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    RBNZ Issues Proposal on Mortgage Bond Obligations Standard

    February 15, 2019

    RBNZ launched a second consultation on the Residential Mortgage Obligations standard on November 13, 2018. The consultation was initially expected to end on February 22, 2019, although the consultation period was later extended to March 08, 2019. RBNZ also published a draft template to assist banks to provide loan-level data under the proposed mortgage bond standard.

    The new mortgage bond standard aims to reduce contingency risks for RBNZ as a lender of last resort and to ensure that financial intermediaries supply sufficient high-quality and liquid assets. It also aims to provide issuers and investors with an additional funding and investment instrument, supporting the development of deeper capital markets. The consultation paper summarized the changes proposed in response to the key issues raised by industry and sets out the revised mortgage bond standard in an exposure draft for final consultation. The initial consultation took place from November 2017 to March 2018. The timeline for implementation will be updated when final decisions are made. RBNZ has proposed a five-year implementation timeline for the Residential Mortgage Obligations standard. 

     

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    Comment Due Date: March 08, 2019

    Keywords: Asia Pacific, New Zealand, Banking, Securities, Residential Mortgage Obligations, Mortgage Bond Standard, RBNZ

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