committed liquidity facility ( clf ) are in place. 4 even though none of these assets ( and few unrelated rmbs ) are held on the reserve bank ’ s balance sheet now, the fact that they are eligible for repo means that the bank must always be fully cognisant of the risks these assets carry. this allows us to lend against good collateral in stressed circumstances, a core function of central banks. debelle g ( 2011 ), “ the committed liquidity facility ”, speech to the apra basel iii implementation workshop 2011, sydney, 23 november. bis central bankers ’ speeches the information currently required for rmbs repo - eligibility is largely about the core attributes of the security. this includes, for example, the information memorandum, high - level data relating to the asset pools backing the securities and a list of mortgage insurers present in the pool. a aaa credit rating is also required. in part because we felt it was an appropriate time to do so five years after their inclusion on our collateral list, and in part ahead of the introduction of the clf, the bank has been conducting an internal review of its reporting requirements for rmbs. as a result of this review, today the bank is announcing some enhancements in the information requirements for repo - eligibility of rmbs. in a nutshell, these will require that issuers provide the reserve bank and the broader public with more comprehensive and up - to - date information on the securities. while some information on rmbs is generally available in the market, reporting standards can vary significantly across issuers, since there is currently no regulatory standard for rmbs reporting in australia. the available data also tend to be dispersed in a number of different locations, making it difficult to gather. hence, in consultation with the australian securitisation forum ( asf ), we have sought to achieve some uniformity and greater depth in the information reported. broadly speaking, the new information requirements cover both transaction - related data as well as information on the underlying assets, such as anonymised loan - level data. 5 details of the information that will be required at least every quarter on both existing and new rmbs issuance are set out in reporting templates, which are available today on the bank ’ s website. these templates are aligned with the asf ’ s current best practice rmbs reporting and disclosure standards. they are also consistent with those developed by the ecb and the bank of england. these reporting

speech review of the bond purchase program michele bullock [ * ] deputy governor bloomberg sydney – 21 september 2022 thank you for the opportunity to talk with you today. i am going to use my time to talk about two issues : the review of our bond purchase program ( bpp ) during the pandemic ; and the bank ’ s financial statements for 2021 / 22. the two issues are related because, while the bond purchase program was a policy response to extraordinary economic circumstances, it has had big implications for the bank ’ s balance sheet, profits and capital. i will give you the punch lines up front. in terms of the bpp, the review concludes that it broadly achieved its aims. but one result of the change in the bank ’ s balance sheet is that the bank will report a substantial accounting loss in its 2021 / 22 annual accounts and, as a consequence, negative equity. this will not, however, affect the bank ’ s ability to operate effectively or perform its policy functions. and over the next few years the bank will return to positive earnings and to positive equity. the bond purchase program the bpp was introduced in november 2020 as part of the bank ’ s second package of monetary policy measures in response to the pandemic. it was a complement to the yield target, the term funding facility ( tff ), forward guidance and the very low overnight cash rate. under the program, the bank purchased australian government securities ( ags ) and semi - government securities ( semis ) in the secondary market to lower the structure of interest rates at maturities between five and 10 years. unlike the yield target for three - year bonds, the bpp did not target a particular level of yields. instead, it set a quantity of bonds to be purchased over a set time period. the initial program involved the purchase of $ 100 billion of bonds ( split 80 / 20 between ags and semis ) over six months, at a rate of $ 5 billion a week. the program was extended several times : first, a further $ 100 billion from april to september 2021 at a rate of $ 5 billion a week ; then, from september to november 2021 at a rate of $ 4 billion a week ; and finally, purchases of $ 4 billion a week until mid - february 2022, at which point the program ceased. all up, the bpp resulted in the purchase of $ 281 billion of australian, state and territory government bonds. today, the bank released its internal review of