Tasmanian Public Finance Corporation
About Tasmanian Public Finance Corporation
Tasmanian Public Finance Corporation (Tascorp) is the central financing authority for the state of Tasmania. It was established in 1985. Tascorp’s principal purpose is to develop and implement borrowing and investment programmes for the benefit of Tasmanian public-sector clients, including the state government.
Tascorp is a corporation established under the Tasmanian Public Finance Corporation Act 1985 (Tascorp act). It is owned entirely by the Tasmanian state government, which is represented at shareholder level by the treasurer of Tasmania. A state-appointed board of directors governs Tascorp.
The state of Tasmania guarantees all Tascorp’s debt. The terms of the guarantee are set out in section 15 of the Tascorp act, which states: “Liabilities incurred or assumed by the Corporation in pursuance of this act are guaranteed by the state, and any liabilities of the Crown arising by virtue of this [guarantee] … shall be payable out of the public account without further appropriation.”
Tascorp operates within a capital limit periodically agreed upon with the treasurer of Tasmania.
Tascorp’s operations expose it to financial and operational risks. Management of these risks is a core element of its organisational objectives. All Tascorp activities are managed and monitored strictly within Tascorp board-approved risk policies and parameters.
Tascorp operates three debt programmes: a domestic bond programme, a domestic CP programme and an ECP programme. All issuance is undertaken in a manner to ensure it meets the requirements for exemption from Australian interest-withholding tax.
The domestic bond programme is the primary source of funding for Tascorp. Tascorp will continue to issue bonds in response to investor demand and is committed to diversifying its investor base. Tascorp’s gross term-funding requirement for 2020/21 is up to A$2.5 billion.
FOR FURTHER INFORMATION PLEASE CONTACT:
Head of Financial Markets and Client Services
+61 3 8396 1231
|CREDIT RATINGS (S&P/M)
|CREDIT RATINGS (S&P/M)
LONG-TERM FOREIGN CURRENCY
SINCE JAN 2020
|TERM FUNDING REQUIREMENT
| FY21 FY20 FY19
2.5 1.3 0.3
|RBA REPO ELIGIBLE||YES|
|RBNZ REPO ELIGIBLE||NO|
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