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New Zealand Economic and Financial Overview 2009

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Summary of Direct Public Debt (continued)

Tables and Supplementary Information

Table I - Internal Debt as of 30 June 2008
Currency Principal
Outstanding
Maturity
Date
Coupon Rate Fiscal Year
of Issue
Amortisation
Government Stock 3,790,000,000 15/07/08 6.00 2005  
  5,365,000,000 15/07/09 7.00 1998  
  5,067,000,000 15/11/11 6.00 1999  
  4,347,000,000 15/04/13 6.50 2001  
  3,899,000,000 15/04/15 6.00 2003  
  1,980,646,200 15/02/16 4.5 1996  
  4,165,000,000 15/12/17 6.00 2005  
  28,613,646,200        
           
Treasury Bills 1,655,000,000 02/07/08 - 24/09/08 7.55 - 8.02 2008  
           
Loans 772,399 01/09/13 Variable 1994 2009-2013
  80,063,480 09/05/10 - 25/06/13 Variable 2006  
  1,490,500 15/07/08 - 01/03/17 4.875 - 5.75 (2)  
  39,844,147        
           
Retail stock 419,852,192 02/07/08 - 26/07/10 5.00 - 7.50 2004 - 2008 (3)  
  119,472,000 Call 3.00 (1)  
  539,342,192        
           
Total Internal Debt 30,890,314,772        

(1) Income Equalisation Reserve Deposits - Repayable at holder’s option (subject to criteria under the Income Tax Act1994) or after five years.

(2) Debt of the Ministry of Transport for which the Government assumed responsibility on 1 July 1997, subsequent to its fiscal issue date.

(3) Kiwi Bonds repayable at holder’s option upon seven business days’ notice.

Table II - External Debt as of 30 June 2008
Currency Principal
Outstanding
Maturity Date Coupon Rate Fiscal Year
of Issue
Amortisation
USD 53,389,300 Call Variable 2007  
  40,635,000 15/01/11 9.88 1986  
  100,000,000 23/04/12 4.15 2004  
  81,707,000 01/04/16 8.75 1987  
  27,543,000 25/09/16 9.13 1987  
  303,314,563        
           
Japan 10,000,000,000 11/05/12 2.59 2000  
  10,000,000,000 27/11/12 6.34 1993  
  20,000,000,000        
           
GBP 4,816,651 25/09/14 11.50 1985  
  4,816,651        

Table III - External Debt Issued 1 July 2008 to 31 January 2009 – Nil Issuance.

Contingent Liabilities and Non-Quantifiable Guarantees

Pursuant to Section 27(f) of the Public Finance Act 1989, a Statement of Contingent Liabilities must be provided, including guarantees given under Section 59 of the Act.

Statement of Contingent Liabilities
  (dollar amounts in millions)
Quantifiable Contingent Liabilities 30 June 2008 30 June 2007
Guarantees and Indemnities 286 171
Uncalled Capital 2,205 2,076
Legal Proceedings and Disputes 383 1,170
Other Contingent Liabilities 1,995 1,829
TOTAL QUANTIFIABLE CONTINGENT LIABILITIES 4,869 5,246
TOTAL QUANTIFIABLE CONTINGENT ASSETS 389 86

In addition to the contingent liabilities listed above, there are a number of contingent liabilities which cannot be quantified. These are primarily in the form of institutional guarantees and indemnities to Crown Entities.

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