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Treasury Corp of Victoria 2012/13 ANNUAL REPORT ENHANCING FINANCIAL OUTCOMES FOR THE STATE FOR TWENTY YEARS Treasury Corporation of Victoria ABN: 97 552 308 966 Table of Contents Statement of Corporate Intent 2 Report of the Chairman and Managing Director 3 Performance Summary 5 Financial Summary 2012-13 6 Solutions for Clients 7 Funding Activities 14 Business Indicators 15 Economic Environment 17 Corporate Governance 20 Regulatory Compliance & Disclosures 29 Financial Statements 2013 32 Appendix 1 – Disclosure Statement 75 Contact Details 76 Reference to Credit Ratings All references to credit ratings in this document are provided for information purposes only. A credit rating is not a recommendation to buy, sell or hold any financial product. Such ratings are subject to revision or withdrawal at any time by the relevant rating agency. Enhancing financial outcomes for the State 1 Statement of Corporate Intent economic services financing policy advice Our Vision a dedicated financing service Treasury Corporation of Victoria’s (TCV or the general treasury and financing advice Corporation) vision is to be a respected central funding authority and financing adviser, optimising the benefits for, analytical services. and protecting the interests of, the State of Victoria and Our Objectives clients. TCV has the following objectives: Our Mission to act as a financial institution for the benefit of the TCV’s mission is to serve the State of Victoria and its State and participating authorities component businesses, working to fill their overall need to enhance the financial position of the State, the for financing and advisory services. Our employees are Corporation and participating authorities united in their commitment to deliver the best and most appropriate products and services, and are supported by a to provide our services in an effective, efficient and culture that motivates them to act with integrity and competitive manner professionalism. to give advice to the Treasurer in respect to the State’s liabilities or financial assets. Our Values Our Guarantee We value the following key skills and knowledge: Our payment obligations in relation to borrowings and commercial acumen communication derivative transactions are guaranteed by the State of Victoria (section 32 of the TCV Act). Our loans to relationship management participating authorities are guaranteed by the State of management effectiveness Victoria. proactivity problem solving Our Business Operations empathy technical skills. Our business operations assist the State in the prudent management of Victoria’s financing risks by centralising In addition, TCV promotes the public sector values financing and advisory activities through the: contained in Part 2 of the Public Administration Act 2004, which include responsiveness, integrity, impartiality, provision of a single interface to the debt markets accountability, respect, leadership and the promotion of maintenance and enhancement of the State’s profile human rights. and reputation in financial markets Our People assumption and management of financing risk that TCV understands that our employees are central to the would otherwise reside with the State or its success of our business. Our people related policies authorities support our commitment to the long-term development of retention of expert skills and knowledge to manage our employees. We also recognise the importance of a these financing risks healthy and balanced life. provision of financing advice in anticipation of and in In return, we expect our people to engage with TCV’s response to the requirements of the State and its behavioural framework and to demonstrate the values and authorities in all their financing arrangements behaviours required of participants in Financial markets, adoption of prudent risk management policies and and employees in the public sector, as set out in the processes in relation to interest rate, refinancing, relevant Codes of Conduct. credit, liquidity, foreign currency, commodity and Our Shareholder operational risks. The Treasurer of the State of Victoria is our shareholder. Our Borrowing Programs His interests are monitored by the Department of Treasury Our borrowing programs provide financing liquidity for the and Finance (DTF). Our Chairman, on behalf of the Board of Directors, reports directly to the Treasurer. State and its authorities as a result of: Our Clients a range of borrowing programs that facilitate access to long and short-term funding in domestic and We provide treasury services to those State and public international debt capital markets authorities that have been accepted as participating diversity of the investor base authorities by the Corporation under the Treasury Corporation of Victoria Act 1992 (the TCV Act) and, at the an active management philosophy that ensures the request of the Treasurer, to other Victorian entities. ability to provide sufficient funding at acceptable pricing in all market conditions At 30 June 2013, there were 94 participating authorities (2012: 93) in addition to the budget sector. The services a key corporate objective to raise funds at a cost we provide include: consistent with or better than other comparable debt portfolio management AAA/Aaa rated Australian state financing authorities cash management and deposit products a liquidity framework which supports the whole-of- state liquidity management strategic objectives. interest rate, foreign exchange and commodity risk management Enhancing financial outcomes for the State 2 Report of the Chairman and It also highlights our other activities, for example, our client industry sector support, our leadership role in the Managing Director Australian financial markets and our domestic and international investor marketing program. These The 2012-13 Annual Report marks a milestone for the activities help our customers achieve their objectives, Treasury Corporation of Victoria, as we celebrate 20 minimises financing costs and promotes the State of years of operations. Victoria in the global arena. The Corporation was established in 1993 with a The Victorian State Budget, released in May 2013, purpose to manage all of the state’s public sector debt delivered a budget that forecast an ongoing (and funding requirements through the one authority. rising) budget surplus, continued the focus on The vision for the Corporation, however, was far restrained expenditure growth and committed to broader than this. To quote the Treasurer of the time, additional infrastructure spending. The budget Allan Stockdale: supports the Victorian Government’s commitment to managing its AAA/Aaa rating which in turn assists TCV “The government proposes that the corporation to maintain reliable access to financial markets and will have an even further enhanced role, not maintain our place as a significant participant in the only as an issuer of paper borrowings on behalf Australian financial markets. of the public sector, but also in having an oversight and advisory role on the Investors, both domestic and international, remain Government’s total debt management and debt impressed with our fiscal outlook, and as a result reduction strategy.” Victoria benefits from the lowest cost of funds of all of the states. Over our 20 years, TCV has fulfilled both this initial purpose and vision, and much more besides. This investor confidence is reflected in TCV’s ability to access term markets. TCV’s 2012-13 call on markets We have grown and developed in response to our of $A7.2 billion has been raised successfully, and stakeholders changing needs. We have earned the some pre-financing of the 2013-14 program has trust of our clients and business partners. We have already been undertaken. These funds were primarily become a respected voice within the Australian raised through TCV’s Domestic Benchmark Bond Financial Markets. program, and in response to client requirements, across the longer end of the yield curve. In June, we Through these years we have unfailingly met our core successfully issued a 2032 bond, which in time will performance criteria. become a new benchmark line. We have always delivered our clients funding needs – TCV’s business continues to grow. We measure this both in volume and duration of funds – through double growth by observing changes in: rating downgrades (1992), the threat of closure of Australian Government Bond markets (2002) and the Participating Authorities - at 30 June 2013, the extreme illiquidity of the Global Financial Crisis (2008). number of state and public authorities which have been accepted by TCV as participating authorities We have contributed to the development of Victoria’s was 94 (2012: 93) highly successful Public Private Partnership model, Lending growth - at 30 June 2013, loans to providing advice to the Department of Treasury and participating authorities were (face value) $A36.3 Finance on the financing elements of the model, and to billion (2012: $A31.1 billion) Victoria’s procuring agencies on the application of the model. Deposit volumes - at 30 June 2013, deposits sourced from state and public authorities totalled We have done this in a conservative risk environment (face value) $A5.8 billion (2012: $A6.6 billion). that delivers our stakeholders preference for “no surprises”. We have developed a tightly controlled and This steady growth in client requirement continues to risk aware governance framework that identifies and demonstrate the important role the Corporation plays in manages our risks, both financial and organisational,
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