Professional Work
December 2022 - Securities Lending
In 2022 my colleague Ahmet Aziz and I wrote in the RBA Bulletin about the AOFM and RBA’s securities lending, which had grown to very large levels - we lent more than AUD$1 trillion in bonds to the market in 2022 (albeit in quite short tenor repo). We wrote about the purpose and design of the securities lending facility, why usage was so high, and a stylised example of the shorts in the bonds-futures basis that were underlying lots of the borrowing.
August 2021 - Use of the TFF
In August 2021 we provided an update in the Statement on Monetary Policy on usage of the Term Funding Facility (more detail see below). This outlined how most of the funding available under the TFF was drawn down, and includes a table of the top 10 biggest borrowers.
December 2020 - The Term Funding Facility
In December 2020, my colleagues and I put out an article in the RBA Bulletin on the Term Funding Facility. It outlined the purpose and design of the TFF, as well as how it had been used to date. I had spent the early months of the pandemic setting up the TFF, and I learnt a lot about facility design in the process.