A chronicle of repurchase agreements (RP) and other paradoxical property ownership contracts - www.omo.co.nz

Source RBNZ  

Source: REINZ

Charts updated NZT 19 April, 2006 8:18 PM

Background reading

The Reserve Bank of New Zealand published an article, in their September 2005 Bulletin, by Drage, Munro and Sleemam entitled An update on Eurokiwi and Uridashi bonds.

8 February 2006 - Briefing released. The Reserve Bank made public today, under the Official Information Act, a briefing on recent NZD Uridashi bond flows (PDF 128KB), prepared prior to meetings between New Zealand and Japanese officials in December 2005.



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OMO Matters

US Federal Reserve Reference Publications

"The market for repurchase agreements on US government securities is of vital importance to the New York Fed, and the whole Federal Reserve System, because it is where virtually all of our monetary policy operations are conducted."- Peter Fisher, Manager, System Open Market Account - 15 January 1997.

"Open market operations are not another weapon in the Fed's arsenal, but the only weapon in its arsenal." - Monetary Trends, St Louis Federal Reserve, August 2003.

Repurchase Agreements with Negative Interest Rates - FRBNY - A primer detailing how short sales of Treasury securities can lead to protracted RP fails and consequently negative rates to address capital requirement issues.

Reserve Bank of Australia repo eligible, basis swapped, foreign issued AUD debt - read here.

"Good News" Macroeconomics

OMO-Repo Misuse - Letters to Hon. Dr. Michael Cullen, N.Z. Minister of Finance.

Repo Transaction Accounting. Letter to Mr A Orr, RBNZ.

IMF Repo Accounting Examples, Full Article

Credit Creation, Letter to Iris Claus and Arthur Grimes.

NZ Debt Management Office Uridashi issue and associated EuroKiwi letters to Hon. Dr. Michael Cullen, N.Z. Minister of Finance.

Record Uridashi Issuance.

NZD Mortgage War