The Reserve Bank of NZ has issued a paper on the future of the cash system, in which it proposes being given the legal responsibility for ensuring New Zealand continues to have an effective cash system. It proposes it take on an "expanded stewardship role in the cash system, providing system-wide oversight and coordination". In the paper the RBNZ says it likely needs new secure facilities. "Our bank vaults in Wellington are ageing and we think the current arrangement is sub-optimal, with the Reserve Bank holding a large proportion of the country's banknotes and coins in Wellington," it says, adding it will work with stakeholders over the next year to 18 months to come up with a plan to address the issues.