New Zealand Gazette – 1987 – No. 216

Page 5592

✨ Public Debt and Financial Transactions

NEW ZEALAND GAZETTE

No. 216

The Public Debt of New Zealand—Inflation-adjusted Savings Bonds

This figure does not include the sum of $513,995,582 being the assessment by the Reserve Bank of New Zealand of the obligation at 30 September 1987 in respect of the premium on redemption.

Swap Transactions

As permitted by Section 91A of the Public Finance Act, the Government has entered into three currency swap arrangements. Under such arrangements the proceeds of a borrowing are converted into a different currency and, simultaneously, a forward exchange agreement is executed providing for a schedule of future exchanges of the two currencies in order to recover the currency converted. The effect is to transform the cost of the original borrowing to a cost which reflects the market yield of the currency obtained in the conversion.

While it is impracticable to record the details of the swap arrangements in the public debt tables, the following schedule shows the effect of the swap transactions undertaken. The foreign currencies have been converted at bank rates prevailing on 31 August 1987.

Maturing Year Ending 31 March	Currency $(000)	Japanese Yen	European Currency Unit
1992	205,740 Cr.	231,749 Dr.	...
1992	80,720 Dr.	92,969 Cr.	...
1993	373,060 Dr.	...	376,556 Cr.
1994	204,752 Dr.	232,423 Cr.	...

Movements in Currency Values

In accordance with the Particular Accounting Policy adopted in respect of foreign currencies the exchange rates were officially realigned on 31 August 1987. The New Zealand dollar values of overseas public debt, investments, and cash holdings were adjusted accordingly. There were also several individual alterations during the quarter which necessitated adjustment to the New Zealand dollar values of the overseas investments and cash holdings concerned.

The total net decrease in the public debt of $844,082,000 arising from 31 August 1987 realignment consisted of:

Realignment 31 August 1987

	Increase $(000)	Decrease $(000)
Loans denominated in—
Australian dollar	...	62
Canadian dollar	...	374
Deutschemark	...	46,234
European currency unit	...	36,238
Indian rupee	...	203
Japanese yen	...	213,372
Dutch guilder	...	6,714
Pound sterling	...	81,262
Swiss franc	...	80,585
United States dollar	...	378,980

IBRD loans (various currencies)	...	58
Net decrease	...	844,082

Total | ... | 844,024 |

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VUW Te Waharoa — NZ Gazette 1987, No 216

NZLII — NZ Gazette 1987, No 216

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✨ LLM interpretation of page content

💰 Public Debt and Inflation-adjusted Savings Bonds

Domain💰 Finance & Revenue
KeywordsPublic Debt, Savings Bonds, Inflation-adjusted, Reserve Bank of New Zealand

💰 Currency Swap Transactions

Domain💰 Finance & Revenue
KeywordsSwap Transactions, Currency Conversion, Public Finance Act, Market Yield

💰 Movements in Currency Values and Public Debt Adjustments

Domain💰 Finance & Revenue
Dated31 August 1987
KeywordsCurrency Values, Exchange Rates, Public Debt, Foreign Currencies, IBRD Loans

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