IMF国际货币组织全球-New-Zealand_Technical-Assistance-Report_34页_872kb

Summary of the Monetary and Financial Statistics Mission to New Zealand

Core Content

This Technical Assistance Report (TAR) outlines the outcomes and recommendations of a monetary and financial statistics (MFS) mission conducted in New Zealand from October 1-12, 2018. The mission, organized by the International Monetary Fund (IMF) and supported by the Asia and Pacific Department (APD), aimed to assist the Reserve Bank of New Zealand (RBNZ) in improving the compilation and dissemination of MFS data.

Main Objectives and Outcomes

The mission's primary goals were to:

• Complete the central bank's SRF 1SR
• Review the source data and bridge tables for the ODCs SRF 2SR
• Assist in producing additional historical data for the SRFs
• Prepare metadata for the central bank, ODC, and OFC surveys
• Agree on a timetable for the RBNZ's SRF reporting

The mission successfully achieved these objectives, and SRF-based MFS data were published in the December 2018 issue of the International Financial Statistics (IFS). The RBNZ is now able to compile and disseminate MFS data for national use and to report to the IMF's Statistics Department (STA).

Key Recommendations

Main Views and Key Information

A. Context

• The RBNZ has been reporting MFS data to the IMF's Statistics Department (STA) since 2010, with the introduction of the SRFs.
• The SRF migration process stalled in 2011 due to insufficient data breakdowns for the ODCs.
• The RBNZ has made significant improvements to its data collection frameworks over the past five years, enabling the completion of the SRF-2SR for ODCs.

B. New Zealand's Financial System

• The financial system of New Zealand is highly developed, with total assets of about NZD 750 billion as of end-March 2018, equivalent to around 310% of GDP.
• The financial system includes the central bank (RBNZ), other depository corporations (ODCs), other financial corporations (OFCs), and various financial auxiliaries.
• The ODC sector is dominated by banks and comprises about 72% of total financial assets, with RBs representing over 70%.
• The OFC sector accounts for about 25% of total financial system assets and is supervised by both the RBNZ and the Financial Markets Authority (FMA).

C. Financial Sector Structure

• The financial system includes:
  • Central Bank (RBNZ): 4% of total assets, 12% of GDP
  • Registered Banks (RBs): 71% of total assets, 218% of GDP
  • Other Depository Corporations (ODCs): 72% of total assets, 220% of GDP
  • Private Superannuation (KiwiSaver and Other Super): 6% and 4% of total assets, respectively
  • Managed Funds (non-money market): 2% and 5% of total assets (Wholesale and Retail)
  • Insurance Corporations (ICs): 3% of total assets, 8% of GDP
  • Non-deposit taking finance corporations (NDTFCs): 1% of total assets, 4% of GDP

D. Data Collection and Reporting

• The RBNZ has introduced a new bank balance sheet collection system (BBS) in 2017, which is MFSMCG-compliant.
• The BBS system provides the necessary data to compile SRF-2SR for ODCs and SRF-4SR for OFCs.
• The RBNZ collects quarterly balance sheet data from MFs and ICs, which can be used to produce SRF-4SR data.
• The Statistics Unit (SU) works closely with the Financial Services Group (FSG) to produce and report MFS data to the IMF.

E. Data Dissemination and Metadata

• The SU has developed reports that automatically generate SRFs from the Financial Sector Information System (FSIS), the RBNZ's proprietary database.
• Metadata for the central bank, ODC, and OFC surveys has been prepared to enhance the clarity and usability of the data.
• The RBNZ has improved the quality of its data dissemination over the years, including the publication of monthly and quarterly data on its website.

F. Data Quality and Adjustments

• The SU and FSG manually adjust balance sheet data to identify counterparty positions and classify financial instruments.
• These adjustments are necessary to align the RBNZ's data with the MFSMCG standards.
• The mission recommended expanding the manual adjustments process to include additional instruments such as deposits, debt securities, repurchase agreements, and accounts payable/receivable.

G. Future Developments

• The RBNZ is encouraged to continue improving its data collection and reporting processes.
• The mission recommended further training and technical assistance to ensure compliance with international standards.
• The RBNZ is also advised to align its official monetary statistics with the data compiled from the SRFs.

Conclusion

The mission to New Zealand was successful in helping the RBNZ improve its monetary and financial statistics (MFS) data collection and reporting processes. The introduction of the BBS system and the enhancement of data dissemination have significantly improved the quality and reliability of the data. The RBNZ is now able to compile and report MFS data in compliance with the MFSMCG, which is essential for the proper functioning of the financial system and for the formulation of monetary policy.