Note 15: Marketable securities, deposits and derivatives in gain
| Forecast | Actual | |||
|---|---|---|---|---|
|
Original Budget $m |
Estimated Actuals $m |
30 June 2010 $m |
30 June 2009 $m |
|
By type |
||||
| 44,971 | 38,399 | Marketable securities | 35,732 | 38,373 |
| 2,635 | 2,158 | Long term deposits | 2,784 | 3,136 |
| 1,176 | 2,362 | Derivatives in gain | 2,972 | 3,745 |
| 901 | 2,546 | IMF financial assets | 2,199 | 454 |
| 49,683 | 45,465 | Total marketable securities, deposits and derivatives in gain | 43,687 | 45,708 |
By maturity |
||||
| 45,988 | 36,405 | Expected to be realised within one year | 32,446 | 38,916 |
| 3,695 | 9,060 | Expected to be held for more than one year | 11,241 | 6,792 |
| 49,683 | 45,465 | Total marketable securities, deposits and derivatives in gain | 43,687 | 45,708 |
By source |
||||
| 41,202 | 36,704 | Core Crown | 35,376 | 36,089 |
| 11,906 | 13,272 | Crown entities | 14,091 | 12,042 |
| 2,975 | 3,105 | State-owned enterprises | 2,566 | 3,444 |
| (6,400) | (7,616) | Inter-segment eliminations | (8,346) | (5,867) |
| 49,683 | 45,465 | Total marketable securities, deposits and derivatives in gain | 43,687 | 45,708 |
Marketable securities comprise bonds, commercial paper, debentures and similar tradable financial assets held by the Government for the purposes of realising capital gains or interest revenue. Marketable securities and derivatives in gain are reported at their fair value. Fair value is either based on quoted market price or using a valuation model where there is no active market. The valuation models used generally calculate the expected cash flows under the terms of each specific contract and then discounts these values back to present value.
Long-term deposits are instruments with maturities greater than three months that are not traded in an active market. Long-term deposits are measured at amortised cost. Their carrying amount provides a reasonable approximation of their fair value.
