Westpac New Zealand Economic and Sustainability Strategy Update
Wholesale funding profile
Funding composition (%)
Term maturities by financial year (NZD $bn)
3
DMTN
■ EMTN
1
3
8
■Wholesale Offshore <1Yr
4.5
131
10
4
13
4
10
-3
9
10
Wholesale Onshore <1Yr
9
■Wholesale Offshore >1Yr
3.0
■Wholesale Onshore >1Yr
71
74
64
■Intercompany Loan
1.5
FY19
FY20
1H21
Equity (incl. AT1 + T2)
■Customer Deposits
0.0
2021
2022
Core Funding Ratio (%)
Core Funding Ratio
-RBNZ Core Funding Limit
90%
80.5%
80%
70%
60%
50%
40%
50.0%
17
23
Mar-19
Sep-19
Mar-20
Sep-20
Mar-21
■Covered
2023
■FLP1
Wholesale funding (%)
2024
2025+
By Type
■Domestic Medium Term
Notes
By Currency
NZD
■NZ Certificates of Deposit
19
20
■ USD
20
■ Euro Medium Term Notes
20
US Commercial Paper
6
16
Covered Bonds
■FLP
37
33
■ EUR
■CHF
36
1
■ HKD
1 The FLP is the RBNZ's Funding for Lending Program. The FLP offers secured term central bank funding to registered banks, with the aim of lowering funding costs to stimulate lending growth across the economy and help reduce interest
rates for borrowers. Under the FLP, the RBNZ will offer 3-year funding to eligible institutions. The funding will be structured as floating rate Repurchase Transactions priced at the Official Cash Rate (OCR), each for a term of three years.
Participants may access the funding over a 2-year transaction period.
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