Group Financial Performance
1H15 Client Balances
Interest Rate Exposure
Average funds (USD 15.1b) held
during 1H15
Exposure to
interest rates
37% ($5.6b)
Effective
hedging:
derivative /
fixed rate
24% ($3.6b)
No exposure
31% ($4.7b)
Effective
hedging:
natural
8% ($1.2b)
CPU had an average of USD15.1b of client
funds under management during 1H15.
For 31% ($4.7b) of the 1H15 average client
funds under management, CPU had no
exposure to interest rate movements either
as a result of not earning margin income, or
receiving a fixed spread on these funds.
The remaining 69% ($10.4b) of funds were
"exposed" to interest rate movements. For
these funds:
ā
24% had effective hedging in place (being
either derivative or fixed rate deposits).
8% was naturally hedged against CPU's
own floating rate debt.
The remaining 37% was exposed to
changes in interest rates.
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