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Annual Report of the Treasury for the Year Ended 30 June 2016

Minister of Finance's Reports on Non-Departmental Appropriations [B.14 (Finance)]

The following pages of this document meet the requirement, set out in the supporting information to the 2015/16 Estimates or 2015/16 Supplementary Estimates, for information on certain non-departmental appropriations to be reported by the Minister of Finance.

Although the reports are presented in the same document as the Treasury's Annual Report, they do not form part of the Treasury's Annual Report for the year ended 30 June 2016 (including reporting by the Treasury on appropriations for that year).

Refinancing of Housing New Zealand Corporation and Housing New Zealand Limited Debt

What is intended to be achieved with this appropriation

This appropriation is required when HNZC and HNZL refinance their loans and is intended to enable the Treasury to monitor and administer the expenditure on refinancing.

What was achieved in this appropriation

The Treasury administers funding to enable HNZC to refinance its existing loans. This ensures that HNZC has funding for its development programme, repairs and maintenance programme and general working capital.

The Treasury closely monitors any draw-down activity by HNZC to refinance loans to ensure that it is within the limits of the agreed appropriation for the financial year.

HNZC reports annually on its performance and what it achieved. These reports can be obtained online at http://www.hnzc.co.nz/publications/annual-report/.

Performance measure  Target for 2015/16 Performance for 2015/16
Refinancing will be undertaken in accordance with the agreed policy. 100% 100%
2015
Actual
$000
2016
Actual
$000
2016
Main Estimates
$000
2016
Supp. Estimates
$000
- Capital expenditure 142,362 142,362  142,362
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