduced bank’s core funding ratio requirement to 50% from 75% to help banks make credit available; (ii) The implementation date of regulatory reform requiring higher capital for banks has been postponed to July 2021; (iii) March, Other regulatory initiatives are also put on hold; (iv) RBNZ announced that there will be no dividend payments on ordinary shares and redemption of non-CET1 capital instruments.

New Zealand 02C 02C - Loan guarantees NZD 6,250,000,000 3,780,089,513 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020).

April, NZD6.25 billion business finance guarantee scheme for small and medium enterprises (SME) loans, in which the government covers 80% of the credit risk.