With effect from October 27, 2005, this index stores the official cash rate as per the scheduled announcements by the Reserve Bank of New Zealand. The official cash rate was implemented in March 1999 where the Reserve Bank undertakes to pay N.Z. financial institutions an interest rate 0.25% below the Official Cash Rate (OCR) for money deposited in Reserve Bank settlement accounts. The Reserve Bank also undertakes to provide overnight cash to banks, for which the Reserve Bank charges interest at 0.25% above the OCR. The Reserve Bank sets no limit on the amount of cash that it will take in or let out, at 0.25% above or below the OCR. The central bank has started setting this rates from 1999. Prior to 1999, it observed the overnight cash lending rate.