Reserve Bank of New Zealand Survey

26. The source data for compiling the central bank survey is the RBNZ’s general ledger. The general ledger contains over 11,000 accounts (many no longer in use) for assets, liabilities, capital and reserves, and income and expenses. Data for the RBNZ’s balance sheet are disseminated two to three weeks after the end of the reference month.

27. SU has documented processes in place to classify data from the general ledger and produce SRF-1SR. SU receives the general ledger accounts from the RBNZ’s Financial Services Group (FSG) within the first 10 days of the month. The time series received by SU have sufficient information to identify the instrument and currency of each account. However, the accounts lack details on the residency of the counterparty. As a starting point, SU uses the currency of denomination as a proxy to determine residency. FSG provides supplemental information to SU to assist in identification of resident and non-resident sector positions of the RBNZ.

28. Using the supplementary information, the SU makes two manual adjustments to the balance sheet data. The first adjustment is needed to identify the counterparty of the RBNZ’s reverse repurchase agreements; and the other to identify the counterparty for the RBNZ’s financial derivatives (interest rate, basis, and foreign exchange swap operations).

29. Additional supplementary information could be used to eliminate the remaining discrepancies between the international reserves data published by the RBNZ and the data compiled from the SRFs. Despite these manual adjustments, there are still differences between the foreign positions reported in SRF-1SR and those reported by FSG in the international reserves template. FSG produces the data in the International Reserves Template, called by the RBNZ the “SDDS Report”, and published online in a separate table (Table E1) on the RBNZ’s website. FSG’s data for reserves also derive from the general ledger and are manually adjusted by FSG staff when calculating the total amount of international reserves. FSG makes some additional manual adjustments to the data beyond the operations currently performed by the SU.

30. SU’s existing processes are not currently able to fully identify the RBNZ’s positions with non-residents. SU, jointly with staff from FSG, are urged to expand the adjustments process to include other instruments such as deposits, debt securities, repurchase agreement (liabilities), and other accounts receivable/payable. Additionally, the manual adjustments made to financial derivatives should be expanded to include cross currency swaps and futures.

31. Recommended Action: SU, jointly with the FSG to conduct a review of the practices used to compile the International Reserves Template and Table E1 to document and resolve all differences. Deadline: June 2019.

32. Recommended Action: SU to develop new data reports from FSG that separately identify counterparty positions for the RBNZ’s deposits, debt securities, repurchase agreements, financial derivatives, and other accounts payable/receivable and classify the accounts properly in SRF- 1SR. Deadline: September 2019.

33. Foreign currency denominated assets are converted to NZD using market rates obtained from Bloomberg. Rates are obtained at approximately 9:12 AM from Tuesday through Saturday, capturing closing prices from international markets. This rate approximates the market conditions existing for the previous day’s RBNZ balance sheet.

34. Accrual accounting methods are used to value financial instruments on the RBNZ balance sheet. Flows and valuation changes in the corresponding stocks are recorded at the time economic value is created, transformed, exchanged, transferred, or extinguished; rather than at the time when payments are made (cash basis). This approach is in line with international financial reporting standards (IFRSs) and the recommendations of the MFSMCG. However, in the general ledger, the interest accrued on deposits, loans, and debt securities is not recorded together with its underlying instrument (as recommended by the MFSMCG), but in Other Assets/Liabilities as interest receivable or payable. Because interest receivable/payable is identified for the different instruments in the general ledger, it is possible to bring them together with their underlying assets in the SRF 1 SR. In the SRF 1SR, the RBNZ reports the value of the stock of financial instruments together with the associated accruals. The RBNZ values its financial assets and liabilities using market prices or fair value methods, in line with the recommendations of the MFSMCG.

35. The RBNZ issues short-term debt securities that accrue interest. These unrated securities are considered credit-risk free and are currently only held by RBs. The RBNZ bills are classified as excluded from the monetary base as the RBNZ does not require banks to hold reserves. The mission informed the SU that, should these securities become tradable in secondary markets, the RBNZ would need to track their ownership. RBNZ bills owned by money holding sectors, such as OFCs, should be included in the stock of broad money.

36. New Zealand’s positions with the IMF are on the balance sheet of the Debt Management Office of the Treasury. As the depository agent for transactions with the IMF, the RBNZ only has minor amounts of IMF No. 1 Account and No. 2 Account deposits on its balance sheet.

Standardized Report Form 1SR

37. Together with staff from the SU and the FSG, the mission reviewed the scheme used to map the accounts in the general ledger to the different items of the SRF 1SR. The bridge table format has been shared with RBNZ staff, as indicated in Appendix II. FSG corrected the positions in the accounts below.

• Reclassified accounts related to FX Swaps (70206 and 70306) from Account A822222 (Settlement Accounts - Nonresidents) to A7581 (Financial Derivatives Nonresidents).

• Reclassified accounts related to retained earnings (91100, 91101, 91102, 91103, 92204) from Account L94 (General and Special Reserves) to Account L92 (Retained earnings).

38. Some of the general ledger accounts contained a mixture of positions in national and foreign currency. These accounts were split so that they only contained either national or foreign currency denominated positions. FSG corrected the mapping scheme to more accurately filter out foreign currency positions in the accounts below:

• Financial Derivatives (71018).

• Other Assets: (71608).

• Financial Derivatives (81018).

39. Benchmark Recommended Action: The RBNZ to report to STA, on a regular monthly basis, SRF 1SR based on the new compilation framework, including historical series from December 2001 onwards. Deadline: December 2018.

Other Depository Corporations

40. ODCs comprise of RBs, SIs, DTFCs, and cash management trusts. RBs submit their balance sheet data in the BBS report forms via a secure web portal. Data are reported monthly within 12 business days of the end of the reporting period. Data for SIs and DTFCs with balance sheet assets of at least NZD 100 million are submitted quarterly using a simplified version of the SSR report forms. Data are reported within 12 business days of the end of the reporting period. Data for SIs and deposit taking finance corporations (DTFCs) with less than NZD 100 million in assets are requested to submit a further simplified SSR on a March annual basis by the last working day in April. The list of surveys and blank templates are available at: https://www.rbnz.govt.nz/statistics/surveys. The RBNZ issued guidelines and definitions for each of the reported items to assist compilers.⁶

41. Beginning in 2019, the RBNZ will review the statistical reporting of non-bank entities to better align the data with the RBs reports and to provide more coherent and comparable statistics meeting international standards. The simplified SSR report forms for non-bank institutions will be replaced. The new system, a simplified version of the BBS reports, will permit the harmonization of data for all deposit takers and the expansion of ODC coverage to include SIs and DTFCs. Once the data are produced, SU could include SIs and DTFCs in coverage of ODCs and include their deposits and deposit substitute liabilities in the definition of broad money. Before including the data for the non-bank deposit-takers, the SU should conduct a cost/benefit analysis and ensure that the updated data have sufficient materiality to add them to the statistical coverage.

42. The balance sheet information collected for RBs contains the necessary information for a proper classification of the accounts according to the MFSMCG’s methodology, but some minor gaps persist. Data are collected in a balance sheet report form based on the structure of the SRF-2SR, with specific adjustments to meet the needs of the local economy and regulatory and supervisory definitions. The lion’s share of the accounts identifies the instrument, currency, and counterparty to the position. Only other accounts receivable/payable and debt security liabilities of banks do not provide counterparty information. There are a handful of other minor classifications in the data reporting guidelines that are also not fully MFSMCG compliant. The retained earnings account also includes general and special reserves, current year results, and some valuation adjustments. Cash collateral received in relation to derivative trades is classified as loans (other borrowed funds) and not deposits. These minor deficiencies do not inhibit the analysis or use of MFS.

43. Incomplete information on counterparty details of debt securities issued by ODCs prevents their proper sectoring in SRF 2SR. This affects the banks’ liabilities originated in bills of exchange, certificates of deposits, commercial paper, Euro notes, asset backed securities, bonds, collateralized securities, debentures, floating rate notes, medium-term notes, and preferred stock. To solve this shortcoming, the RBNZ could make use of the information in its repository of securities. Based on this information provided to the mission, these debt security liabilities were allocated to the other resident sector in SRF-2SR and excluded from broad money.

44. Provided that the supplementary information in the repository of securities demonstrates that bank debt securities are widely traded, the RBNZ may wish to amend its definition of broad money. Some types of short-term debt securities issued by depository corporations that can be converted into currency or transferable deposits at short notice at, or close to, their full nominal value, meet the definition of broad money. The MFSMCG recommends that securities with an original maturity of more than two years be excluded from broad money. To be considered as part of broad money, the securities must be owned by sectors other than nonresidents, the central government, and depository corporations.

45. Recommended Action: SU to review the repository of securities’ supplementary information to identify the counterpart sector for RBs securities. Based on these findings, to consider including them in the definition of broad money. Deadline: September 2019.

46. The BBS contains a line item for “Other Equity Investments.” This line is used to capture RBs ownership of units in investment funds.⁷ Additional information on the type of fund and issuer could be used, especially when reporting data in the future SRFs based on the MFSMCG. Investments in overseas issued investment funds should form part of foreign assets, while investments in cash management trusts would be classified as claims on ODCs. Units in non-MMFs should be classified as claims on OFCs. Based on this information provided to the mission, these liabilities were allocated to claims on OFCs in SRF-2SR.

47. The BBS contains information on RBs repurchase agreement liabilities to money holding sectors. Although no banks report balances in these accounts as of Q3-2018, these instruments could be introduced in the future. If banks conduct repurchase agreements with money holding sectors, the amounts should be classified with deposits.

48. Interest is recorded on an accrual basis and banks value their financial assets and liabilities using methods in line with the recommendations of the MFSMCG. Collecting separate data on accrued interest, disaggregated by financial instrument could be useful when reconciling data from other datasets such as the repository of securities.

49. Each bank uses New Zealand’s Generally Accepted Accounting Practice standards to convert foreign currency positions into New Zealand dollars, using the same methodology as the banks’ disclosure statements. The standards require financial institutions to use the closing rate at the end of each reporting period.

50. New Zealand’s State Services Commission maintains and disseminates an up-to-date list of public entities to assist reporting institutions to classify their accounts and, ideally, reduce inaccuracies that affect the calculation of net credit to government. The list, available here, is referenced in the guidelines and definitions document for survey respondents.

51. Monthly data for cash management trusts with more than NZD 500 million in assets will need to be estimated. Cash management trusts submit quarterly returns as part of the MFs survey, within 20 business days of the end of the reporting period. Investment managers with less than NZD 500 million in a cash management trust are required to submit a March annual return by the last business day of April. Because the collection frequency and compilation of balance sheet data differ from those of RBs, SIs, and DTFCs, the RBNZ has technical challenges adding this sector to the coverage of ODCs. Monthly data for cash management trusts will have to be estimated from quarterly values. This can be done by carrying forward the quarterly reported stock values for intervening and current months. SU will regularly monitor the size of the independent cash management trusts and, when material, consider including them in the coverage of ODCs and include liabilities in the definition of broad money.

52. Care should be taken to avoid double counting cash management trusts operated by banks. RBs report their balance sheets on a consolidated basis for the purposes of compiling MFS. That means that the operations of their subsidiary companies offering portfolio investment entity (PIE) products are already part of the coverage of the ODC sector. PIEs, created in 2007, provide investors with lower tax rates on interest income than on other types of deposits. Most PIE products are offered by banking groups as an additional investment option to their retail clients. PIEs offered by bank subsidiary companies only invest in short-term financial products offered by their parent bank.

53. The consolidated reporting of PIEs deviates from the MFSMCG recommended gross recording. According to the MFSMCG, the corporations that offer PIE products should be considered as separate institutional units and classified as MMFs. However, this would significantly reduce the volume of household deposits with RBs. The registered bank survey does not classify PIE products as deposits of OFCs, rather it “looks through” them to identify the sector of the investor. As such, PIEs are generally classified as other deposits of other resident sectors (households) in the RBs’ balance sheet. The MF survey also asks for balance sheet information from both institutional and independent fund managers. Subsidiaries of banks thus report cash management trust balance sheets twice to the RBNZ, once within the balance sheet of RBs and once within the MF survey.

54. Only MFs run by independent entities or bank subsidiaries that are not included in consolidated balance sheet reports should be added into the sector. When compiling data for cash management trusts for inclusion in the ODC sector, care needs to be taken to avoid double counting entities that report data as part of the consolidated registered bank balance sheet. In the new SRF 2SR, PIE products should be classified as units in money market investment funds rather than deposits.

Standardized Report Form 2SR

55. Prior to the mission, the SU produced a bridge table demonstrating how the accounts RBs are mapped within FSIS to the different items of SRF 2SR. The mission reviewed the classification of the accounts and agreed on a final mapping. The source data derive from data provided in the BBS system and the time series begin in December 2016. The bridge table format has been shared with RBNZ staff, as indicated in Appendix III.

56. RBNZ and the mission agreed to reclassify several items in the bridge table following discussion of their composition. The following have been reclassified:

• Dividends receivable/payable were reclassified from miscellaneous assets/liabilities (residents) to dividends receivable/payable.

• Current/deferred tax assets/liabilities were reclassified from settlement accounts (other resident sectors) to miscellaneous asset/liabilities (residents).

• Goodwill and other intangibles were reclassified form settlement accounts (other resident sectors) to other nonfinancial assets.

• Accounts used for net adjustments for deposits, debt securities, and borrowings that reconcile the reported BBS data with information in banks’ disclosure statements were reclassified from settlement accounts (other resident sectors) to miscellaneous liabilities.

• All other liabilities were reclassified from settlement accounts (other resident sectors) to miscellaneous liabilities.

• Branch capital was reclassified from valuation adjustment to funds contributed by owners.

57. SU already has processes in place to retrieve the BBS data from FSIS in a ready-to-use format. The extracted data can quickly and easily be used to update the file containing the bridge tables, which should allow rapid and accurate preparation of the SRF 2SR.

58. The RBNZ worked with the mission to construct historical series for SRF 2SR. Consistent and long-term time series compiled using the 2SR will facilitate the acceptance and use of the new methodology. Historical data can be compiled using information from the SSR for RBs beginning January 2013. Working jointly, the mission and staff from the SU mapped the SSR data into the SRFs, taking care to maintain consistency with the previously backdated series for broad money, private sector credit, and domestic credit. The team also worked to refine the definitions of household deposits, housing loans, and business loans to ensure consistency with historical information in the RBNZ’s databases.

59. Benchmark Recommended Action: The RBNZ to report to STA, on a regular monthly basis, SRF 2SR based on the new compilation framework, including historical series from January 2013 onwards. Deadline: December 2018.

Depository Corporations Survey

60. Sectoral balance sheets constructed using SRFs provide disaggregated information by type of financial instrument, by currency, and by counterpart sector that facilitates the compilation of analytical surveys. The surveys contain data encompassing all assets and liabilities for covered units but presented in a way that shows the financial relationships between these units vis-à-vis other resident economic sectors and the rest of the world. These financial corporations surveys can be automatically generated from the SRFs. The central bank, ODCs, and depository corporations surveys compiled from the SRFs 1SR and 2SR, with data at end-December 2017 are presented along with the rest of the financial sector’s data in the Integrated Monetary Database shared with RBNZ staff, as indicated in in Appendix IV.

61. The analytical surveys obtained from the SRFs 1SR and 2SR are consistent with the monetary data disseminated by the RBNZ on its website. The RBNZ publishes various sets of monetary statistics on its website. The current monetary data disseminated in the Statistics sections of the RBNZ webpage are based on the MFSMCG methodology. Their key aggregates are derived from the SRF’s analytical surveys and will be consistent with data provided to STA.

Other Financial Corporations

62. The magnitude of the OFC sector in New Zealand makes a priority the compilation and dissemination of a quarterly OFC survey. The quality and analytical usefulness of MFS depend on a proper institutional coverage. Excluding such a substantial portion of the financial sector from the MFS would significantly affect their usefulness. For New Zealand, an OFC survey with full coverage constitutes a crucial input for other analytical tools such as the Balance Sheet Approach matrix and financial accounts. The RBNZ already has in place data collections for the most important subsectors of OFCs: MFs and ICs.

63. A major challenge for the compilation of an OFC survey arises from the large number and diversity of operating institutions. Even though the major subsectors of OFCs all report data to the RBNZ, they report data in different balance sheet formats and, for the smaller institutions, with different timeliness. RBNZ collects data from smaller MFs on an annual basis. For these institutions, the RBNZ carries forward the stock values of the annual data through for the next year as a proxy for a quarterly submission. Although the data are generally adequate for the preparation of SRFs, there are cases where they lack the needed disaggregation by financial instrument, by currency, and/or by counterpart sector.

64. The RBNZ issued guidelines and definitions for each of the reported items in the MFs survey to assist compilers which can be accessed online. These instructions ask MF’s to convert assets and liabilities denominated in foreign currency into New Zealand dollars at the midpoint of the appropriate buy and sell rates that apply at the end of the reference period. Reporters are asked to use valuation methods in line with the recommendations of the MFSMCG. There is no specific recommendation in the instructions to request MF’s to report data on an accrual basis, however accrual accounting is a standard practice in New Zealand.

65. Time series based on the definitions of SRF 4SR need to be created in FSIS prior to the start of regular reporting. Together with the mission, the SU developed bridge tables from the MFs survey and IC balance sheet survey into the SRF 4SR. The bridge tables were used to compile quarterly historical data beginning in June 2014 for MFs and June 2016 for ICs. These data will be used by STA to create the initial dataset for OFCs for inclusion in IFS. To begin compilation of aggregate data for the OFC sector, SU will need to create the time series definitions in FSIS to be able to generate and report SRF 4SR on a regular basis.

66. Benchmark Recommended Action: SU to create the needed time series in FSIS to be able to regularly produce and disseminate data using SRF 4SR for MFs and ICs. Deadline: June 2019

Pension Funds

67. The PF subsector is rapidly growing, mainly driven by growth in balances in KiwiSaver accounts. The RBNZ collects balance sheet data from all fund managers that offer KiwiSaver and other private superannuation schemes as part of its MFs survey. Fund managers are required to submit their financial information to the RBNZ within 20 working of the end of the reference period. The PFs sector does not include the New Zealand Superannuation Fund, which is a sovereign wealth fund. New Zealand currently provides universal pension benefits for people over 65 years of age and the purpose of the Superannuation Fund is to partially pre-fund the future cost of the New Zealand Superannuation pension.

68. The balance sheet of PFs, as reported by their fund managers, contains sufficient information on the types of instruments for proper classification along with some information on the counterparty of investments. KiwiSaver balances represent almost two-thirds of total private superannuation assets. Almost half of KiwiSaver’s assets are invested abroad. Of the money remaining in New Zealand, a little over 60 percent is invested either directly in equities or in unit trusts. Investment in government securities accounts for less than ten percent of the domestic asset portfolio. Overseas positions of other private superannuation account for about 55 percent of total investment assets. Almost 80 percent of the domestic assets of other registered superannuation are placed either in investment pools or directly in equity.

69. There are some immaterial shortcomings to the collection framework for PFs and other MFs. The current balance sheets of PFs can be mapped into the SRF 4SR despite the missing counterparty information Reported balance sheet data lack counterpart sector information for financial derivatives, other accounts receivable/payable, and debt security liabilities. The mapping of the source data to the SRF 4SR allocated these accounts to the counterparty sector identified by the RBNZ as having the largest volume of transactions.

70. The balance sheet of PFs lacks information on the currency of denomination of financial assets and liabilities. The mission agreed with the authorities to classify positions with residents in national currency and positions in financial assets and liabilities with nonresidents in foreign currency.

Non-MMF investment funds (Collective Investment Schemes)

71. CISs are divided into six classifications; life office funds, retail unit trusts and GIFs, cash management trusts, wholesale trusts, IMPs, and property unit trusts. As described earlier, cash management trusts are classified as ODCs. The RBNZ does not collect balance sheet data for property management trusts. Fund managers administering CIS are required to submit their financial statements to the RBNZ within 20 working days of the reference period.

72. The various CIS schemes have different asset allocations. Life office funds are predominantly invested (73 percent) in New Zealand issued assets. A third of the domestic assets are invested in long-term government debt while cash and short-term debt securities account for another 25 percent of assets. The bulk of the remaining assets are investments in unit trusts. Almost 40 percent of the assets of retail unit trusts are invested overseas. Of their domestic assets, a little under 40 percent are invested in short-term assets (deposits and short-term securities), while around 45 percent is invested in equities and units with the remainder mainly in long-term debt securities. Over 70 percent of investments with wholesale funds are obtained from large institutional investment schemes like KiwiSaver and other registered superannuation. Wholesale funds have generally invested abroad (60 percent of assets), followed by domestic investments in listed shares and long-term debt securities. IMPs are concentrated on managing individual’s asset portfolios, typically of high net-worth individuals.

73. The limitations to the data collection framework for CIS are the same as described for PFs above. The CIS and PF data are all reported by investment managers using the same reporting framework. The collection framework already includes a breakdown on ownership of units in investment fund shares, which will be useful for compilation of the revised SRF 4SR.

Insurance Companies

74. The RBNZ collects quarterly balance sheet and income statement data for licensed life and nonlife ICs operating in New Zealand. Published statistics account for almost 90 percent of total assets of the sector. ICs are required to submit their financial statements to the RBNZ within 40 working days of the end of the reference period. The RBNZ issued guidelines and definitions for each of the reported items in the quarterly insurer survey to assist compilers, which can be accessed online.

75. ICs use different accounting standards in their reported balance sheets. Insurers generally adhere to IFRS or New Zealand’s Generally Accepted Accounting Principles (GAAP) for financial reporting. Some overseas based insurers use the national standards of their home territory. This means that they use mixed methodologies with respect to accrual accounting and exchange rates used to convert assets and liabilities denominated in foreign currency into New Zealand dollars. Accrued interest is generally reported as part of the corresponding value of the underlying financial instrument. Reporters are asked to use valuation methods in line with the recommendations of the MFSMCG.

76. The balance sheet information reported by ICs is generally tailored to regulatory requirements and use by the industry but can be used to populate SRF 4SR. The structure of the balance sheet covers the nonfinancial and financial assets and liabilities that are relevant for ICs and, therefore, some information needed for MFS is missing. The missing data include currency of denomination and counterpart sector for deposits, loans, insurance technical reserves, financial derivatives, other accounts receivable/payable, and debt security liabilities. The mapping of the source data to the SRF 4SR allocated these accounts to the counterparty sector assumed to have the largest volume of transactions.

77. Supplemental details on the counterpart sector to insurance technical reserves is collected but not currently disseminated. The RBNZ collects information on the counterparty to general insurance contacts and will be able to identify if the insurance covers domestic household or corporate entities as well as non-residents. The data have not yet been validated and are not yet ready for dissemination. These data can be used to improve the mapping scheme of the 4SR by classifying the insurance technical reserve liabilities by counterpart sector.

78. Recommended Action: SU to amend the mapping scheme for ICs to include the classification of insurance technical reserve liabilities by counterpart sector. Deadline: December 2019.

79. ICs have a wide range of investments in financial assets. Almost one-third of their assets are invested abroad. Almost 20 percent of their assets represent claims on NZ’s DC system and around seven percent are in government securities. They also have significant reinsurance assets and other claims on OFCs.

Other Institutional Units of the OFC Sector

80. The NDTFC sector has been winding down over the past decade. Total assets are around half the level they were a decade ago. Many of the companies have been in receivership for some time and have not submitted updated information to the RBNZ. The last available quarterly or annual values have been carried forward by the SU for multiple years, meaning the total asset size of the sector is likely overstated. Even if their balance sheets are very aggregated, they could still be included in the SRF 4SR. It is worth noting that, at present, the contributions of these institutions to the OFC sector is relatively small.

81. The report forms for the NDTFC sector will be reviewed along with the statistical reporting of other non-bank entities. The new reports will be better aligned with data provided in the BBS and will harmonize of data for all NDTFCs with the classifications and sectoring of data for MFs and ICs. Once data are compiled in the new system, SU should examine if the size of NDTFCs warrants their inclusion in the OFC sector’s data.

Standardized Report Form 4SR

82. Together with the staff of SU, the mission created a bridge table to map the source data for each of the sub-sectors of OFCs to the SRF 4SR. The bridge tables for MFs and ICs, with data as at end-December 2017, has been shared with RBNZ staff, as indicated in Appendix V.

83. With the new bridge table to the SRF 4SR, the RBNZ will be able to produce the SRF 4SR, an OFC survey, and a financial corporations survey. The SRF 4SR can be easily produced using the bridge tables provided by the mission. This will permit rapid and accurate preparation of the SRF 4SR. Historical data can be produced for all institutions of the OFC sector in the SRF 4SR format. The series for MFs will begin in June 2014, while data for ICs will be introduced from June 2016 onwards.

84. Benchmark Recommended Action: The RBNZ to provide STA with an initial set of quarterly data in SRF 4SR based on the agreed compilation framework, including historical series from June 2014 onwards for MFs and June 2016 onwards for ICs. December 2018.

85. Deviations from the (MFSMCG methodology are documented in New Zealand’s revised country notes in the IFS publication (Appendix VI).