Wayne Swan considered bolstering the Reserve Bank's reserve fund this year but was formally counselled by the Treasury that shoring up its capital holdings could be counterproductive, Fairfax Media has discovered.

In an official minute to the then treasurer, dated April 10, 2013, and marked ''Sensitive'', Mr Swan was counselled against transferring money from the government to the bank.

Counselled against transferring money: Wayne Swan. Credit:AFR

The minute also advised that doing so could compromise the bank's independence from the government.

The advice contradicts any suggestion by the current government that Mr Swan had been negligent in allowing the bank's capital buffer to run down and had acted against the advice of the RBA.