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New Zealand Gazette – 1998 – No. 193

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✨ Financial Statements Notes

4554 NEW ZEALAND GAZETTE No. 193

TRANSPOWER NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1998

21. FINANCIAL INSTRUMENTS (cont...)

The notional gross contract amounts of interest rate swaps outstanding at balance date are:

	1998	1997
	$000	$000
Interest rate swaps	992,119	810,835

Cross currency interest rate swaps
Cross currency interest rate swaps are used to convert foreign currency denominated debt issued by Transpower into New Zealand dollar denominated debt. Cross currency interest rate swap contracts eliminate foreign currency risk on the underlying debt by determining the New Zealand dollar equivalent of the final principal exchange at the time of entering into the contract.

The principal amounts of cross currency interest rate swaps outstanding at balance date are:

Cross currency interest rate swaps
Principal receivable	1,170,492	983,113
Principal payable	(1,142,138)	(1,073,220)

Forward rate agreements
Forward rate agreements are used to fix interest rates on Transpower's underlying debt for periods commencing in the future. In the normal course of business Transpower enters into forward rate agreements to fix interest rates on floating rate debt for intervals of three months.

The notional contract amounts of forward rate agreements outstanding at balance date are:

Forward rate agreements
	(134,000)

Interest rate options
Transpower enters into interest rate options to manage interest rate re-pricing risk. Transpower purchases interest rate options to minimise the impact on finance costs arising from floating rate debt if interest rates were to rise in the future. In the normal course of Transpower's interest rate risk management the sale of interest rate options is restricted by the requirement to simultaneously purchase an interest rate option of the same notional value.

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VUW Te Waharoa — NZ Gazette 1998, No 193

NZLII — NZ Gazette 1998, No 193

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✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Notes to the Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Instruments, Risk Management Policies, Interest Rate Risk, Currency Risk, Credit Risk, Liquidity Risk, Debt Portfolio

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