The measure is quite exceptional in that the eligible assets for monetary policy operations were expanded to include not only government bonds but also CP, corporate bonds, exchange-traded funds (ETFs), and real estate investment trusts (REITs).
New Zealand also suffered from widespread finance company failures in the mid-late 2000s, devastating the savings of many New Zealanders and damaging confidence in the financial system. 4 Under the Reserve Bank of New Zealand Act, the Governor General, on the advice of the Minister of Finance,  may appoint a statutory manager to carry out the resolution of a registered bank.