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Media StatementNZDMO Named Sovereign Risk Manager of the Year

1 February 2007

The New Zealand Debt Management Office (NZDMO) was named Sovereign Risk Manager of the Year in Risk magazine’s 2007 Risk Awards, announced in its January issue. NZDMO is a separate unit within the Treasury responsible for managing the Government’s debt portfolio, net cashflows and certain other financial assets within an appropriate risk management framework.

John Whitehead, Secretary to the Treasury, said that Risk magazine’s award is welcome recognition of NZDMO’s recent work.

“The Debt Management Office has achieved a significant reduction in risk exposure despite an increased workload in a number of areas,” Mr Whitehead said.

“Over the last three years the Debt Management Office has almost doubled its volume of transactions and use of derivatives to better manage risk and add value to the Government’s portfolio, while its key risk measures have reduced by half in the same period.”

The magazine also acknowledged NZDMO’s role in providing foreign exchange services for the New Zealand Superannuation Fund, and in hedging the foreign currency risk associated with the Government’s contribution to the 2011 Rugby World Cup, Ministry of Defence helicopter purchases, and similar transactions for a number of public sector entities.

ENDS

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