Exchange Settlement Account System (ESAS) access review

Overview

Updated: 7 April 2025

The Reserve Bank of New Zealand - Te Pūtea Matua (RBNZ) consulted on the Exchange Settlement Account System (ESAS) access policy twice as part of the ESAS Access Review. 

About the first consultation 

In 2023, we consulted on a new risk assessment framework proposed to evaluate applications to open an ESAS account with us and consider eligibility changes. 

We asked for feedback on the ESAS access Risk Assessment Framework (RAF) proposed to form part of our revised ESAS access policy and criteria. 

An important part of how we apply the access policy is assessing risks that may be introduced into the system by the ESAS applicant. We would use the RAF to evaluate the risks that an ESAS applicant may pose to the system if they were accepted to become an account holder. The draft framework considered CPMI-IOSCO's Principles for Financial Market Infrastructure (PFMI) in capturing the risks relevant for a systemically important payment system such as ESAS. 

Download the first consultation paper (PDF, 890 KB) 

Summary of themes from the first consultation 

Feedback to our first consultation was largely positive towards our intention to broaden access, with feedback raised including: 

• requests for ESAS accounts for non-settlement purposes, particularly non-bank deposit takers seeking an ESAS account to hold high quality liquid assets to meet their prudential liquidity requirements. 
• clarification on how the policy would balance objectives around innovation and competition relating to requirements for integrity and reliability. 
• how we represented the risks prospective applicants would pose to the ESAS system.  

We advised that the feedback warranted more research. This led to a revised approach to balance our initial risk-based approach with considering the benefits ESAS access brings, particularly around innovation and competition. 

Read the summary of submissions and our response (PDF, 464KB)

Read all submissions (PDF, 9MB)

About the second consultation 

In late 2024, we asked for feedback on how the access criteria incorporate our policy intent and what clarity and guidance would be useful to help navigate the policy and application process.  

Download the second consultation paper (PDF, 434KB)

Summary of themes from the second consultation 

Feedback to our second consultation included: 

• requests for remuneration of accounts at the overnight deposit rate (at or near the official cash rate) for all successful applicants, not just prudentially regulated entities, in order to open up access to ESAS on a level playing field 
• that the net benefit test, which was proposed as an aspect of the eligibility criteria, was too ambiguous 
• miscellaneous feedback on our specific business activity and risk-related requirements, including where further guidance on requirements is needed 
• requests for expedited access to ESAS for non-bank deposit takers seeking access for the purpose of meeting prudential liquidity requirements.  

This feedback informed the revised ESAS access policy and criteria approved by the RBNZ Board in March 2025. 

Read the summary of submissions and our response (PDF, 198KB)

Read all submissions (PDF, 5.2MB)