The Reserve Bank has engaged Deloitte to independently review internal processes, after information was accidentally disclosed to a small group of financial services firms a short time before it was made public in the November Monetary Policy Statement (MPS).
The accidental disclosure was included in a letter sent to non-bank financial institutions to finalise a consultation process. The letter confirmed the Reserve Bank’s decision to introduce a Funding for Lending Programme (FLP), but did not contain specifics of the FLP. The information should not have been communicated until after the 2pm release, but was sent 45 minutes early.
The limited information contained in the letter is unlikely to have provided anyone with a market advantage, but the Reserve Bank is taking the matter seriously.
The Reserve Bank is working closely with the reviewers, and will comment further on any outcomes when the review is complete.