Westpac Banking : WNZL Disclosure Statement - 31 March 2022

For personal use only

ASX	Level 18, 275 Kent Street
	Sydney, NSW, 2000
Release

23 May 2022

Westpac New Zealand Limited Disclosure Statement

Westpac Banking Corporation ("Westpac") today provides the attached Westpac New Zealand Limited Disclosure Statement for the six months ended 31 March 2022.

For further information:
Hayden Cooper	Andrew Bowden
Group Head of Media Relations	Head of Investor Relations
0402 393 619	0438 284 863

This document has been authorised for release by Tim Hartin, Company Secretary.

For personal use only

For personal use only

2 Westpac New Zealand Limited

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Contents

	Glossary of terms				4
only
Westpac New Zealand sustainability performance			5
Directors' statement				6
	Financial statements
	Income statement	7		Note 6 Loans	15
	Statement of comprehensive income	7		Note 7 Provision for expected credit losses	15
use	Balance sheet	8		Note 8 Deposits and other borrowings	21
Statement of changes in equity	9		Note 9 Debt issues	21
Statement of cash flows	10		Note 10 Related entities	22
Note 1 Financial statements preparation	11		Note 11 Fair values of financial assets and financial	22
Note 2 Net interest income	12		liabilities
Note 3 Non-interest income	13		Note 12 Credit related commitments, contingent	25
personal	Note 4 Operating expenses	14		assets and contingent liabilities
Independent auditor's review report	14		Note 13 Segment reporting	52
	Note 5 Impairment charges/(benefits)		25
	Registered bank disclosures
	i. General information	27		v. Concentration of credit exposures to individual	50
	ii. Additional financial disclosures	28		counterparties
	iii. Asset quality	34		vi. Insurance business	50
	iv. Capital adequacy under the internal models	38		vii. Risk management policies	50
	based approach, and regulatory liquidity ratios
	Conditions of registration				51
For

Westpac New Zealand Limited 3

Glossary of terms

Certain information contained in this Disclosure Statement is required by the Registered Bank Disclosure Statements (New Zealand Incorporated
Registered Banks) Order 2014 (as amended) ('Order').
In this Disclosure Statement, reference is made to:
only	Westpac New Zealand Limited (otherwise referred to as the 'Bank');
∙
∙	Westpac New Zealand Limited and its controlled entities (otherwise referred to as the 'Banking Group');
∙	Westpac Banking Corporation (otherwise referred to as the 'Ultimate Parent Bank'); and
∙	Ultimate Parent Bank and its controlled entities (otherwise referred to as the 'Ultimate Parent Bank Group').

Words and phrases not defined in this Disclosure Statement, but defined by the Order, have the meaning given by the Order when used in this Disclosure Statement.

The Disclosure Statement also uses the following terms as defined below.

	ANZSIC	Australia and New Zealand Standard Industrial
use	Classification
	AT1	Additional Tier 1 capital
	BCBS	Basel Committee on Banking Supervision
	BS13	Banking Standard 13 - Liquidity Policy
	BPR	Banking Prudential Requirement
personalFor	BS2A	Capital Adequacy Framework (Standardised
Approach)
BS2B	Capital Adequacy Framework (Internal Models Based
	Approach)
	CAP	Collectively assessed provisions
	CB	The Bank's Global Covered Bond Programme
	Programme
	EAD	Exposure at default
	ECL	Expected credit losses
	ELE	Extended Licensed Entity
	Fidelity Life	Fidelity Life Assurance Company Limited
	Financial	Condensed consolidated interim financial statements
	statements

FMA	Financial Markets Authority
FVIS	Fair value through income statement
FVOCI	Fair value through other comprehensive
income
FX	Foreign exchange
IAP	Individually assessed provisions
IRB	Internal Rating Based
LGD	Loss given default
LVR	Loan-to-value ratio
PD	Probability of default
RBNZ Act	Reserve Bank of New Zealand Act 1989
Reserve Bank	Reserve Bank of New Zealand
RWA	Risk weighted assets
SPV	Special purpose vehicle
Westpac Life	Westpac Life-NZ- Limited (renamed Fidelity
Insurance Limited on 28 February 2022)
WSNZL	Westpac Securities NZ Limited

4 Westpac New Zealand Limited