New Zealand Gazette – 1987 – No. 31

Page 1118

✨ Financial Reports

1118 THE NEW ZEALAND GAZETTE No. 31

27. Movements in Currency Values Accounting Policy

In accordance with the Particular Accounting Policy adopted in respect of foreign currencies exchange rates were officially realigned on 1 December 1986. 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 $383,356,000 arising from 1 December 1986 realignment consisted of:

| Realignment
| 1 December 1986 | | |
|-----------------|----------------|----------------|
| | Increase | Decrease |
| | ($000) | ($000) |
| Loans denominated in— | | |
| Australian dollar | 84 | ... |
| Canadian dollar | ... | 286 |
| Deutschemark | 33,064 | ... |
| European currency unit| 153,012 | ... |
| French franc | 95 | ... |
| Indian rupee | ... | 336 |
| Japanese yen | ... | 301,325 |
| Dutch guilder | 1,248 | ... |
| Pound sterling | ... | 113,523 |
| Swiss franc | ... | 25,298 |
| United States dollar | ... | 130,058 |
| IBRD loans (various currencies) | 187,503 | 570,826 |
| Net decrease | 383,356 | ... |

                            | $570,859     | $570,859        |

The total net increase of $115,486,000 in the overseas investments consisted of:

| Realignment
| 1 December 1986 | | |
|-----------------|----------------|----------------|
| | Increase | Decrease |
| | ($000) | ($000) |
| Investments denominated in— | | |
| Canadian dollar | 124 | ... |
| Deutschemark | 12,595 | ... |
| Dutch guilder | 1,596 | ... |
| Japanese yen | 3,389 | ... |
| Pound sterling | 2,384 | ... |
| Swiss franc | 239 | ... |
| United States dollar | 95,159 | ... |
| Net Increase | 115,486 | ... |

                            | $115,486     | $115,486        |

28. SWAP Transactions

As permitted by S91A of the Public Finance Act, the Government entered into two currency swap arrangements during the quarter. 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 obtained in the conversion. The effect is to transform the cost of the original borrowing to a cost which reflects the market yield of the currency obtained.

While it is impracticable to record the details of the swap arrangements in the public debt tables, the following schedule shows the effect of swap transactions undertaken during the quarter. The foreign currencies have been converted at bank rates prevailing on 1 December 1986.

Year	US Dollar (NZ$000)	Yen (NZ$000)
1992	247,788 cr	245,048 dr
1994	246,398 dr	245,761 cr

G. C. Scott
Secretary to the Treasury.
30 January 1987

R. C. W Hamilton,
Director, Financial Management, Treasury.
30 January 1987

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VUW Te Waharoa — NZ Gazette 1987, No 31

NZLII — NZ Gazette 1987, No 31

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

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💰 Movements in Currency Values Accounting Policy

Domain💰 Finance & Revenue
KeywordsCurrency Values, Accounting Policy, Public Debt, Investments, Exchange Rates
👩‍💼 Officials

G. C. Scott, Secretary to the Treasury
R. C. W Hamilton, Director, Financial Management, Treasury

💰 SWAP Transactions

Domain💰 Finance & Revenue
Dated30 January 1987
KeywordsSWAP Transactions, Currency Conversion, Public Finance Act, Foreign Exchange
👩‍💼 Officials

G. C. Scott, Secretary to the Treasury
R. C. W Hamilton, Director, Financial Management, Treasury

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