Direct Public Debt by Currency of Payment
As part of its debt management activities, the government enters into currency swap agreements, which have the effect of converting the principal obligations on New Zealand's external debt into a different currency.
The following table shows the direct public debt of New Zealand at 30 June 2011 by currency of payment after swap positions are taken into account and shows the estimated interest for the year ending 30 June 2012 including swap positions.
| Amount outstanding at 30 June 2011[1] | Estimated interest for the year to 30 June 2012[2] | |
|---|---|---|
| (dollar amounts in millions) | ||
External Debt |
||
| Repayable in United States Dollars | 1,806.8 | 34.1 |
| Repayable in Japanese Yen | 299.1 | 0.2 |
| Repayable in Pounds Sterling | 9.3 | 1.6 |
| Repayable in Euro | 0.0 | 19.7 |
| Repayable in Other Currencies | 0.0 | 24.6 |
Internal Debt |
65,530.9 | 3,424.1 |
| Subtotal | 67,646.1 | 3,504.3 |
| Swaps | 413.8 | - |
| Total Direct Public Debt | 68,059.9 | - |
- [1] Converted at the midpoint of the 3.00 pm spot exchange rates on 30 June 2011 which were: NZD 1 = US$0.8307 = Yen 66.87= Pounds 0.5160 = Aus$ 0.7739 = Euro 0.5734
- [2] In some cases interest payments are offset by interest receipts.
The following table sets forth 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 2011, shown in New Zealand dollars based on rates of exchange on that date and with adjustment to reflect the effect of currency swap arrangements.
| Maturing in year ended 30 June | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018-2021 | 2022+ | Total |
|---|---|---|---|---|---|---|---|---|---|
| (dollar amounts in millions) | |||||||||
| United States dollars | 1,717.0 | (53.0) | (333.0) | (489.0) | (353.0) | (98.0) | 0.0 | 0.0 | 391.0 |
| Japanese Yen | 150.0 | 150.0 | 0.0 | (127.0) | (45.0) | 0.0 | 0.0 | 0.0 | 128.0 |
| British pounds | 0.0 | (4.0) | (154.0) | 9.0 | 0.0 | (122.0) | 0.0 | 0.0 | (271.0) |
| Euro | 0.0 | 0.0 | (174.0) | 183.0 | (349.0) | (87.0) | 0.0 | 0.0 | (427.0) |
| Australian dollars | 237.0 | 45.0 | 0.0 | 79.0 | 0.0 | 32.0 | 0.0 | 0.0 | 393.0 |
| Total External Debt | 2,104.0 | 138.0 | (661.0) | (345.0) | (747.0) | (275.0) | 0.0 | 0.0 | 214.0 |
| % of Total Foreign Debt | 983.0% | 64.4% | (308.7%) | (161.2%) | (349.2%) | (128.3%) | 0.0% | 0.0% | 100.0% |
- [3] Includes Sovereign Note Programme (notes not exceeding 270 days to maturity) and Euro-Commercial Paper Programme (notes not exceeding 365 days to maturity).
