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Schedule of Revenues and Expenses

for the year ended 30 June 2009

Schedule of Revenues and Expenses
2008
$m		   2009
$m
 

Revenue

  
 

Cash, cash equivalents  and receivables

  
339 Crown settlement account 110
- Foreign cash and cash equivalents 3
 

Advances

  
164 RBNZ (56)
104 Crown Financing Agency 136
152 Housing New Zealand 109
17 New Zealand Railways Corporation 16
(3) Non-Crown (2)
 

Financial assets

  
224 Marketable securities 215
41 External deposits 16
2 IMF reserve position 1
1,040 Total Revenue 548
 

Expenses

  
149 Treasury bills - market 142
13 Treasury bills - non-market 46
1,258 Government bonds - market 1,325
457 Government bonds - non-market 429
111 Inflation-indexed bonds - market 141
33 Inflation-indexed bonds - non-market 42
26 Kiwi bonds 33
85 Foreign currency debt 71
12 Collateral 1
(426) Derivatives[18] (968)
10 IMF allocation 5
2 Immigration investor policy bonds 3
17 Other 19
1,747 Total Expenses 1,289
(15) Net FX Gains/(Losses) (5)
(722) Net Revenue/(Expenses) (746)

Classes and categories of financial instruments

NZDMO designates its financial assets and liabilities under the following IFRS categories:

2008
$m		   2009
$m
Amortised
Cost[19]		 Held
for
Trading		 Fair Value
Through
Profit or Loss		 Carrying
Value		   Amortised
Cost[19]		 Held
for
Trading		 Fair Value
Through
Profit or Loss		 Carrying
Value
       

Financial Assets

        
       

Cash, cash equivalents and receivables

        
6,903 - - 6,903 Crown settlement account 8,320 - - 8,320
18 - - 18 Foreign cash and cash equivalents 61 - 1,044 1,105
99 - - 99 Debtors and receivables 396 - - 396
       

Advances

        
- - 3,539 3,539 RBNZ - - 3,170 3,170
- - 1,287 1,287 Crown Financing Agency - - 1,401 1,401
1,158 - 651 1,809 Housing New Zealand 979 - 834 1,813
- - 221 221 New Zealand Railways Corporation - - 399 399
40 - - 40 Non-Crown 65 - - 65
       

Financial assets

        
- - 5,004 5,004 Marketable securities - - 3,424 3,424
- - 748 748 External deposits - - 442 442
- 680 - 680 Derivatives in gain - 1,842 - 1,842
188 - - 188 IMF reserve position 454 - - 454
8,406 680 11,450 20,536 Total Financial Assets by Designation 10,275 1,842 10,714 22,831
       

Financial Liabilities

        
3,958 - - 3,958 Crown balances with Westpac 3,609 - - 3,609
- - - - Creditors and payables 5 - - 5
- - 1,487 1,487 Treasury bills - market 7,294 - 148 7,442
154 - - 154 Treasury bills - non-market 5 - - 5
13,812 - 5,647 19,459 Government bonds - market 17,709 - 4,777 22,486
7,487 - - 7,487 Government bonds - non-market 7,144 - - 7,144
1,482 - - 1,482 Inflation-indexed bonds - market 1,552 - - 1,552
445 - - 445 Inflation-indexed bonds - non-market 466 - - 466
423 - - 423 Kiwi bonds 491 - - 491
- - 689 689 Foreign currency debt - - 993 993
- - 70 70 Collateral - - 889 889
- 790 - 790 Derivatives in loss - 1,333 - 1,333
- - 77 77 Departmental deposits - - 117 117
304 - - 304 IMF allocation 336 - - 336
81 - - 81 Immigration investor policy bonds 96 - - 96
4 - - 4 Other 2 - - 2
28,150 790 7,970 36,910 Total Financial Liabilities by Designation 38,709 1,333 6,924 46,966

Derivatives

As at 30 June 2009, the value of derivatives was as follows:

2008   2009

Carrying
Value in
Gain

$m

Carrying
Value in
Loss

$m

Net
Carrying
Value

$m

Notional
Value

$m

 

Carrying
Value in
Gain

$m

Carrying
Value in
Loss

$m

Net
Carrying
Value

$m

Notional
Value

$m
       

Derivatives

        
179 (231) (52) 18,323 Foreign exchange contracts 1,043 (960) 83 19,930
320 (402) (82) 4,174 Cross currency swaps 144 (259) (115) 4,763
181 (157) 24 10,309 Interest rate swaps 655 (114) 541 9,976
- - - 154 Futures - - - -
680 (790) (110) 32,960 Total Derivatives 1,842 (1,333) 509 34,669

Notes

  • [18]Net derivatives includes both net interest (receipts and payments) and fair value movements on all derivatives, including both derivatives in gain and derivatives in loss at balance date. Net derivatives may be a net revenue or net expense result for a reporting period. The net result is reported under expenses for reasons of consistency. FX gains/losses on these derivatives are reported as part of the overall Net FX Gains/(Losses) line.
  • [19]NZDMO's amortised cost assets are all designated as loans and receivables.
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