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Mr. John Mendzela

the full cost of operations. There was also a bias towards control, tradition, and highest possible quality. With little business experience, RBNZ staff were at a disadvantage in negotiations with external suppliers. A stream of comprehensive cost information flowed from new systems. Innovative accounting techniques captured and reported the full costs of resources, particularly staff remuneration and benefits. Many internal services were charged for directly, by usage. Even the remaining “overheads” were charged and reported on a unit basis which facilitated

International Monetary Fund. Statistics Dept.

scheme used to map the accounts in the general ledger to the different items of the SRF 1SR . The bridge table format has been shared with RBNZ staff, as indicated in Appendix II. FSG corrected the positions in the accounts below. Reclassified accounts related to FX Swaps (70206 and 70306) from Account A822222 (Settlement Accounts - Nonresidents) to A7581 (Financial Derivatives Nonresidents). Reclassified accounts related to retained earnings (91100, 91101, 91102, 91103, 92204) from Account L94 (General and Special Reserves) to Account L92 (Retained earnings

Mr. John Mendzela
This paper examines how major efficiency gains and improved effectiveness were simultaneously achieved at the Reserve Bank of New Zealand over a five-year period. It identifies the business management concepts that were used to transform the organization, outlines how they were applied, and evaluates the benefits obtained. The paper concludes that substantial real efficiency gains were achieved, while effectiveness was maintained or enhanced. Looking more widely, the business management concepts used to achieve these benefits could be applied to other central banks.
International Monetary Fund. Statistics Dept.
At the request of the Reserve Bank of New Zealand (RBNZ), and with the support of the IMF’s Asia & Pacific Department (APD), a monetary and financial statistics (MFS) technical assistance (TA) mission visited Wellington, New Zealand during October 1–12, 2018.1 The mission’s main objectives were to assist the RBNZ to: (i) complete the central bank Standardized Report Form (SRF 1SR); (ii) review the source data and bridge table used to produce Other Depository Corporations (ODCs) Standardized Report Form (SRF 2SR);(iii) assist the RBNZ to produce additional historical data in the SRFs 1SR and 2SR for the past five years; (iv) review the available source data for the compilation the Other Financial Corporations (OFCs) Standardized Report Form (SRF 4SR); (v) prepare metadata for the central bank, ODC, and OFC surveys; and (vi) agree on a timetable for RBNZ’s SRF-reporting of its MFS.
International Monetary Fund. Asia and Pacific Dept

Uncertainty bands around forecast; Quantification of alternative scenarios (e.g. oil price, and exchange rate path). Reserve Bank of New Zealand (RBNZ) Staff forecast published quarterly. Policy path assumption published Policy path endogenously determined within the model Key assumptions and uncertainties to the outlook; Alternative scenarios sometimes included. Riksbanken Staff forecasts published six times per year; Policy path assumption published Policy path endogenously determined within the model Detailed discussion of uncertainties

International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of the stability of the financial system in New Zealand. Imbalances in the housing market, banks’ concentrated exposures to the dairy sector, and their high reliance on wholesale offshore funding are the key macro-financial vulnerabilities. The banking sector has significant exposure to real estate and agriculture, is relatively dependent on foreign funding, and is dominated by four Australian subsidiaries. A sharp decline in the real estate market, a reversal of the recent recovery in dairy prices, deterioration in global economic conditions, and tightening in financial markets would adversely impact the system. Despite these vulnerabilities, the banking system is resilient to severe shocks. Strengthening the macroprudential framework is important.
International Monetary Fund. Monetary and Capital Markets Department

RBNZ as prudential regulator and supervisor would enhance the ability of the RBNZ to respond swiftly to ongoing and emerging risks. Increasing supervisory resources for all financial sectors is key . This would support the highly qualified RBNZ staff in improving the effectiveness of the supervisory process, enhancing their knowledge of financial institutions’ operations, and deepening risk assessment of supervised entities—and strengthening their ability for early preventive action. The proposed reforms to the regulatory and oversight framework for Financial

International Monetary Fund. Monetary and Capital Markets Department

vulnerabilities is sophisticated and timely . RBNZ has a dedicated department, the Macro-Financial Department, with two teams and 10 staff that leads systemic risk analysis and macroprudential policy discussions. The RBNZ staff has published a number of papers to discuss topical issues on financial stability and macroprudential policy. The department is also in charge of the Financial Stability Report (FSR), published twice a year. The report appropriately covers risks to the financial system, the international financial markets, financial risks to the New Zealand economy (such