Unwinding LSAP purchases - balance sheet entries

Martin Taylor made this Official Information request to Reserve Bank of New Zealand

The request was partially successful.

From: Martin Taylor

Dear Reserve Bank of New Zealand,

Further to the RBNZ media release of 9 June 2022 headed "Reserve Bank details planned sales of New Zealand Government Bonds"**, please provide detailed accounting entries to show how this process works. In particular:

1. Please provide the annotated accounting entries on the RBNZ, Treasury and any other relevant balance sheets for a representative RBNZ sales transaction
2. Please provide the annotated balance sheet entries for the Treasury's funding for purchases under this programme
3. Please explain, with annotated balance sheet entries, the process of retiring bonds, described here: "Bonds that NZDM repurchase from the Reserve Bank will be retired".

If there is any other information that will aid understanding, it would be appreciated too.

** Media release reference: https://www.scoop.co.nz/stories/BU2206/S...

Yours faithfully,

Martin Taylor

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From: RBNZ Info
Reserve Bank of New Zealand


Kia ora, 

  

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E [23][RBNZ request email]   W [24]rbnz.govt.nz 

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From: Ministerial correspondence Mailbox
Reserve Bank of New Zealand


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Dear Martin,

 

Official information request for annotated balance sheet entries for LSAP
purchases.

Thank you for your official information request of 31 October 2022 for:

1. Please provide the annotated accounting entries on the RBNZ, Treasury
and any other relevant balance sheets for a representative RBNZ sales
transaction

2. Please provide the annotated balance sheet entries for the Treasury's
funding for purchases under this programme

3. Please explain, with annotated balance sheet entries, the process of
retiring bonds, described here: "Bonds that NZDM repurchase from the
Reserve Bank will be retired".

If there is any other information that will aid understanding, it would be
appreciated too.

 

We will endeavour to respond to your request as soon as possible and in
any event no later than 28 November 2022, being 20 working days after the
day of your request. If we are unable to respond to your request by then,
we will notify you of an extension of that timeframe.

 

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Yours sincerely,

 

Marie Ellen

Communications and Engagement Coordinator

Government and Industry Relations

Reserve Bank of New Zealand – [3]Text Description automatically generated
Te Pūtea Matua
[4]cid:image010.png@01D7593A.4FF7BCD0   
2 The Terrace, Wellington
6011. PO Box 2498, Wellington
6140

W [2]rbnz.govt.nz

 

 

 

From: Martin Taylor <[5][FOI #20994 email]>
Sent: Monday, 31 October 2022 2:46 pm
To: RBNZ Info <[6][RBNZ request email]>
Subject: Official Information request - Unwinding LSAP purchases - balance
sheet entries

 

Dear Reserve Bank of New Zealand,

Further to the RBNZ media release of 9 June 2022 headed "Reserve Bank
details planned sales of New Zealand Government Bonds"**, please provide
detailed accounting entries to show how this process works. In particular:

1. Please provide the annotated accounting entries on the RBNZ, Treasury
and any other relevant balance sheets for a representative RBNZ sales
transaction
2. Please provide the annotated balance sheet entries for the Treasury's
funding for purchases under this programme
3. Please explain, with annotated balance sheet entries, the process of
retiring bonds, described here: "Bonds that NZDM repurchase from the
Reserve Bank will be retired".

If there is any other information that will aid understanding, it would be
appreciated too.

** Media release reference:
[7]https://www.scoop.co.nz/stories/BU2206/S...

Yours faithfully,

Martin Taylor

-------------------------------------------------------------------

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From: Janeca Miranda
Reserve Bank of New Zealand


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Kia ora Martin

 

I am writing with regard to the OIA request you lodged with RBNZ, asking:

 

Further to the RBNZ media release of 9 June 2022 headed "Reserve Bank
details planned sales of New Zealand Government Bonds"**, please provide
detailed accounting entries to show how this process works. In particular:

1. Please provide the annotated accounting entries on the RBNZ, Treasury
and any other relevant balance sheets for a representative RBNZ sales
transaction
2. Please provide the annotated balance sheet entries for the Treasury's
funding for purchases under this programme
3. Please explain, with annotated balance sheet entries, the process of
retiring bonds, described here: "Bonds that NZDM repurchase from the
Reserve Bank will be retired".

If there is any other information that will aid understanding, it would be
appreciated too.”

Please be informed that some of the information you are requesting refers
to information held by the Treasury. We can only respond to your questions
insofar as involves the organisation, and cannot respond to questions
involving the Treasury’s information.

 

We are also seeking clarification on question  #3  - are you referring to
bond maturities(as opposed to bond close-outs/sales prior to maturity)?

 

With that in mind I wanted to give you an opportunity to amend or clarify
your request to help us properly respond with the right information.

 

Best regards,

 

Janeca Miranda

Senior Advisor, Government & Industry Relations

Reserve Bank of New Zealand – Te
Pûtea Matua
[3]cid:image019.png@01D75622.D76B9DF0
2 The Terrace, Wellington 6011.
PO Box 2498, Wellington 6140  

E [4][IMG] [5][IMG] [6][IMG] [7][IMG] [8][IMG]
[1][email address]  
W [2]rbnz.govt.nz

 

 

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From: Martin Taylor

Dear Janeca Miranda,

Thanks for your request for clarification.
1. "seeking clarification on question #3 - are you referring to bond maturities(as opposed to bond close-outs/sales prior to maturity)?"
Yes, bond maturities.
2. "some of the information you are requesting refers to information held by the Treasury"
Understood. If your annotation can help me locate where I will need to approach Treasury, and help Treasury to efficiently respond, that will be helpful and appreciated.

Yours sincerely,

Martin Taylor

Link to this

From: Janeca Miranda
Reserve Bank of New Zealand

Thanks Martin

 

We are currently processing your OIA based on the clarification below.

 

I have been in contact with Treasury to transfer the part of your request
that best sits with them and am still waiting on confirmation that they
will process this.

 

Best regards,

Janeca

From: Martin Taylor <[FOI #20994 email]>
Sent: Thursday, 10 November 2022 8:50 am
To: Janeca Miranda <[email address]>
Subject: Re: Question re OIA request

 

Dear Janeca Miranda,

Thanks for your request for clarification.
1. "seeking clarification on question #3 - are you referring to bond
maturities(as opposed to bond close-outs/sales prior to maturity)?"
Yes, bond maturities.
2. "some of the information you are requesting refers to information held
by the Treasury"
Understood. If your annotation can help me locate where I will need to
approach Treasury, and help Treasury to efficiently respond, that will be
helpful and appreciated.

Yours sincerely,

Martin Taylor

-----Original Message-----

Kia ora Martin

 

I am writing with regard to the OIA request you lodged with RBNZ, asking:

 

Further to the RBNZ media release of 9 June 2022 headed "Reserve Bank
details planned sales of New Zealand Government Bonds"**, please provide
detailed accounting entries to show how this process works. In particular:

1. Please provide the annotated accounting entries on the RBNZ, Treasury
and any other relevant balance sheets for a representative RBNZ sales
transaction
2. Please provide the annotated balance sheet entries for the Treasury's
funding for purchases under this programme
3. Please explain, with annotated balance sheet entries, the process of
retiring bonds, described here: "Bonds that NZDM repurchase from the
Reserve Bank will be retired".

If there is any other information that will aid understanding, it would be
appreciated too.”

Please be informed that some of the information you are requesting refers
to information held by the Treasury. We can only respond to your questions
insofar as involves the organisation, and cannot respond to questions
involving the Treasury’s information.

 

We are also seeking clarification on question  #3  - are you referring to
bond maturities(as opposed to bond close-outs/sales prior to maturity)?

 

With that in mind I wanted to give you an opportunity to amend or clarify
your request to help us properly respond with the right information.

 

Best regards,

 

Janeca Miranda

Senior Advisor, Government & Industry Relations

Reserve Bank of New Zealand – Te
Pûtea Matua
[3][1]cid:image019.png@01D75622.D76B9DF0
2 The Terrace, Wellington 6011.
PO Box 2498, Wellington 6140  

E [4][IMG] [5][IMG] [6][IMG] [7][IMG] [8][IMG]
[1][email address]  
W [2]rbnz.govt.nz

 

 

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-------------------------------------------------------------------
Please use this email address for all replies to this request:
[9][FOI #20994 email]

Disclaimer: This message and any reply that you make will be published on
the internet. Our privacy and copyright policies:
[10]https://fyi.org.nz/help/officers

If you find this service useful as an Official Information officer, please
ask your web manager to link to us from your organisation's OIA or LGOIMA
page.

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Link to this

From: Janeca Miranda
Reserve Bank of New Zealand


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Attachment 029 Taylor Response letter.pdf
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Dear Martin,

 

Please see attached our response to your request made under the Official
Information Act 1982.

 

 

Janeca Miranda

Senior Advisor, Government & Industry Relations

Reserve Bank of New Zealand – Te
Pûtea Matua
[3]cid:image019.png@01D75622.D76B9DF0
2 The Terrace, Wellington 6011.
PO Box 2498, Wellington 6140  

E [4][IMG] [5][IMG] [6][IMG] [7][IMG] [8][IMG]
[1][email address]  
W [2]rbnz.govt.nz

 

 

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From: Martin Taylor

Dear Janeca Miranda,

Thank you for your assistance, much appreciated.

I also appreciate your approaching the Treasury and understand the given reason for refusal. I'll review this and perhaps file a later request directly with Treasury.

Yours sincerely,

Martin Taylor

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