Schedule of Revenues and Expenses

for the year ended 30 June 2011

Schedule of Revenues and Expenses
2010 $m		2011 $m
	Revenue
	Cash, cash equivalents and receivables
125	Crown settlement account	157
-	Crown trust account	1
2	Foreign cash and cash equivalents	2
	Advances
(2)	RBNZ	-
84	Crown Health Financing Agency	91
51	Housing New Zealand	56
19	New Zealand Railways Corporation	21
-	New Zealand Transport Agency	-
-	Other Crown	-
7	Non-Crown	11
	Financial assets
113	Marketable securities	144
8	External deposits	10
4	IMF financial assets	8
411	Total Revenue	501
	Expenses
224	Treasury bills - market	236
4	Treasury bills - non-market	2
1,439	Government bonds - market	2,151
392	Government bonds - non-market	402
107	Inflation-indexed bonds - market	119
32	Inflation-indexed bonds - non-market	37
14	Kiwi bonds	9
-	Euro-commercial paper	-
41	Foreign currency debt	36
1	Collateral	2
(381)	Derivatives[11]	(363)
4	IMF allocation	7
3	Immigration investor policy bonds	5
23	Other	34
1,903	Total Expenses	2,677
3	Net FX gains/(losses)	11
79	Net Fair value (FV) gains/(losses)[12]	3
(1,410)	Net Revenue/(Expenses)	(2,162)

[11]Net derivatives include interest (receipts and payments only) on all derivatives, both derivatives in gain and derivatives in loss. 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 derivatives are reported as part of the overall Net FX gains/(losses) line while fair value gains/losses are part of the overall Net FV gains/(losses) line.
[12]Net FV gains/(losses) on all instruments measured at fair value are separately reported as part of the overall Net FV gains/(losses) line.

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