The Reserve Bank of New Zealand has approved revised access criteria for the Exchange Settlement Account System (ESAS), setting out a two-phase expansion of eligibility beyond banks and other currently approved organisations. The changes follow a multi-year review of ESAS access that included two public consultations, most recently in November 2024. Under phase one, licensed non-bank deposit takers (NBDTs) in New Zealand will become eligible for ESAS access. Phase two extends eligibility to other entities that meet the access criteria, which may include payment service providers, overseas deposit takers and operators of designated financial market infrastructures (FMIs). Applications will be assessed individually, with NBDT applications expected to be less complex and potentially expedited given their intended use of ESAS to hold reserves to meet prudential liquidity requirements and the way they are regulated. As soon as practicable in the coming weeks, the Reserve Bank of New Zealand plans to publish submissions from the second consultation, the revised access policy and criteria, and information enabling phase one applicants to begin the application process, with further updates to follow as additional details are finalised.
Reserve Bank of New Zealand 2025-03-31
Reserve Bank of New Zealand approves revised ESAS access criteria to expand eligibility to non-bank entities
The Reserve Bank of New Zealand has approved revised access criteria for the Exchange Settlement Account System (ESAS), expanding eligibility in two phases to include licensed non-bank deposit takers and potentially other entities like payment service providers and overseas deposit takers. The changes follow a multi-year review and public consultations, with the bank planning to publish related submissions and criteria soon.