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New Zealand Economic and Financial Overview 2014

Summary of Direct Public Debt

Funded and Floating Debt

The following table sets forth the direct funded and floating debt of the Government on the dates indicated. For the purposes of all debt tables herein, “funded debt” means indebtedness with an original maturity of one year or more and “floating debt” means 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 ($324.0 million at 30 June 2013) 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 2013.

As at 30 June
(dollar amounts in millions)
2009 2010 2011 2012 2013

Funded Debt1

         
Internal2 29,614.5 38,575.5 60,519.9 64,006.2 67,587.3
External3,4 4,025.7 2,197.2 33.4 (308.5) (1,222.5)

Floating Debt

         
Internal Debt5 7,505.0 8,065.0 7,326.0 10,081.0 4,735.0
External Debt3,6 153.0 - 180.6 - -
Total Direct Debt 41,298.2 48,837.7 68,059.9 73,778.7 71,099.8
Total Public Debt as a % of GDP7 23.1 25.8 34.1 35.5 33.2
  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 P.M. spot rate on 30 June for each year.
  4. Includes Public Bonds, Private Placements, Syndicated Loans, and Medium Term Notes.
  5. Treasury 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 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 2013 by currency of payment after swap positions are taken into account and shows the estimated interest for the year ending 30 June 2014 including swap positions.

(dollar amounts in millions) Amount outstanding
at 30 June 20131
Estimated interest
for the year to 30 June 20142
External Debt    
Repayable in United States Dollars 796.5 8.6
Repayable in Japanese Yen 0.0 0.2
Repayable in Pounds Sterling 9.4 0.7
Repayable in Euro 0.0 7.0
Repayable in Other Currencies 0.0 7.2
Internal Debt 69,969.9 3,543.6
Subtotal 70,775.8 3,567.3
Swaps 324.0 -
Total Direct Public Debt 71,099.8 -
  1. Converted at the mid-point of the 3:00 pm spot exchange rates on 30 June 2013 which were: NZD 1 = US$0.7777 = Yen 76.73= Pounds 0.5099 = Aus$ 0.8418 = Euro 0.5963
  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 2013, shown in New Zealand dollars based on rates of exchange on that date and with adjustment to reflect the effect of currency swap arrangements.

Details of External Public Debt at 30 June 20131

Maturing in
year ended 30 June
(dollar amounts in millions)
2014 2015 2016 2017 2018 2019 2020-2023 2024+ Total
United States dollars 347.0 (323.0) (333.0) (105.0) 0.0 0.0 0.0 0.0 (414.0)
Japanese Yen 0.0 (111.0) (39.0) 0.0 0.0 0.0 0.0 0.0 (150.0)
British pounds (156.0) 10.0 0.0 (123.0) 0.0 0.0 0.0 0.0 (269.0)
Euro (168.0) 82.0 (335.0) (84.0) 0.0 0.0 0.0 0.0 (505.0)
Australian dollars 0.0 72.0 0.0 30.0 13.0 0.0 0.0 0.0 115.0
Total External Debt 23.0 (270.0) (707.0) (282.0) 13.0 0.0 0.0 0.0 (1,223.0)
Percentage of Total Foreign Debt (1.9%) 22.1 57.8 23.1 (1.1) 0.0 0.0 0.0 100.0
  1. Includes Sovereign Note Programme (notes not exceeding 270 days to maturity) and Euro-Commercial Paper Programme (notes not exceeding 365 days to maturity).

Movements in External Public Debt

For the year ended 30 June 2013, the total payment of interest on public debt of the Government was $3,154 million. The following table indicates the movements in external interest-bearing public debt since 2004, excluding swap positions.

  External Debt1 Interest Charges
(dollar amounts in millions) Amount2 As % of Total Public Debt Amount As % of Exports3
30 June 2004 3,728.9 10.1 191.8 0.5
30 June 2005 2,709.0 7.5 167.6 0.4
30 June 2006 1,866.2 5.3 122.4 0.3
30 June 2007 1,638.2 5.2 88.8 0.2
30 June 2008 657.4 2.1 69.0 0.1
30 June 2009 1,756.1 4.3 48.1 0.07
30 June 2010 1,678.6 3.4 40.0 0.08
30 June 2011 2,115.2 3.1 38.6 0.06
30 June 2012 1,330.1 1.8 31.3 0.08
30 June 2013 805.9 1.1 19.5 0.03
  1. Excludes non-interest-bearing indebtedness to international organisations.
  2. External debt is converted at the mid-point 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 2013, including the effect of swap positions.

Loans Maturing in
year ending 30 June1
(dollar amounts in millions)
External2 Internal Total Debt
2014 23.2 787.9 811.1
2015 (269.5) 11,976.7 11,707.2
2016 (707.4) 2,929.7 2,222.3
2017 (282.1) 350.6 68.5
2018 13.3 12,122.6 12,135.9
2019 0.0 11,813.0 11,813.0
2019 to 30 June 2023 0.0 23,579.0 23,579.0
After 30 June 2023 0.0 3,829.3 3,829.3
Treasury Bills - 4,735.0 4,735.0
Other 0.0 198.5 (3) 198.5
Total (1,222.5) 72,322.3 71,099.8
  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 29 June 2013.
  3. Retail stock.
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