Treasury enhances focus on the Crown’s balance sheet

Secretary to the Treasury Gabriel Makhlouf has today announced a number of internal changes designed to embed the application of a consistent and holistic approach to managing the Crown’s financial assets and liabilities.

“The Treasury’s Capital Markets directorate encompasses debt management, export credit and a range of broader corporate treasury functions. We have recently refreshed the vision and mandate for this directorate, and are broadening its role to include performance oversight of Crown Financial Institutions,” said Mr Makhlouf.

“This broader mandate will support the ability to enhance our focus on the Crown's financial balance sheet, expand our corporate treasury function (on behalf of the public sector as a whole) and for the directorate to be a centre of financial and capital markets expertise.”

To align with these changes, the Treasury is also making modifications to the NZDMO and NZECO external identifiers by removing the word ‘Office’ from the current titles. The change balances the external facing nature of the debt management and export credit roles, against a recognition that the Capital Markets directorate will now provide a broader range of services. From 31 October, NZDMO and NZECO will be titled simply ‘New Zealand Debt Management’ and ‘New Zealand Export Credit’.

The new titles do not signal a reduction in the importance of the Treasury’s debt management and export credit roles, nor convey any change to the Crown’s borrowing programme.

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