The New Zealand Debt Management Office (NZDMO) has separate front, middle and back offices. This structure leads to clearly defined responsibilities and accountabilities, procedural controls and the separation of duties.
The Portfolio Management team is responsible for issuing debt (mainly through tenders for government securities), managing a portfolio of New Zealand dollar and foreign-currency assets, relationship management with investors, clients and rating agencies, and providing capital markets advice and services for departments and government entities.
The Risk Policy and Balance Sheet team is responsible for measuring NZDMO's performance in adding value, measuring risk, monitoring compliance with the approved policies for managing the Government's net debt portfolio, maintaining NZDMO's portfolio and risk management framework in a way that is consistent with international best practice, assessing financial risks across the Crown's balance sheet, and formulating an Asset and Liability Management framework for the Crown as a whole.
The Accounting and Transactional Services team is responsible for NZDMO's financial reporting and policy, producing NZDMO’s debt servicing and cash flow forecasts, ensuring that all NZDMO transactions are settled and reconciled in a timely, efficient and secure manner, processing departmental and Crown disbursements and managing NZDMO's registry operations for Crown securities.
Minister of Finance
As only the Minister has the power to borrow on behalf of the Crown, the Minister must approve all borrowing. That includes specific borrowings or programmes of borrowing. The Minister also approves the entering into of swaps or other financial arrangements on behalf of the Crown. The Minister, on behalf of the Crown, may appoint borrowing agents to issue securities outside New Zealand.
Secretary to the Treasury/Chief Executive
The Secretary to the Treasury is directly responsible to the Minister for the actions of NZDMO.
Deputy Secretary - Financial and Commercial Operations
The Deputy Secretary is responsible for the leadership of a range of corporate and operational areas, including NZDMO, and managing the overall organisational performance of the Treasury. The Deputy Secretary – Financial and Commercial Operations reports directly to the Secretary to the Treasury.
Director, Financial Operations and Head of NZDMO
The Head of NZDMO is responsible for NZDMO's operations on a day-to-day basis. The Head of NZDMO reports to the Deputy Secretary – Financial and Commercial Operations. The Head of NZDMO ensures that processes are robust and that NZDMO fulfils its obligations to the Secretary to the Treasury.
Head of Portfolio Management
The Head of Portfolio Management manages the portfolio management team and assists with strategic debt management. Those responsibilities cover portfolio analysis, developing and negotiating transactions, managing the Crown's liquidity and cash disbursement system and relationship management with investors.
Head of Risk Policy and Balance Sheet
The Head of Risk Policy and Balance Sheet is responsible for maintaining NZDMO's Portfolio Management Policy in a way that is consistent with international best practice, and managing the programme for continuous improvement of NZDMO's risk management policies. The Head of Risk Policy and Balance Sheet is also responsible for measuring NZDMO's performance in adding value, measuring risk, monitoring NZDMO's compliance with the approved policies for managing the Crown's net debt portfolio, and leading the balance sheet management function.
Head of Accounting and Transactional Services
The Head of Accounting and Transactional Services manages NZDMO's accounting and forecasting functions and ensures that transactions are settled in a timely, efficient and secure way.