New Zealand Gazette – 2005 – No. 132

Page 3217

✨ Financial Instrument Valuation and Risk

19 AUGUST 2005
NEW ZEALAND GAZETTE, No. 132
3217

The following methods and assumptions are used to estimate the fair value of each class of financial instrument:

The carrying amounts of cash, short term investments, bank overdraft and short term debt are equivalent to their fair value.

The fair value of long term borrowings is estimated based on current market interest rates available to the company for debt of similar maturities.

The fair value of interest rate swaps is estimated based on quoted market prices of those instruments.

Off-balance sheet risk

Interest rate swaps (NZD)	2005 $000's	2004 $000's
	35,000	35,000

Interest rate risk

Interest rate risk is the risk that the value of the company's assets and liabilities will fluctuate due to changes in market interest rates.

The company has interest bearing debt which is subject to interest rate variations in the market.

Interest rate swaps are employed to manage interest rate exposure on long term borrowings.

Contracts have been entered into with various counterparties having such credit ratings and in accordance with such dollar limits as set by the board of directors. The company does not require collateral or other security to support financial instruments with credit risk. While the company may be subject to credit losses up to the notional principal or contract amounts in the event of non performance by its counterparties, it does not expect such losses to occur.

For interest rate swaps the cash requirements are limited to interest payable or receivable which is a net receivable amount of $22,158 as at 31 March 2005 ($25,869 payable in 2004)

VUW Te Waharoa — NZ Gazette 2005, No 132

Gazette.govt.nz — NZ Gazette 2005, No 132

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✨ LLM interpretation of page content

💰 Fair Value Estimation of Financial Instruments

Domain💰 Finance & Revenue
KeywordsFair value, Cash, Short term investments, Bank overdraft, Short term debt, Long term borrowings, Market interest rates, Interest rate swaps

💰 Off-balance Sheet Risk and Interest Rate Swaps

Domain💰 Finance & Revenue
KeywordsOff-balance sheet risk, Interest rate swaps, Market interest rates, Credit risk, Counterparty risk

💰 Interest Rate Risk Management

Domain💰 Finance & Revenue
KeywordsInterest rate risk, Interest rate swaps, Credit ratings, Dollar limits, Collateral, Credit losses, Counterparty performance

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Additional Sources

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