While we had confidence that the New Zealand banking system was well-funded for many months ahead, globally the primary issuance market had ground to a halt, creating uncertainty about when  9  Reserve Bank of New Zealand (2020i): Reserve Bank announces new facility and removal of credit tiers. Ref #9122402 v2.12  10  this channel of funding would reopen.
As a result, we launched a number of facilities to ensure that banks were confident they could access term funding to continuing supporting their retail, corporate, and business customers.