The Reserve Bank of New Zealand has released its analysis of how effective conventional monetary policy is in a world of persistently low interest rates. It says its modelling showed the impact of cuts to the OCR remained stable through time, with no sign that OCR moves have become less effective in recent years. The Big Four banks pledged to remove sales targets for frontline staff in their Kiwi subsidiaries, but an insider at the BNZ (owned by NAB) told Stuff that regional managers' sales targets had not been removed. The BNZ staffer said that after a brief "honeymoon period" of a few months in which pressure to sell products including loans, credit cards, insurance and KiwiSaver to customers was lifted, regional managers saw they would not hit their targets, made their expectations known to branch managers, who passed the pressure on down to frontline bankers. The BNZ denied the claim, saying it was not true that public-facing staff were still being judged on sales.