The facility will only be available for banks to meet that part of the liquidity requirement agreed with APRA. Access fee The Reserve Bank has set a fee of 15 basis points in return for its commitment to provide liquidity to a bank under the CLF. The fee will be paid on both the drawn and undrawn amount.
It is this difference that can blur the 8 For an overview, see: Navigating at Low Altitude: Monetary Policy with Very Low Interest Rates, Speech  by Adrian Orr, Governor RBNZ, March 2020, https://www.rbnz.govt.nz/research-andpublications/speeches/2020/speech2020-03-10 9 What has central bank independence ever done for us?, Haldane, A., Bank of England Speech, November 2020 Page 8 of 17  9  distinction between monetary and fiscal policy in the public’s mind – or in the parlance – monetary financing of fiscal spending versus monetary policy quantitative easing.