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Westpac Banking Corporation - New Zealand DivisionDisclosure Statement For the three months ended 31 December 2012
Index 1 Generalinformationanddefinitions 1 Generalmatters 2 Creditratings 2 DisclosurestatementsoftheOverseasBankandthefinancialstatementsoftheOverseasBankandthe OverseasBankingGroup 2 Guaranteearrangements 2 Conditionsofregistration 3 Directors’andtheChiefExecutiveOfficer,NZBranch’sstatement 4 Indextofinancialstatements
Westpac Banking Corporation–NewZealandDivision1
General information and definitionsCertainoftheinformationcontainedinthisDisclosureStatementisrequiredbysection81oftheReserveBankofNewZealandAct1989(‘Reserve Bank Act’)andtheRegisteredBankDisclosureStatements(OverseasIncorporatedRegisteredBanks)Order(No2)2012(‘Order’).InthisDisclosureStatement,referenceismadetofivemainreportinggroups:
■■ WestpacBankingCorporationGroup(otherwisereferredtoasthe‘Overseas Banking Group’)–referstothetotalworldwidebusinessofWestpacBankingCorporationincludingitscontrolledentities;
■■ WestpacBankingCorporation(otherwisereferredtoasthe‘Overseas Bank’)–referstotheworldwideactivitiesofWestpacBankingCorporationexcludingitscontrolledentities;
■■ WestpacBankingCorporation-NewZealandDivision(otherwisereferredtoasthe‘NZ Banking Group’)–referstotheNewZealandoperationsofWestpacBankingCorporationGroupincludingthoseentitieswhosebusinessisrequiredtobereportedinthefinancialstatementsoftheOverseasBankingGroup’sNewZealandbusiness.ControlledentitiesoftheNZBankingGroupasat30September2012aresetoutinNote26tothefinancialstatementsincludedintheOverseasBank’sDisclosureStatementfortheyearended30September2012.ExceptasdetailedinNote10tothefinancialstatementsincludedinthisDisclosureStatement,therehavebeennootherchangesinthestructureorcompositionoftheNZBankingGroupsince30September2012;
■■ WestpacBankingCorporationNewZealandBranch(otherwisereferredtoasthe‘NZ Branch’)–referstotheNewZealandBranchofWestpacBankingCorporation(tradingasWestpac);and
■■ WestpacNewZealandLimited(otherwisereferredtoas‘Westpac New Zealand’)–referstoalocallyincorporatedsubsidiaryoftheOverseasBankcarryingontheOverseasBank’sNewZealandconsumer,businessandinstitutionalbankingoperations.
WordsandphrasesnotdefinedinthisDisclosureStatement,butdefinedbytheOrder,havethemeaninggivenbytheOrderwhenusedinthisDisclosureStatement.AllamountsreferredtointhisDisclosureStatementareinNewZealanddollarsunlessotherwisestated.
General matters
DirectorsTheDirectorsoftheOverseasBankatthetimethisDisclosureStatementwassignedwere:
Lindsay Philip Maxsted,DipBus(Gordon),FCA,FAICD–Chairman
Gail Patricia Kelly, HigherDipEd,BA,MBA,HonDBus–ManagingDirector&ChiefExecutiveOfficer
John Simon Curtis AM,BA,LLB(Hons.)–DeputyChairman
Elizabeth Blomfield Bryan, BA(Econ.),MA(Econ.)
Gordon McKellar Cairns,MA(Hons.)
Ewen Graham Wolseley Crouch,BEc(Hons.),LLB
Robert George Elstone, BA(Hons.),MA(Econ.),MCom
Peter John Oswin Hawkins, BCA(Hons.),SFFin,FAIM,ACA(NZ),FAICD
Ann Darlene Pickard,BA,MA
Chief Executive Officer, NZ BranchKaren Lee Ann Silk,B.Com
ThefollowingchangesinthecompositionoftheOverseasBank’sBoardofDirectors(the ‘Board’)havebeeneffectedsince30September2012:
■■ PeterWilsonretiredfromtheBoardattheconclusionofWestpacBankingCorporation’s2012AnnualGeneralMeetingon13December2012;
■■ RobertElstonewasappointedasChairmanoftheOverseasBank’sBoardAuditCommitteeeffective13December2012;and■■ EwenCrouchwasappointedtotheBoardeffective1February2013.
Responsible personAlltheDirectorsnamedabovehaveauthorisedinwritingPeterGrahamClare,ChiefExecutive,WestpacNewZealandtosignthisDisclosureStatementontheDirectors’behalfinaccordancewithsection82oftheReserveBankAct.
Westpac Banking Corporation–NewZealandDivision2
Credit ratingsTheOverseasBankhasthefollowingcreditratingswithrespecttoitslong-termseniorunsecuredobligations,includingobligationspayableinNewZealandinNewZealanddollars,asatthedatethisDisclosureStatementwassigned:
Rating Agency Current Credit Rating Rating Outlook
FitchRatings AA- Stable
Moody’sInvestorsService Aa2 Stable
Standard&Poor’s AA- Stable
TherehavebeennochangestoanyoftheOverseasBank’screditratingsorratingoutlookssince30September2012.Acreditratingisnotarecommendationtobuy,sellorholdsecuritiesoftheOverseasBank.Suchratingsaresubjecttorevision,qualification,suspensionorwithdrawalatanytimebytheassigningratingagency.InvestorsintheOverseasBank’ssecuritiesarecautionedtoevaluateeachratingindependentlyofanyotherrating.
Disclosure statements of the Overseas Bank and the financial statements of the Overseas Bank and the Overseas Banking GroupDisclosureStatementsoftheOverseasBankforthelastfiveyearsareavailable,freeofcharge,attheinternetaddresswww.westpac.co.nz.Aprintedcopywillalsobemadeavailable,freeofcharge,uponrequestandwillbedispatchedbytheendofthesecondworkingdayafterthedayonwhichtherequestismade.ThemostrecentlypublishedfinancialstatementsoftheOverseasBankandtheOverseasBankingGrouparefortheyearended30September2012andcanbeaccessedattheinternetaddresswww.westpac.com.au.
Guarantee arrangementsAsatthedatethisDisclosureStatementwassigned,nomaterialobligationsoftheOverseasBankthatrelatetotheNZBranchareguaranteed.
Conditions of registrationTheOverseasBank’sconditionsofregistrationwereamendedinDecember2012toincorporatenewcapitaladequacyrequirementsrelatingtotheimplementationofBaselIIIbytheAustralianPrudentialRegulationAuthority(‘APRA’).Theamendmentstakeeffectfrom1January2013andwere:
■■ anewconditionofregistration6(a)wasincludedwhichrequirestheCommonEquityTier1capitalofWestpacBankingCorporationtobenotlessthan4.5%ofriskweightedexposures;and
■■ theminimumTier1capitalofWestpacBankingCorporationwasincreasedfrom4%to6%ofriskweightedexposures.
Westpac Banking Corporation–NewZealandDivision3
Directors’ and the Chief Executive Officer, NZ Branch’s statementEachDirectoroftheOverseasBankbelievesandtheChiefExecutiveOfficer,NZBranch,believes,afterdueenquiry,that,asatthedateonwhichthisDisclosureStatementissigned,theDisclosureStatement:(a) containsallinformationthatisrequiredbytheOrder;and(b) isnotfalseormisleading.
EachDirectoroftheOverseasBankbelievesandtheChiefExecutiveOfficer,NZBranch,believes,afterdueenquiry,that,overthethreemonthsended31December2012:(a) theOverseasBankhascompliedwiththeconditionsofregistrationimposedonitpursuanttosection74oftheReserveBank
Act;and(b) theNZBranchhadsystemsinplacetomonitorandcontroladequatelytheNZBankingGroup’smaterialrisks,including
creditrisk,concentrationofcreditrisk,interestraterisk,currencyrisk,equityrisk,liquidityriskandotherbusinessrisks,andthatthosesystemswerebeingproperlyapplied.
ThisDisclosureStatementhasbeensignedonbehalfoftheDirectorsbyPeterGrahamClare,ChiefExecutive,WestpacNewZealand,andbyKarenLeeAnnSilk,asChiefExecutiveOfficer,NZBranch.
PeterGrahamClare
KarenLeeAnnSilk
Datedthisthe28thdayofFebruary2013
Westpac Banking Corporation–NewZealandDivision4
Index to financial statementsPage Contents5 Consolidatedincomestatement6 Consolidatedstatementofcomprehensiveincome7 Consolidatedstatementofchangesinequity8 Consolidatedbalancesheet9 Consolidatedstatementofcashflows10 Notestothefinancialstatements10 Note1Statementofaccountingpolicies11 Note2Non-interestincome11 Note3Impairmentchargesonloans12 Note4Tradingsecurities12 Note5Loans12 Note6Creditquality,impairedassetsandprovisionsforimpairmentchargesonloans13 Note7Deposits13 Note8Tradingliabilities13 Note9Debtissues14 Note10Relatedentities14 Note11Commitmentsandcontingentliabilities14 Note12Segmentinformation16 Note13Insurancebusiness16 Note14Riskmanagement16 14.1Creditrisk16 14.2Marketrisk17 14.3Liquidityrisk17 Note15Concentrationofcreditexposurestoindividualcounterparties17 Note16OverseasBankandOverseasBankingGroupcapitaladequacy18 Note17OtherinformationontheOverseasBankingGroup
Westpac Banking Corporation–NewZealandDivision5
Consolidated income statement forthethreemonthsended31December2012 NZ Banking Group
Three Months ThreeMonths Year Ended Ended Ended 31-Dec-12 31-Dec-11 30-Sep-12$ millions Note Unaudited Unaudited Audited
Interestincome 967 1,000 3,965Interestexpense (575) (631) (2,440)
Net interest income 392 369 1,525Non-interestincome 2 147 145 582
Net operating income 539 514 2,107Operatingexpenses (234) (211) (872)Impairmentchargesonloans 3 (35) (21) (184)
Operating profit 270 282 1,051Shareofprofitofassociateaccountedforusingtheequitymethod - - 1
Profit before income tax expense 270 282 1,052Incometaxexpenseonoperatingprofit (73) (76) (293)
Profit after income tax expense 197 206 759
Profit after income tax expense attributable to: HeadofficeaccountandownersoftheNZBankingGroup 196 205 756 Non-controllinginterests 1 1 3
197 206 759
Theaccompanyingnotes(numbered1to17)formpartof,andshouldbereadinconjunctionwith,thesefinancialstatements.
Westpac Banking Corporation–NewZealandDivision6
Consolidated statement of comprehensive income forthethreemonthsended31December2012 NZ Banking Group
Three Months ThreeMonths Year Ended Ended Ended 31-Dec-12 31-Dec-11 30-Sep-12$ millions Unaudited Unaudited Audited
Profit after income tax expense 197 206 759
Other comprehensive income which may be reclassified to the income statement: Available-for-salesecurities: Netunrealised(losses)/gainsfromchangesinfairvalueofavailable-for-salesecurities (2) 43 66 Exchangedifferences 1 (1) (6) Incometaxeffect 3 (10) (11) Cashflowhedges: Netgainsfromchangesinfairvalueofcashflowhedges 6 51 56 Incometaxeffect (2) (14) (16)
Total other comprehensive income which may be reclassified to the income statement 6 69 89
Other comprehensive expense which will not be reclassified to the income statement: Actuariallossesonemployeedefinedbenefitsuperannuationschemes - - (25) Incometaxeffect - - 7
Total other comprehensive expense which will not be reclassified to the income statement - - (18)
Total other comprehensive income, net of tax 6 69 71
Total comprehensive income 203 275 830
Total comprehensive income attributable to: HeadofficeaccountandownersofNZBankingGroup 202 274 827 Non-controllinginterests 1 1 3
203 275 830
Theaccompanyingnotes(numbered1to17)formpartof,andshouldbereadinconjunctionwith,thesefinancialstatements.
Westpac Banking Corporation–NewZealandDivision7
Consolidated statement of changes in equity forthethreemonthsended31December2012 NZ Banking Group
Head Office Account NZ Banking Group Equity Available- Total for-sale Cash Flow before Non- Non- Branch Retained Convertible Share Retained Securities Hedge controlling controlling Total$ millions Capital Profits Debentures Capital Profits Reserve Reserve Interests Interests Equity
As at 1 October 2011 1,300 89 1,284 139 1,984 31 (74) 4,753 8 4,761
Three months ended 31 December 2011 Profitafterincometaxexpense - 59 - - 146 - - 205 1 206Netgainsfromchangesinfairvalue - - - - - 43 51 94 - 94Exchangedifferences - - - - - (1) - (1) - (1) Incometaxeffect - - - - - (10) (14) (24) - (24)
Total comprehensive income for the three months ended 31 December 2011 - 59 - - 146 32 37 274 1 275
As at 31 December 2011 (Unaudited) 1,300 148 1,284 139 2,130 63 (37) 5,027 9 5,036
Year ended 30 September 2012 Profitafterincometaxexpense - 196 - - 560 - - 756 3 759Netgainsfromchangesinfairvalue - - - - - 66 56 122 - 122Exchangedifferences - - - - - (6) - (6) - (6) Incometaxeffect - - - - - (11) (16) (27) - (27)Actuariallossesonemployeedefined benefitsuperannuationschemes - - - - (25) - - (25) - (25) Incometaxeffect - - - - 7 - - 7 - 7
Total comprehensive income for the year ended 30 September 2012 - 196 - - 542 49 40 827 3 830
Transactionswithowners: Dividendspaidonconvertible debentures(netoftax) - (72) - - - - - (72) - (72) Dividendspaidonordinaryshares - - - - - - - - (4) (4)
As at 30 September 2012 (Audited) 1,300 213 1,284 139 2,526 80 (34) 5,508 7 5,515
Three months ended 31 December 2012 Profitafterincometaxexpense - 53 - - 143 - - 196 1 197 Netgainsfromchangesinfairvalue - - - - - (2) 6 4 - 4 Exchangedifferences - - - - - 1 - 1 - 1 Incometaxeffect - - - - - 3 (2) 1 - 1
Total comprehensive income for the three months ended 31 December 2012 - 53 - - 143 2 4 202 1 203
As at 31 December 2012 (Unaudited) 1,300 266 1,284 139 2,669 82 (30) 5,710 8 5,718
Theaccompanyingnotes(numbered1to17)formpartof,andshouldbereadinconjunctionwith,thesefinancialstatements.
Westpac Banking Corporation–NewZealandDivision8
Consolidated balance sheet asat31December2012 NZ Banking Group
31-Dec-12 31-Dec-11 30-Sep-12$ millions Note Unaudited Unaudited Audited
AssetsCashandbalanceswithcentralbanks 2,235 1,626 1,714Duefromotherfinancialinstitutions 424 144 322 Derivativefinancialinstruments 4,965 5,672 5,506Tradingsecurities 4 4,672 5,593 4,028Available-for-salesecurities 2,826 2,513 2,694Loans 5,6 59,652 58,070 59,892Lifeinsuranceassets 252 197 237Duefromrelatedentities 1,584 1,345 2,006Investmentinassociate 48 48 48Goodwillandotherintangibleassets 663 620 652Property,plantandequipment 167 157 162Deferredtaxassets 216 216 209Otherassets 314 385 384
Total assets 78,018 76,586 77,854
Liabilities Duetootherfinancialinstitutions 741 407 214Deposits 7 45,554 41,156 43,390Derivativefinancialinstruments 4,953 5,475 5,841Tradingliabilities 8 328 670 518Debtissues 9 12,856 13,560 12,914Currenttaxliabilities 44 69 49Provisions 75 71 96Otherliabilities 639 693 721
Total liabilities excluding related entities liabilities 65,190 62,101 63,743Subordinateddebentures 718 774 712Duetorelatedentities 6,392 8,675 7,884
Total related entities liabilities 7,110 9,449 8,596
Total liabilities 72,300 71,550 72,339
Net assets 5,718 5,036 5,515
Equity Head office account Branchcapital 1,300 1,300 1,300Retainedprofits 266 148 213
Total head office account 1,566 1,448 1,513
Convertibledebentures 1,284 1,284 1,284
NZ Banking Group equity Ordinarysharecapital 139 139 139Retainedprofits 2,669 2,130 2,526Available-for-salesecuritiesreserve 82 63 80Cashflowhedgereserve (30) (37) (34)
Total equity attributable to owners of the NZ Banking Group 2,860 2,295 2,711Non-controllinginterests 8 9 7
Total equity 5,718 5,036 5,515
Interestearninganddiscountbearingassets 69,549 68,325 69,024Interestanddiscountbearingliabilities 62,229 60,939 60,877
Theaccompanyingnotes(numbered1to17)formpartof,andshouldbereadinconjunctionwith,thesefinancialstatements.
Westpac Banking Corporation–NewZealandDivision9
Consolidated statement of cash flows forthethreemonthsended31December2012 NZ Banking Group
Three Months ThreeMonths Year Ended Ended Ended 31-Dec-12 31-Dec-11 30-Sep-12$ millions Unaudited Unaudited Audited
Cash flows from operating activitiesInterestincomereceived 974 992 3,955Interestexpensepaid (539) (616) (2,436)Non-interestincomereceived 159 138 562Net(increase)/decreaseintradingsecurities (672) 23 1,643Netdecreaseintradingliabilities (190) (616) (768)Netmovementinderivativefinancialinstruments (341) 466 1,003Operatingexpensespaid (280) (227) (824)Incometaxpaid (79) (33) (240)
Net cash (used in)/provided by operating activities (968) 127 2,895
Cash flows from investing activities Purchaseofavailable-for-salesecurities (133) (953) (1,179)Proceedsfrommaturitiesofavailable-for-salesecurities - - 63Netloansrepaidby/(advancedto)customers 205 23 (1,962)Netincreaseinlifeinsuranceassets (15) (11) (51)Netdecreaseinduefromrelatedentities 422 927 266Purchaseofcapitalisedcomputersoftware (21) (12) (73)Purchaseofproperty,plantandequipment (12) (10) (36)
Net cash provided by/(used in) investing activities 446 (36) (2,972)
Cash flows from financing activities Netincreaseindeposits 2,164 1,581 3,815Netdecreaseindebtissues (58) (4,070) (4,716)Net(decrease)/increaseinduetorelatedentities (1,494) 1,980 1,185Netincrease/(decrease)insubordinateddebentures 6 (11) (73)Dividendspaidonconvertibledebentures - - (100)Dividendspaidtominorityshareholders - - (4)
Net cash provided by/(used in) financing activities 618 (520) 107
Net increase/(decrease) in cash and cash equivalents 96 (429) 30Cashandcashequivalentsatbeginningoftheperiod/year 1,822 1,792 1,792
Cash and cash equivalents at end of the period/year 1,918 1,363 1,822
Cash and cash equivalents comprise: Cashandbalanceswithcentralbanks 2,235 1,626 1,714 Due(to)/fromotherfinancialinstitutions(net) (317) (263) 108
Cash and cash equivalents at end of the period/year 1,918 1,363 1,822
Reconciliation of profit after income tax expense to net cash provided by operating activities Profitafterincometaxexpense 197 206 759Adjustments: Impairmentchargesonloans 35 21 184 Computersoftwareamortisationcosts 10 9 38 Depreciationonproperty,plantandequipment 7 7 28 Share-basedpayments 2 2 7 Movementinotherassets 10 (65) (108) Movementinotherliabilities (12) (11) (10) Movementincurrentanddeferredtax (12) 61 55 Taxoncashflowhedgereserve (2) (14) (16) Taxonavailable-for-salesecuritiesreserve 3 (10) (11) Taxonconvertibledebenturesdividends - - 28 Movementintradingsecurities (675) 71 1,706 Movementintradingliabilities (190) (616) (768) Movementinderivativefinancialinstruments (341) 466 1,003
Net cash (used in)/provided by operating activities (968) 127 2,895
Theaccompanyingnotes(numbered1to17)formpartof,andshouldbereadinconjunctionwith,thesefinancialstatements.
Westpac Banking Corporation–NewZealandDivision10
Notestothefinancialstatements
Note 1 Statement of accounting policies
Statutory baseInthesefinancialstatementsreferenceismadetothefollowingreportingentities:
■■ WestpacBankingCorporationGroup(otherwisereferredtoasthe‘Overseas Banking Group’)–referstothetotalworldwidebusinessofWestpacBankingCorporationincludingitscontrolledentities;
■■ WestpacBankingCorporation(otherwisereferredtoasthe‘Overseas Bank’)–referstotheworldwideactivitiesofWestpacBankingCorporationexcludingitscontrolledentities;
■■ WestpacBankingCorporationNewZealandDivision(otherwisereferredtoasthe‘NZ Banking Group’)–referstotheNewZealandoperationsofWestpacBankingCorporationGroupincludingthoseentitieswhosebusinessisrequiredtobereportedinthefinancialstatementsoftheOverseasBankingGroup’sNewZealandbusiness;
■■ WestpacBankingCorporationNewZealandBranch(otherwisereferredtoasthe‘NZ Branch’)–referstotheNewZealandBranchofWestpacBankingCorporation(tradingasWestpac);and
■■ WestpacNewZealandLimited(otherwisereferredtoas‘Westpac New Zealand’)–referstoalocallyincorporatedsubsidiaryoftheOverseasBank(carryingontheOverseasBank’sNewZealandconsumer,businessandinstitutionalbankingoperations).
TheseconsolidatedfinancialstatementshavebeenpreparedandpresentedinaccordancewiththeRegisteredBankDisclosureStatements(OverseasIncorporatedRegisteredBanks)Order(No2)2012(‘Order’)andtheReserveBankofNewZealandAct1989(‘Reserve Bank Act’).ThesefinancialstatementshavealsobeenpreparedinaccordancewithGenerallyAcceptedAccountingPracticeinNewZealand,asappropriateforprofit-orientedentities,andtheNewZealandEquivalenttoInternationalAccountingStandard(‘NZ IAS’)34Interim Financial ReportingandshouldbereadinconjunctionwiththeDisclosureStatementfortheyearended30September2012.ThesefinancialstatementscomplywithInternationalAccountingStandard34Interim Financial ReportingasissuedbytheInternationalAccountingStandardsBoard.Asaresultofthenewandrevisedaccountingstandardwhichbecameoperativefortheannualreportingperiodcommencing1October2012,theNZBankingGroupadoptedPresentation of Items of Other Comprehensive Income (AmendmentstoNZIAS1).Undertheamendedstandard,theformatofothercomprehensiveincomehaschangedtoseparateitemsthatmayberecycledtotheincomestatementfromitemsthatwillnotberecycled.AdoptionofthisrevisedaccountingstandardhasnotresultedinanymaterialchangetotheNZBankingGroup’sreportedresultorfinancialposition.ThesefinancialstatementswereauthorisedforissuebytheBoardon28February2013.TheBoardhasthepowertoamendthefinancialstatementsaftertheyareauthorisedforissue.
Basis of preparationThesefinancialstatementsarebasedonthegeneralprinciplesofhistoricalcostaccounting,asmodifiedbyfairvalueaccountingforavailable-for-salefinancialassets,financialassetsandfinancialliabilitiesatfairvaluethroughprofitorlossandallfinancialderivativecontracts.Thegoingconcernconceptandtheaccrualbasisofaccountinghavebeenadopted.AllamountsareexpressedinNewZealanddollarsunlessotherwisestated.Thesameaccountingpoliciesandmethodsofcomputationhavebeenfollowedinpreparingthesefinancialstatementsaswereusedinpreparingthefinancialstatementsfortheyearended30September2012,exceptasamendedforthechangesrequiredduetotheadoptionofthenewandrevisedaccountingstandardasexplainedinthe‘Statutorybase’section.Certaincomparativeinformationhasbeenrestatedtoensureconsistenttreatmentwiththecurrentreportingperiod.Wheretherehasbeenamaterialrestatementofcomparativeinformationthenatureof,andthereasonfor,therestatementisdisclosedintherelevantnote.
Basis of aggregationTheNZBankingGroupasat31December2012hasbeenaggregatedbycombiningthesumofthecapitalandreservesoftheNZBranch,HastingsForestryInvestmentsLimited,andtheconsolidatedcapitalandreservesofBTFinancialGroup(NZ)Limited,WestpacFinancialServicesGroup-NZ-Limited,WestpacGroupInvestment-NZ-Limited,WestpacNewZealandGroupLimitedandtheircontrolledentities.ForNewZealandentitiesacquiredbytheOverseasBankingGroup,capitalandreservesatacquisitionarenettedandrecognisedascapitalcontributedtotheNZBankingGroup.TheNZBankingGroupmayinvestinorestablishspecialpurposeentitiestoenableittoundertakespecifictypesoftransactions.WheretheNZBankingGroupcontrolssuchentities,theyareconsolidatedintotheNZBankingGroup’sfinancialresults.AlltransactionsandbalancesbetweenentitieswithintheNZBankingGrouphavebeeneliminated.Non-controllinginterestsarestatedattheproportionofthenetprofitandnetassetsofasubsidiaryattributabletoequityintereststhatarenotowned,directlyorindirectlybytheNZBankingGroup.Lossesareattributedtothenon-controllinginterestevenifthatresultsinadeficitbalance.
Westpac Banking Corporation–NewZealandDivision11
Notestothefinancialstatements
Note 2 Non-interest income NZ Banking Group
Three Months ThreeMonths Year Ended Ended Ended 31-Dec-12 31-Dec-11 30-Sep-12$ millions Unaudited Unaudited Audited
Fees and commissions Transactionfeesandcommissions 62 56 244Lendingfees(loanandrisk) 16 16 61Insurancecommissionsreceived 4 4 15Othernon-riskfeeincome - 8 1
Total fees and commissions 82 84 321
Wealth management revenue Feesfromtrustandotherfiduciaryactivities 41 35 153Netlifeinsuranceincomeandchangeinpolicyliabilities (13) (10) (32)
Total wealth management revenue 28 25 121
Trading income Foreignexchangetrading 21 24 85Interestratetrading 7 6 31
Total trading income 28 30 116
Net ineffectiveness on qualifying hedges (1) - 1
Other non-interest income Netgainsonderivativesheldforriskmanagementpurposes - 5 6Dividendincome - - 2Rentalincome - - 1Other 10 1 14
Total other non-interest income 10 6 23
Total non-interest income 147 145 582
Note 3 Impairment charges on loans
NZ Banking Group
Other Loans Loans for Residential for Consumer Business$ millions Mortgages Purposes Purposes Total
Three months ended 31 December 2012 (Unaudited) Collectivelyassessedprovisions - 2 8 10 Individuallyassessedprovisions 9 - 3 12 Baddebtswritten-offdirectlytotheincomestatement 1 9 9 19 Interestadjustments (1) (1) (4) (6)
Total impairment charges on loans 9 10 16 35
Three months ended 31 December 2011 (Unaudited) Collectivelyassessedprovisions 2 3 (14) (9)Individuallyassessedprovisions 8 - 15 23Baddebtswritten-offdirectlytotheincomestatement (1) 11 7 17Interestadjustments (1) (2) (7) (10)
Total impairment charges on loans 8 12 1 21
Year ended 30 September 2012 (Audited) Collectivelyassessedprovisions (5) (6) (60) (71)Individuallyassessedprovisions 23 - 190 213Baddebtswritten-offdirectlytotheincomestatement 2 43 29 74Interestadjustments (4) (10) (18) (32)
Total impairment charges on loans 16 27 141 184
Westpac Banking Corporation–NewZealandDivision12
Notestothefinancialstatements
Note 4 Trading securities
NZ Banking Group
31-Dec-12 31-Dec-11 30-Sep-12$ millions Unaudited Unaudited Audited
Trading securities NZcorporatesecurities: Certificatesofdeposit 2,963 2,076 2,172 Corporatebonds 505 444 484 Mortgage-backedsecurities 4 6 5 NZGovernmentsecurities 818 1,978 819 Offshoresecurities 4 26 4 Securitiespurchasedunderagreementtoresell 378 1,063 544
Total trading securities 4,672 5,593 4,028
Asat31December2012,theNZBankingGrouphad$16millionoftradingsecurities(31December2011:$45million,30September2012:$12million)thatwereencumberedthroughrepurchaseagreementsaspartofstandardtermsoftransactionswithotherbanks.
Note 5 Loans
NZ Banking Group
31-Dec-12 31-Dec-11 30-Sep-12$ millions Unaudited Unaudited Audited
Overdrafts 1,180 1,144 1,460Creditcardoutstandings 1,380 1,332 1,311Moneymarketloans 1,062 918 1,165Termloans: Housing 35,964 35,061 35,963 Non-housing 19,826 19,300 19,798Other 855 984 802
Total gross loans 60,267 58,739 60,499Provisionsforimpairmentchargesonloans (615) (669) (607)
Total net loans 59,652 58,070 59,892
Asat31December2012,$2.9billionofhousingloansareusedbytheNZBankingGrouptosecuretheobligationsofWestpacSecuritiesNZLimited(‘WSNZL’)underWestpacNewZealand’sGlobalCoveredBondProgramme(‘CB Programme’)(31December2011:$2.4billion,30September2012:$3.1billion).ThesehousingloanswerenotderecognisedfromWestpacNewZealand’sfinancialstatementsinaccordancewiththeaccountingpoliciesoutlinedinNote1tothefinancialstatementsincludedintheDisclosureStatementfortheyearended30September2012.Asat31December2012,theNewZealanddollarequivalentofbondsissuedbyWSNZLundertheCBProgrammewas$2.0billion(31December2011:$1.7billion,30September2012:$2.0billion).
Note 6 Credit quality, impaired assets and provisions for impairment charges on loans NZ Banking Group
31-Dec-12 (Unaudited) Other Loans Loans for Residential for Consumer Business$ millions Mortgages Purposes Purposes Total
Total neither past due nor impaired 34,622 1,728 21,348 57,698
Past due assets: Lessthan90dayspastdue 1,159 137 330 1,626 Atleast90dayspastdue 69 16 79 164
Total past due assets 1,228 153 409 1,790 Individually impaired assets 114 - 665 779
Total gross loans 35,964 1,881 22,422 60,267
Individuallyassessedprovisions 37 - 242 279 Collectivelyassessedprovisions 61 65 250 376
Total provisions for impairment charges on loans and credit commitments 98 65 492 655 Provisionforcreditcommitments - - (40) (40)
Total provisions for impairment charges on loans 98 65 452 615
Total net loans 35,866 1,816 21,970 59,652
Westpac Banking Corporation–NewZealandDivision13
Notestothefinancialstatements
Note 7 Deposits
NZ Banking Group
31-Dec-12 31-Dec-11 30-Sep-12$ millions Unaudited Unaudited Audited
Deposits at fair value Certificatesofdeposit 1,591 1,319 1,423
Total deposits at fair value 1,591 1,319 1,423
Deposits at amortised cost Non-interestbearing,repayableatcall 3,335 3,066 2,969Otherinterestbearing: Atcall 16,858 15,636 15,931 Term 23,770 21,135 23,067
Total deposits at amortised cost 43,963 39,837 41,967
Total deposits 45,554 41,156 43,390
TheNZBranchheldnoretaildepositsfromindividualsasat31December2012(31December2011:nil,30September2012:nil).
Note 8 Trading liabilities
NZ Banking Group
31-Dec-12 31-Dec-11 30-Sep-12$ millions Unaudited Unaudited Audited
Held for tradingSecuritiessoldshort 312 625 506Securitiessoldunderagreementstorepurchase 16 45 12
Total trading liabilities 328 670 518
Note 9 Debt issues
NZ Banking Group
31-Dec-12 31-Dec-11 30-Sep-12$ millions Unaudited Unaudited Audited
Short-term debtCommercialpaper 4,054 3,640 4,033
Total short-term debt 4,054 3,640 4,033
Long-term debt Non-domesticmedium-termnotes 6,124 8,625 6,207Domesticmedium-termnotes 2,678 1,295 2,674
Total long-term debt 8,802 9,920 8,881
Total debt issues 12,856 13,560 12,914
Debtissuesatamortisedcost 8,771 9,426 8,851Debtissuesatfairvalue 4,085 4,134 4,063
Total debt issues 12,856 13,560 12,914
Movement in debt issues Balanceatbeginningoftheperiod/year 12,914 17,630 17,630Issuancesduringtheperiod/year 1,343 2,283 12,589Repaymentsduringtheperiod/year (1,643) (6,127) (16,196)Effectofforeignexchangemovementsduringtheperiod/year 235 (270) (1,188)Effectoffairvaluemovementsduringtheperiod/year 7 44 79
Balance at end of the period/year 12,856 13,560 12,914
Asat31December2012,theNZBankingGrouphadNewZealandGovernmentguaranteeddebtof$1,985milliononissue(31December2011:$4,034million,30September2012:$1,970million).ForfurtherinformationonNewZealandGovernmentguaranteeddebtrefertoGuaranteearrangementsinWestpacNewZealand’sDisclosureStatementforthethreemonthsended31December2012.
Westpac Banking Corporation–NewZealandDivision14
Notestothefinancialstatements
Note 10 Related entitiesWestpacNZSecuritisationNo.2Limited(‘WNZSL 2’)wasincorporatedon2November2012.WNZSL2isawhollyownedsubsidiaryofWestpacNZSecuritisationHoldingsLimited.TherehavebeennootherchangestothestructureorcompositionoftheNZBankingGroupsince30September2012.ControlledentitiesoftheNZBankingGroupasat30September2012aresetoutinNote26tothefinancialstatementsincludedintheOverseasBank’sDisclosureStatementfortheyearended30September2012.ThetotalliabilitiesoftheNZBranch,netofamountsduetorelatedentitiesasat31December2012,amountedto$5,818million(31December2011:$6,267million,30September2012:$6,372million).
Note 11 Commitments and contingent liabilities
NZ Banking Group
31-Dec-12 31-Dec-11 30-Sep-12$ millions Unaudited Unaudited Audited
Commitments for capital expenditureDuewithinoneyear 1 1 4
Other expenditure commitments: Oneyearorless 106 86 95 Betweenoneandfiveyears 281 307 293 Overfiveyears 2 14 -
Total other expenditure commitments 389 407 388
Lease commitments (all leases are classified as operating leases) Premisesandsites 258 209 219Motorvehicles 10 7 8
Total lease commitments 268 216 227
Lease commitments are due as follows: Oneyearorless 52 44 44 Betweenoneandfiveyears 135 104 117 Overfiveyears 81 68 66
Total lease commitments 268 216 227
Other contingent liabilities and commitments Directcreditsubstitutes 331 331 335Loancommitmentswithcertaindrawdown 176 145 177Transactionrelatedcontingentitems 917 691 796Short-term,selfliquidatingtraderelatedcontingentliabilities 411 503 397Othercommitmentstoprovidefinancialservices 19,223 16,839 19,118
Total other contingent liabilities and commitments 21,058 18,509 20,823
Note 12 Segment informationTheNZBankingGroupoperatespredominantlyintheconsumer,businessandinstitutionalbankingsectorswithinNewZealand.Onthisbasis,nogeographicalsegmentinformationisprovided.Thebasisofsegmentreportingreflectsthemanagementofthebusiness,ratherthanthelegalstructureoftheNZBankingGroup.Thereisnodifferenceinaccountingmeasurementbetweenthemanagementandlegalstructures.Theoperatingsegmentresultshavebeenpresentedonamanagementreportingbasisandconsequentlyinternalchargesandtransferpricingadjustmentshavebeenreflectedintheperformanceofeachoperatingsegment.Intersegmentpricingisdeterminedonacostrecoverybasis.TheNZBankingGroupdoesnotrelyonanysinglemajorcustomerforitsrevenuebase.TheNZBankingGroup’soperatingsegmentsaredefinedbythecustomerstheyserveandtheservicestheyprovide.TheNZBankingGrouphasidentifiedthefollowingmainoperatingsegments:
■■ RetailBankingprovidesfinancialservicesforindividuals;■■ Wealthprovidesfinancialservicesforhighnetworthindividuals,fundsmanagementandinsurancedistribution;■■ BusinessBankingprovidesfinancialservicesforsmalltomediumsizedenterprisecustomers,corporatesandagriculturalbusinesses;and
■■ InstitutionalBankingprovidesabroadrangeoffinancialservicestolargecorporate,institutionalandgovernmentcustomersandthesupplyofderivativesandriskmanagementproductstotheentireWestpaccustomerbaseinNewZealand.
RetailBankingandWealthhavebeenaggregatedanddisclosedastheConsumerBankingreportablesegment.BusinessBankingandInstitutionalBankingareseparatereportablesegments.
Westpac Banking Corporation–NewZealandDivision15
Notestothefinancialstatements
Note 12 Segment information (continued)Reconcilingitemsprimarilyrepresent:
■■ businessunitsthatdonotmeetthedefinitionofoperatingsegmentsunderNZIFRS8Operating Segments;■■ eliminationentriesonconsolidation/aggregationoftheresults,assetsandliabilitiesoftheNZBankingGroup’scontrolledentitiesinthepreparationoftheaggregatedfinancialstatementsoftheNZBankingGroup;and
■■ resultsofcertainbusinessunitsexcludedformanagementreportingpurposes,butincludedwithintheaggregatedfinancialstatementsoftheNZBankingGroupforstatutoryfinancialreportingpurposes.
Netinterestincomeandnon-interestincomehavebeenincludedinthefollowingtabletoalignwiththeinformationprovidedtothe‘chiefoperatingdecisionmaker’.Comparativeinformationfornetoperatingincomefromexternalcustomersandnetinternaloperatingincomehasbeenchangedtoensureconsistentpresentationwiththecurrentreportingperiod.Additionally,profitbeforeincometaxexpensefromdomestictransactionalbankingdepositsofcertaincustomersandtheassociateddepositshasbeenreclassifiedfromtheBusinessBankingsegmenttotheInstitutionalBankingsegment.Therevisedpresentationhasnoimpactontotalprofitbeforeincometaxexpenseforthethreemonthsended31December2011andtheyearended30September2012.
NZ Banking Group
Consumer Business Institutional Reconciling $ millions Banking Banking Banking Items 1 Total
Three months ended 31 December 2012 (Unaudited) Netinterestincome 198 120 47 27 392 Non-interestincome 73 25 41 8 147
Net operating income 271 145 88 35 539
Netoperatingincomefromexternalcustomers 342 256 86 (145) 539 Netinternaloperating(expense)/income (71) (111) 2 180 -
Net operating income 271 145 88 35 539
Operatingexpenses (51) (20) (15) (148) (234)Impairmentchargesonloans (15) (10) (10) - (35)
Profit before income tax expense 205 115 63 (113) 270
Total gross loans 31,453 22,064 6,955 (205) 60,267 Total deposits 25,367 11,124 7,472 1,591 45,554
Three months ended 31 December 2011 (Unaudited) Netinterestincome 195 119 42 13 369Non-interestincome 68 23 52 2 145
Net operating income 263 142 94 15 514
Netoperatingincomefromexternalcustomers 375 267 101 (229) 514Netinternaloperating(expense)/income (112) (125) (7) 244 -
Net operating income 263 142 94 15 514
Operatingexpenses (51) (18) (14) (128) (211)Impairment(charges)/recoveriesonloans (18) (18) 17 (2) (21)
Profit before income tax expense 194 106 97 (115) 282
Total gross loans 30,673 21,350 6,973 (257) 58,739Total deposits 23,522 10,057 6,258 1,319 41,156
Year ended 30 September 2012 (Unaudited) Netinterestincome 793 488 181 63 1,525Non-interestincome 292 94 180 16 582
Net operating income 1,085 582 361 79 2,107Netoperatingincomefromexternalcustomers 1,468 1,063 380 (804) 2,107Netinternaloperating(expense)/income (383) (481) (19) 883 -
Net operating income 1,085 582 361 79 2,107
Operatingexpenses (198) (73) (56) (545) (872)Impairmentchargesonloans (38) (144) (6) 4 (184)Shareofprofitofassociateaccountedforusingequitymethod - - - 1 1
Profit before income tax expense 849 365 299 (461) 1,052
Total gross loans 31,383 22,129 7,209 (222) 60,499Total deposits 24,744 10,809 6,414 1,423 43,390
1 Includedinthereconcilingitemsfortotaloperatingexpensesis$153million(31December2011:$138million;30September2012:$548million)ofheadofficeoperatingexpenses,whicharenotallocatedtoabusinessunitthatmeetsthedefinitionofanoperatingsegment.
Westpac Banking Corporation–NewZealandDivision16
Notestothefinancialstatements
Note 13 Insurance businessThefollowingtablepresentstheaggregateamountoftheNZBankingGroup’sinsurancebusinessconductedthroughoneofitscontrolledentities,WestpacLife-NZ-Limited(‘Westpac Life’),calculatedinaccordancewiththeOverseasBank’sconditionsofregistrationasatthereportingdate:
NZ Banking Group
31-Dec-12 $ millions Unaudited
Totalassets 206 AsapercentageoftotalassetsoftheNZBankingGroup 0.26%
WestpacLifeiscarryingoninsurancebusinessinNewZealandandisthereforesubjecttotherequirementssetoutintheInsurance(PrudentialSupervision)Act2010,includinglicensingandsupervisionbytheReserveBankofNewZealand(‘Reserve Bank’).WestpacLifewasgrantedaprovisionallicencebytheReserveBankon22February2012,subjecttostandardconditionsincludingarequirementtoestablishastatutoryfundwhicheffectivelyseparateslifeinsuranceassetsandpolicyliabilitiesfromanyotherbusinesscarriedoutbyWestpacLife.ThestatutoryfundwasestablishedbyWestpacLifeeffectivefrom1October2012.
Note 14 Risk management14.1 Credit risk
The NZ Banking Group’s residential mortgages by loan-to-value ratio (‘LVR’) as at 31 December 2012 (Unaudited)InordertocalculateoriginationLVR,thecurrentexposureisthatusedintheinternalratingsbasedapproachformortgagelending.Forloansoriginatedfrom1January2008,theNZBankingGrouputilisesitsloanoriginationsystem.Forloansoriginatedpriorto1January2008,theoriginationLVRisnotseparatelyrecorded,andthereforenotavailablefordisclosureasrequiredunderClause1ofSchedule9totheOrder.Fortheseloans,theNZBankingGrouputilisesitsdynamicLVRprocesstocalculateanoriginationLVR.ExposuresforwhichnoLVRisavailablehavebeenincludedinthe‘Exceeds90%’categoryinaccordancewiththerequirementsoftheOrder.
NZ Banking Group
31-Dec-12 (Unaudited) Does not Exceeds 80%LVR range ($ millions) Exceed 80% and not 90% Exceeds 90% Total
On-balancesheetexposures 27,346 5,587 2,958 35,891 Undrawncommitmentsandotheroff-balancesheetexposures 6,134 412 216 6,762
Value of exposures 33,480 5,999 3,174 42,653
14.2 Market risk ThefollowingtableprovidesasummaryoftheNZBankingGroup’snotionalcapitalchargesbyrisktypeasatthereportingdate.
NZ Banking Group
31-Dec-12 (Unaudited) Implied Notional Risk-weighted Capital $ millions Exposure Charge
End-of-periodInterestraterisk 2,316 185 Foreigncurrencyrisk 89 7 Equityrisk 80 6
Westpac Banking Corporation–NewZealandDivision17
Notestothefinancialstatements
Note 14 Risk management (continued)
14.3 Liquidity risk
Liquid assetsThetablebelowshowstheNZBankingGroup’sholdingofliquidassetsandrepresentsthekeyliquidityinformationprovidedtomanagement.LiquidassetsincludehighqualityassetsreadilyconvertibletocashtomeettheNZBankingGroup’sliquidityrequirements.Inmanagement’sopinion,liquidityissufficienttomeettheNZBankingGroup’spresentrequirements.
NZ Banking Group
31-Dec-12 $ millions Unaudited
Cashandbalanceswithcentralbanks 2,002 Duefromotherfinancialinstitutions 174 Supranationalsecurities 424 NZGovernmentsecurities 2,496 NZpublicsecurities 463 NZcorporatesecurities 3,302 Residentialmortgage-backedsecurities 3,992
Total liquid assets 12,853
Note 15 Concentration of credit exposures to individual counterpartiesThefollowingcreditexposuresarebasedonactualcreditexposurestoindividualcounterpartiesandgroupsofcloselyrelatedcounterparties.Thenumberofindividualbankcounterparties(whicharenotmembersofagroupofcloselyrelatedcounterparties),andgroupsofcloselyrelatedcounterpartiesofwhichabankistheparent,towhichtheNZBankingGrouphasanaggregatecreditexposurethatequalsorexceeds10%oftheOverseasBankingGroup’sequity:
■■ asat31December2012wasnil;and■■ inrespectofpeakend-of-dayaggregatecreditexposureforthethreemonthsended31December2012wasnil.Thenumberofindividualnon-bankcounterparties(whicharenotmembersofagroupofcloselyrelatedcounterparties),andgroupsofcloselyrelatedcounterpartiesofwhichabankisnottheparent,towhichtheNZBankingGrouphasanaggregatecreditexposurethatequalsorexceeds10%oftheOverseasBankingGroup’sequity:
■■ asat31December2012wasnil;and■■ inrespectofpeakend-of-dayaggregatecreditexposureforthethreemonthsended31December2012wasnil.Thepeakend-of-dayaggregatecreditexposureshavebeencalculatedbydeterminingthemaximumend-of-dayaggregateamountofactualcreditexposureovertherelevantthree-monthperiodandthendividingthatamountbytheOverseasBankingGroup’sequityasat30September2012.Creditexposurestoindividualcounterparties(notbeingmembersofagroupofcloselyrelatedcounterparties)andtogroupsofcloselyrelatedcounterpartiesexcludeexposurestothecentralgovernmentofanycountrywithalong-termcreditratingofA-orA3orabove,oritsequivalent,ortoanybankwithalong-termcreditratingofA-orA3orabove,oritsequivalent.ThesecalculationsrelateonlytoexposuresheldinthefinancialrecordsoftheNZBankingGroup(excludingexposuresbookedoutsideNewZealand)andwerecalculatednetofindividuallyassessedprovisions.
Note 16 Overseas Bank and Overseas Banking Group capital adequacy
31-Dec-12 31-Dec-11% Unaudited Unaudited
Overseas Banking Group1
TierOneCapitalratio 10.7 9.8TotalCapitalratio 12.1 11.0
Overseas Bank (Extended Licensed Entity)1
TierOneCapitalratio 10.5 9.7TotalCapitalratio 12.3 11.3
1 ThecapitalratiosrepresentinformationmandatedbyAustralianPrudentialRegulationAuthority(‘APRA’).
Westpac Banking Corporation–NewZealandDivision18
Notestothefinancialstatements
Note 16 Overseas Bank and Overseas Banking Group capital adequacy (continued)BaselIIcameintoforceon1January2008.TheOverseasBankingGroupisaccreditedbyAPRAtousetheAdvancedInternalRatingsBased(‘Advanced IRB’)approachforcreditrisk,theAdvancedMeasurementApproach(‘AMA’)foroperationalriskandtheinternalmodelapproachforInterestRateRiskintheBankingBook(‘IRRBB’)forcalculatingregulatorycapital(knownas‘AdvancedAccreditation’)andisrequiredbyAPRAtoholdminimumcapitalatleastequaltothatspecifiedundertheAdvancedIRBandAMAmethodologies.UnderNewZealandregulations,thismethodologyisreferredtoastheBaselII(internalmodelsbased)approach.Withthisaccreditation,theOverseasBankingGroupisrequiredtodiscloseadditionaldetailedinformationonitsriskmanagementpracticesandcapitaladequacyonaquarterlyandasemi-annualbasis.ThisinformationismadeavailabletousersviatheOverseasBankingGroupwebsite(www.westpac.com.au).TheaimistoallowthemarkettobetterassesstheOverseasBankingGroup’sriskandrewardassessmentprocessandhenceincreasethescrutinyoftheseprocesses.TheOverseasBankingGroup,andtheOverseasBank(ExtendedLicensedEntity)asdefinedbyAPRA,exceededtheminimumcapitaladequacyrequirementsasspecifiedbyAPRAasat31December2012.APRAspecifiesaminimumprudentialcapitalratiofortheOverseasBankingGroup,whichisnotmadepubliclyavailable.Since2012theOverseasBankingGroup’scapitalratioshavebeenmeasuredusingthenewBasel2.5standards,whichbecameeffectivefrom1January2012.Thesestandardsprincipallyinvolvedchangesinrisk-weightedassetsappliedtomarketriskandtosecuritisation.
Note 17 Other information on the Overseas Banking GroupOtherinformationontheOverseasBankingGroupisfromthemostrecentlypublishedfinancialstatementsoftheOverseasBankingGroupfortheyearended30September2012.
30-Sep-12Profitability Audited
Netprofitaftertaxfortheyearended30September2012(A$millions) 6,036 Netprofitaftertax(fortheyearended30September2012)asapercentageofaveragetotalassets 0.9%
As at 30-Sep-12 Total assets and equity Audited
Totalassets(A$millions) 674,965 Percentagechangeintotalassetsfortheyearended30September2012 0.7%Totalequity(A$millions) 44,249
As at 30-Sep-12 Asset quality Audited
Totalindividuallyimpairedassets1,2 (A$millions) 3,955 Asapercentageoftotalassets 0.6%Totalindividualcreditimpairmentallowance(A$millions) 1,470 Asapercentageoftotalindividuallyimpairedassets 37.2%Totalcollectivecreditimpairmentallowance(A$millions) 2,771
1 Totalindividuallyimpairedassetsarebeforeallowancesforcreditimpairmentlossandnetofinterestheldinsuspense.2 Non-financialassetshavenotbeenacquiredthroughtheenforcementofsecurity.
Westpac Banking Corporation ABN 33 007 457 141, incorporated in Australia (New Zealand division).