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The Reserve Bank (RBNZ) has admitted to having accidentally sent a letter on its latest Statement of Monetary Policy to a “small group” of companies 45 minutes before the publication of the document on November 11.
While the monetary policy statements are highly market-sensitive, the RBNZ said: “The limited information in the letter is unlikely to have given anyone a market advantage, but the Reserve Bank is taking the matter seriously. I laughed”.
The letter was sent to non-bank depository entities (NBDT).
He confirmed the RBNZ’s well-marked decision to introduce a Loan Financing Program (FLP), but did not include details on the scheme.
The letter followed a $ 28 billion consultation period on the FLP.
Its purpose was to explain why most NBDTs would probably not be able to access the program. Since then, mortgage credit societies and credit unions have expressed their disappointment Beyond this.
“The NBDTs would not have assets (collateral) eligible for this facility; furthermore, we appreciate that the costs of establishing the required infrastructure are likely to be prohibitive,” the RBNZ said in the letter.
The RBNZ has commissioned Deloitte to review its internal processes.
He did not say how many institutions he sent the letter to and will not comment further until the review is complete.
