Summary of Direct Public Debt

Funded and Floating Debt

The following table sets out the direct funded and floating debt of the government on the dates indicated. Funded debt is indebtedness with an original maturity of one year or more and floating debt is indebtedness with an original maturity of less than one year. Funded debt, and therefore total direct debt, includes swap transactions.

Total direct debt includes a net swap payable ($339.3 million at June 2009) with offsetting impacts on internal and external funded debt. Swap transactions, which are included in almost all the following public debt tables, increase external funded debt and reduce internal funded debt in 2008.

(1) Includes the effect of swap transactions. Excludes indebtedness to international financial organisations arising from membership.

(2) Includes Government Wholesale Bonds, Kiwi Bonds, Index-Linked Bonds.

(3) External debt is converted at the mid-point of the 3.00 pm spot rate on 30 June for each year.

(4) Includes Public Bonds, Private Placements, Syndicated Loans, and Medium Term Notes.

(5) Treasury Bills and Reserve Bank Bills.

(6) Includes Sovereign Notes and Euro-Commercial Paper.

(7) GDP: Treasury Estimate for June years.

Direct Public Debt by Currency of Payment

As part of its debt management activities, the government enters into currency swap arrangements which have the effect of converting to a different currency principal obligations on New Zealand's external debt.

The following table shows the direct public debt of New Zealand at 30 June 2009 by currency of payment after swap positions are taken into account and shows the estimated interest for the year ending 30 June 2010, including swap positions.

(1) Converted at the midpoint of the 3.00 pm spot exchange rates on 30 June 2009 which were: NZD 1 = US$0.6537 = Yen 62.69 = Pounds 0.3927 = Aus$0.8054 = Euro 0.4628.

(2) In some cases, interest payments are offset by interest receipts.

Details of External Public Debt at 30 June 2009(1)

The following table sets out by currency the estimated payments of principal, including mandatory amortisation provisions, to be made on the external direct public debt of New Zealand as at 30 June 2008, shown in New Zealand dollars based on rates of exchange on that date and with adjustment to reflect the effect of currency swap arrangements.

(1) Includes Sovereign Note Programme (notes not exceeding 270 days to maturity) and Euro-Commercial Paper Programme (notes not exceeding 365 days to maturity).

Interest and Principal Requirements

For the year ended 30 June 2009, the total payment of interest on public debt of the government was $1,917 million. The following table indicates the movements in external interest-bearing public debt since 2000, excluding swap positions.

(1) Excludes non-interest-bearing indebtedness to international organisations.

(2) External debt is converted at the midpoint of the 3.00 pm spot exchange rate on 30 June in each case.

(3) Based on exports of goods and services for each year.

Maturity Profile of Direct Public Debt

The following table sets forth the maturity dates of New Zealand public debt outstanding as at 30 June 2009, including the effect of swap positions.

(1) With respect to many of the loans, the Government has the option to redeem the securities at an earlier date.

(2) Converted at the mid-point of the 3.00 pm spot exchange rate on 30 June 2009.

(3) Retail Stock.