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Note 24:  Borrowings

Note 24:  Borrowings
Forecast Actual
Original
Budget
$m 		Estimated
Actuals
$m 		30 June 2009
$m 		30 June 2008
$m

By type

 
19,073 21,237 Government stock1 21,164 18,516
1,289 7,140 Treasury bills 7,432 1,484
381 581 Government retail stock 491 423
7,465 9,432 Settlement deposits with Reserve Bank 6,908 7,750
493 4,127 Derivatives in loss2 2,158 1,591
993 1,444 Finance lease liabilities 1,002 955
18,962 25,195 Other borrowings 22,798 15,391
48,656 69,156 Total borrowings3 61,953 46,110

By source

 
37,639 57,131 Core Crown 49,889 37,167
4,621 5,172 Crown entities 4,939 4,705
15,719 16,976 State-owned enterprises 16,963 12,817
(9,323) (10,123) Inter-segment eliminations (9,838) (8,579)
48,656 69,156 Total borrowings 61,953 46,110

By maturity

 
27,344 46,569 Expected to be settled within one year 32,687 21,610
21,312 22,587 Expected to be outstanding for more than one year 29,266 24,500
48,656 69,156 Total borrowings 61,953 46,110

By guarantee

 
32,534 51,654 Sovereign-guaranteed debt4 44,448 33,192
16,122 17,502 Non-sovereign debt 17,505 12,918
48,656 69,156 Total borrowings 61,953 46,110

This note constitutes a Statement of Borrowings as required by the Public Finance Act 1989.

All principal, interest and other money payable in relation to money borrowed by the core Crown is a charge on, and payable out of, the revenues of the core Crown equally and rateably with all other general borrowing obligations of the core Crown.

Except for sums the Government is liable for under any Act, any guarantee given by the Government, by virtue of an action a creditor has against the Government, or liability the Government has to a creditor of the Reserve Bank, the Government is not liable to contribute towards the payments of debts of Government entities, their subsidiaries or any entity in which the Government has an interest or that is controlled or wholly owned by the Government.

Notes on Borrowings

1. Government stock includes $395 million of infrastructure bonds (2008: $295 million).

2. Derivatives are included in either borrowings or marketable securities depending on their gain or loss position at balance date. This treatment leads to fluctuations in individual items primarily due to exchange rate movements.

3. Total Borrowings are the total borrowings (both sovereign-guaranteed and non-sovereign guaranteed) of the total Crown. This equates to the amount in the total Crown statement of financial position and represents the complete picture of whole-of-Crown debt obligations to external parties.

4. Total Borrowings can be split into sovereign-guaranteed and non-sovereign-guaranteed debt. This split reflects the fact that borrowings by State-owned enterprises and Crown entities are not explicitly guaranteed by the Crown. Sovereign-guaranteed debt excludes Kiwibank deposits guaranteed under the retail deposit guarantee scheme. No other debt of State-owned enterprises and Crown entities is currently guaranteed by the Crown.

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