π’ New Zealand Debt Management Office
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[0] => The New Zealand Debt Management Office (NZDMO) was established in 1988 as a self contained unit within The Treasury; in 1997, it became part of the Asset and Liability Management Branch when The Treasury was restructured. The NZDMO was responsible for managing the government's debt, overall cash flows, and some of its interest bearing assets.
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[history] => Responsibilities
The New Zealand Debt Management Office (NZDMO) had the following responsibilities:
-
developing and maintaining a portfolio management framework that promoted the government's debt management objectives;
-
financing the government's gross borrowing requirements, managing foreign-currency assets required to meet net foreign-currency interest and principal payments, and settling and accounting for all debt transactions;
-
managing the six principal types of risk - market, credit, liquidity, funding, operational, and concentration – in a manner consistent with the government's fiscal strategy and NZDMO's internal policies;
-
maximising the value added to the portfolio, on a risk-adjusted basis, subject to limits set in respect of market, credit, and liquidity exposure;
-
disbursing cash to government departments and facilitating departmental cash management;
-
undertaking lending to government organisations and state-owned enterprises and facilitating and executing derivatives transactions, in accordance with government policy;
-
providing capital markets advice for other areas of the New Zealand Treasury, other government departments, and government organisations;
-
providing debt-servicing estimates and accounting reports for fiscal forecasting and reporting purposes;
-
maintaining and enhancing, where appropriate, relationships with investors who hold, or are potential holders of,
Organisation and Structure
The Secretary to the Treasury was directly responsible to the Minister of Finance for the actions of NZDMO. The head of NZDMO was the Treasurer, who reported to the Asset and Liability Management Branch Manager, who was a Deputy Secretary to the Treasury.
In addition to normal accountability arrangements, NZDMO's operations were also overseen by an Advisory Board, which provided the Secretary to the Treasury with quality assurance on NZDMO's activities, risk management framework, and business plan. Members of the Advisory Board were selected on the basis of their experience in supervising portfolio management, payments, and banking activities; finance and risk management theory; and operational risk and reporting requirements. The Advisory Board included a senior partner with a major accounting firm, the director of a corporate treasury and risk management advisory firm, and a finance academic.
The structure of NZDMO was based on a private-sector financial-markets institution, with separate front, middle, and back offices. Such a structure was considered to provide for clearly defined responsibilities and accountabilities, procedural controls, and the segregation of duties. The Portfolio Management Group was responsible for portfolio analysis, developing and negotiating transactions, managing the government's liquidity and cash-disbursement system, and relationship management with international investors and rating agencies. The Risk Policy and Technology Group was responsible for measuring NZDMO's performance in adding value, measuring risk, monitoring compliance with the approved policies for managing the government's net debt portfolio, maintaining the NZDMO's portfolio and risk management framework consistent with international best practice, and maintaining NZDMO's information technology systems. The Accounting and Transactional Services Group was responsible for NZDMO's accounting and forecasting functions and ensuring that transactions are settled in a timely, efficient, and secure manner.
Roles
Participants in the management of the Crown's debt and fixed income assets included:
-
the Minister of Finance – the Minister had the power to borrow on behalf of the Crown, and thus had to approve all borrowing. That included specific borrowings or programmes of borrowing. The Minister also approved the entering into of swaps or other financial arrangements on behalf of the Crown. The Minister, on behalf of the Crown, appointed loan agents to raise loans and issue securities outside
-
-
the Branch Manager, Asset and Liability Management Branch – was responsible for the activities of the Asset and Liability Management Branch. The Branch provided advice on financial policy as it related to the Crown's ownership and balance sheet interests. It managed the Crown's sovereign debt portfolio, advised on the performance and management of ownership risks and obligations in state-owned enterprises and Crown entities, and advised on public sector financial management system design and development with a focus on the governance of public sector entities
-
the Treasurer, NZDMO – was responsible for the NZDMO's actions on a day-to-day basis; ensured that the management processes in the NZDMO were robust; and that the NZDMO fulfils its obligations to the Secretary to the Treasury
-
the Head of Portfolio Management – managed the portfolio management team and assisted with strategic debt management. Those responsibilities covered portfolio analysis, developing and negotiating transactions, managing the Crown's liquidity and cash disbursement system, and relationship management with international investors and rating agencies
-
the Head of Risk Policy and Technology – was responsible for maintaining NZDMO's Portfolio Management Policy consistent with international best practice and managed the programme to improve continuously NZDMO's risk management policies. The Head of Risk Policy and Technology was also responsible for measuring NZDMO's performance in adding value, measuring risk, monitoring NZDMO's compliance with approved policies for managing the Crown's net debt portfolio, and maintaining NZDMO's information technology systems
-
the Head of Accounting and Transactional Services – managed NZDMO's accounting and forecasting functions and ensured that transactions were settled in a timely, efficient, and secure manner
-
the Advisory Board – assisted the Secretary of the Treasury by providing advice on the NZDMO's business plan and budget, strategic risk management, financial and operational risk management, and reports from NZDMO's auditor on NZDMO's compliance record and accounting policies. The Advisory Board met at least four times a year
-
the Reserve Bank of
Show History
Responsibilities
The New Zealand Debt Management Office (NZDMO) had the following responsibilities:
-
developing and maintaining a portfolio management framework that promoted the government's debt management objectives;
-
financing the government's gross borrowing requirements, managing foreign-currency assets required to meet net foreign-currency interest and principal payments, and settling and accounting for all debt transactions;
-
managing the six principal types of risk - market, credit, liquidity, funding, operational, and concentration – in a manner consistent with the government's fiscal strategy and NZDMO's internal policies;
-
maximising the value added to the portfolio, on a risk-adjusted basis, subject to limits set in respect of market, credit, and liquidity exposure;
-
disbursing cash to government departments and facilitating departmental cash management;
-
undertaking lending to government organisations and state-owned enterprises and facilitating and executing derivatives transactions, in accordance with government policy;
-
providing capital markets advice for other areas of the New Zealand Treasury, other government departments, and government organisations;
-
providing debt-servicing estimates and accounting reports for fiscal forecasting and reporting purposes;
-
maintaining and enhancing, where appropriate, relationships with investors who hold, or are potential holders of,
Organisation and Structure
The Secretary to the Treasury was directly responsible to the Minister of Finance for the actions of NZDMO. The head of NZDMO was the Treasurer, who reported to the Asset and Liability Management Branch Manager, who was a Deputy Secretary to the Treasury.
In addition to normal accountability arrangements, NZDMO's operations were also overseen by an Advisory Board, which provided the Secretary to the Treasury with quality assurance on NZDMO's activities, risk management framework, and business plan. Members of the Advisory Board were selected on the basis of their experience in supervising portfolio management, payments, and banking activities; finance and risk management theory; and operational risk and reporting requirements. The Advisory Board included a senior partner with a major accounting firm, the director of a corporate treasury and risk management advisory firm, and a finance academic.
The structure of NZDMO was based on a private-sector financial-markets institution, with separate front, middle, and back offices. Such a structure was considered to provide for clearly defined responsibilities and accountabilities, procedural controls, and the segregation of duties. The Portfolio Management Group was responsible for portfolio analysis, developing and negotiating transactions, managing the government's liquidity and cash-disbursement system, and relationship management with international investors and rating agencies. The Risk Policy and Technology Group was responsible for measuring NZDMO's performance in adding value, measuring risk, monitoring compliance with the approved policies for managing the government's net debt portfolio, maintaining the NZDMO's portfolio and risk management framework consistent with international best practice, and maintaining NZDMO's information technology systems. The Accounting and Transactional Services Group was responsible for NZDMO's accounting and forecasting functions and ensuring that transactions are settled in a timely, efficient, and secure manner.
Roles
Participants in the management of the Crown's debt and fixed income assets included:
-
the Minister of Finance – the Minister had the power to borrow on behalf of the Crown, and thus had to approve all borrowing. That included specific borrowings or programmes of borrowing. The Minister also approved the entering into of swaps or other financial arrangements on behalf of the Crown. The Minister, on behalf of the Crown, appointed loan agents to raise loans and issue securities outside
-
-
the Branch Manager, Asset and Liability Management Branch – was responsible for the activities of the Asset and Liability Management Branch. The Branch provided advice on financial policy as it related to the Crown's ownership and balance sheet interests. It managed the Crown's sovereign debt portfolio, advised on the performance and management of ownership risks and obligations in state-owned enterprises and Crown entities, and advised on public sector financial management system design and development with a focus on the governance of public sector entities
-
the Treasurer, NZDMO – was responsible for the NZDMO's actions on a day-to-day basis; ensured that the management processes in the NZDMO were robust; and that the NZDMO fulfils its obligations to the Secretary to the Treasury
-
the Head of Portfolio Management – managed the portfolio management team and assisted with strategic debt management. Those responsibilities covered portfolio analysis, developing and negotiating transactions, managing the Crown's liquidity and cash disbursement system, and relationship management with international investors and rating agencies
-
the Head of Risk Policy and Technology – was responsible for maintaining NZDMO's Portfolio Management Policy consistent with international best practice and managed the programme to improve continuously NZDMO's risk management policies. The Head of Risk Policy and Technology was also responsible for measuring NZDMO's performance in adding value, measuring risk, monitoring NZDMO's compliance with approved policies for managing the Crown's net debt portfolio, and maintaining NZDMO's information technology systems
-
the Head of Accounting and Transactional Services – managed NZDMO's accounting and forecasting functions and ensured that transactions were settled in a timely, efficient, and secure manner
-
the Advisory Board – assisted the Secretary of the Treasury by providing advice on the NZDMO's business plan and budget, strategic risk management, financial and operational risk management, and reports from NZDMO's auditor on NZDMO's compliance record and accounting policies. The Advisory Board met at least four times a year
-
the Reserve Bank of
- Fiscal Responsibility Act 1994
- State Sector Act 1988
- Public Finance Act 1989
- Reserve Bank of New Zealand Act 1989
- π AA459
- πΌ Government stock registration (1934 ‑ )
- π’ The Treasury (1988 ‑ )