Schedule of Assets and Liabilities

as at 30 June 2010

Schedule of Assets and Liabilities
2009			2010
Carrying Value $m	Fair Value $m		Carrying Value $m	Fair Value $m
		Assets
		Cash, cash equivalents and receivables
8,320	8,320	Crown settlement account	6,988	6,988
-	-	Crown trust account	16	16
1,105	1,105	Foreign cash and cash equivalents	1,133	1,133
396	396	Debtors and receivables	-	-
		Advances
3,170	3,170	RBNZ	2,727	2,727
1,401	1,401	Crown Financing Agency	1,494	1,494
1,813	1,813	Housing New Zealand	1,835	1,835
399	399	New Zealand Railways Corporation	448	448
65	65	Non-Crown	86	88
		Financial assets
3,424	3,424	Marketable securities	4,097	4,097
442	442	External deposits	467	467
1,842	1,842	Derivatives in gain	1,607	1,607
454	454	IMF financial assets[16]	2,199	2,199
22,831	22,831	Total Assets	23,097	23,099
		Liabilities
		Overdrafts and payables
3,609	3,609	Crown disbursement account[17]	3,463	3,463
5	5	Creditors and payables	66	66
		Financial liabilities
7,442	7,442	Treasury bills - market	7,823	7,825
5	5	Treasury bills - non-market	174	174
22,486	22,871	Government bonds - market[18]	30,705	31,727
7,144	7,349	Government bonds - non-market	6,580	6,897
1,552	1,707	Inflation-indexed bonds - market	1,588	1,800
466	510	Inflation-indexed bonds - non-market	476	538
491	494	Kiwi bonds	309	309
153	153	Euro-commercial paper	-	-
840	840	Foreign currency debt	809	809
889	889	Collateral	981	981
1,333	1,333	Derivatives in loss	860	860
117	117	Departmental deposits	307	307
336	336	IMF allocation[16]	1,820	1,820
96	96	Immigration investor policy bonds	92	92
2	2	Other	1	2
46,966	47,758	Total Liabilities	56,054	57,670
(24,135)	(24,927)	Net Assets/(Liabilities)	(32,957)	(34,571)

[16]During 2009/10 the IMF, in response to the global financial crisis, allocated additional reserve assets to member countries to provide liquidity to the global economic system. A general allocation (August 2009) increased reserve assets held by NZDMO and also the associated IMF allocation liability.
[17]At the end of each banking day, the net balance of all departmental and Crown bank accounts held at Westpac is swept between the Westpac Crown Disbursement account and the RBNZ Crown Settlement account. This daily sweep ensures that there is no end of day net exposures between the Crown and Westpac. Therefore, the Disbursement account balance effectively offsets the balances of departmental and Crown accounts at Westpac.
[18]Government bonds - market includes $395 million of infrastructure bonds at June 2010 (June 2009: $395 million).

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