13 Changes to the liquidity management regime - Reserve Bank of New Zealand - Te Pūtea Matua (rbnz.govt.nz) 14 All data accessible on the RBNZ website, specifically: Influences on settlement cash (D10) - Reserve Bank of New Zealand - Te Pūtea Matua (rbnz.govt.nz) and Depository corporations: Money and credit aggregates (C50) - Reserve Bank of New Zealand - Te Pūtea Matua (rbnz.govt.nz)  5  New Zealand’s Monetary Policy Implementation Framework  UNCLASSIFIED  Ref #X750533 v3.4  Broad Money Creation Broad money is the sum of all liquid financial instruments accepted as a medium of exchange, plus those that can be converted into a medium of exchange at short notice.
That is, banks were supervised by the market, with government oversight initially limited to chartering and trying to ensure at least minimum specie reserves to meet demand for repayment of banks' circulating note liabilities. Brokers and other arbitrageurs soon emerged, and their evaluation of the quality of individual banks was instrumental in establishing market prices – discounts – on the notes of individual banks.