New Zealand’s Reserve bank has contracted the firm Deloitte to perform an independent assessment of its internal processes.
This comes after sensitive information was accidentally made available to a few financial service companies a short while before it was released to the public via a periodic Monetary Policy Statement.
This accidental disclosure was featured in a letter sent out to non-banking institutions in the final consultative process, the Reserve Bank noted in their statement.
The letter’s contents pointed out the bank’s choice to bring in funding for the lending program but did not offer specifics. The market was already expecting confirmation of the lending program in the bank’s policy statement. But this information should never have been posted to the public until it was officially released to the public. The leakage was about an hour early.
The funding program is a mechanism the RBNZ set up to give freshly mint cash to lending institutions at an impressive rate rather than giving wholesale facilities. Essentially, that would offer commercial banks discounted rates, which would lower funding, as is often the case with its official cash rate.
It noted this past week that no details regarding the scheme had been issues to the public, but the announcement noted that the program would start this December.