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RESERVE BANK OF AUSTRALIA

Financial Stability Review – March 2010

List of tables

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Chapters

Table 1: Foreign Bank Claims on Euro Area Countries

Table 2: Announced Final Date for Guaranteed Issuance

Table 3: Major Banks’ Latest Half Year Profit Results

Table 4: Australian-owned Banks’ Claims on Europe

Table 5: Long-term Credit Ratings of Banks operating in Australia

Table 6: Financial Strength Ratings of Large Insurers

Table 7: Domestic Funds under Management

Boxes

Table B1: Foreign Currency Exposure and Hedging Practices of Australian Banks

Table 1: Foreign Bank Claims on Euro Area Countries(a) Ultimate risk basis, as at 30 September 2009, per cent of lending country’s total bank assets(b)
Reporting banks
(by headquarter
location)
Greece Ireland Italy Portugal Spain Subtotal Euro
area
(a) Based on 24 countries reporting to the BIS
(b) Monetary financial institutions used as a proxy for total bank assets for countries in the euro area
Sources: BIS; RBA; Thomson Reuters; central banks
Euro area banks 0.4 0.8 2.1 0.5 1.5 5.3 12.4
of which:
German 0.4 1.8 1.9 0.4 2.2 6.7 13.4
French 0.7 0.6 4.3 0.3 1.6 7.6 13.8
Dutch 0.4 1.0 2.3 0.4 3.9 8.0 22.6
Belgian 0.5 2.5 3.1 0.7 2.8 9.5 27.0
Spanish 0.0 0.3 1.0 1.7 3.1 6.2
Portuguese 1.4 0.7 0.8 4.1 6.9 11.7
Swiss banks 2.6 0.6 0.9 0.1 0.6 4.9 16.2
UK banks 0.1 1.8 0.8 0.2 1.1 4.0 10.2
US banks 0.1 0.4 0.4 0.0 0.4 1.3 4.3
Japanese banks 0.1 0.2 0.6 0.0 0.3 1.2 5.6
Australian banks 0.0 0.1 0.5 0.0 0.1 0.7 2.2
Table 2: Announced Final Date for Guaranteed Issuance(a)
Country Date
(a) Selected countries.
(b) Legislation for schemes in Denmark and Germany set until 31 December 2010 and in Ireland until 29 September 2010, but EC approval required for further extensions every six months.
(c) Exact final date unconfirmed.
Sources: BIS; central banks; debt management offices and guarantee administrators; treasury departments.
United States 31-Oct-09
Canada 31-Dec-09
France 31-Dec-09
Korea 31-Dec-09
United Kingdom 28-Feb-10
Australia 31-Mar-10
New Zealand 30-Apr-10
Sweden 30-Apr-10
Ireland(b) 01-Jun-10
Denmark(b) 30-Jun-10
Finland 30-Jun-10
Germany(b) 30-Jun-10
Netherlands 30-Jun-10
Spain(c) Jun-10
Belgium 31-Oct-10
Table 3: Major Banks’ Latest Half Year Profit Results(a) Consolidated global operations
  2008
$ billion
2009
$ billion
Change
$ billion
(a) Half year to September for ANZ Banking Group, National Australia Bank and Westpac Banking Corporation; half year to December for Commonwealth Bank of Australia. Includes St George Bank and Bankwest.
Sources: RBA; banks’ annual and interim reports
Income
Net interest income 20.0 23.4 3.4
Non-interest income 9.2 9.6 0.4
Expenses
Operating expenses 14.3 15.4 1.1
Bad and doubtful debts 5.7 6.7 1.0
Profit
Net profit before tax 9.2 10.9 1.7
Net profit after tax and minority interests 7.5 5.6 −1.8
Table 4: Australian-owned Banks’ Claims on Europe Ultimate risk basis, as at end December 2009
Total
$ billion
Source: APRA
France 11.5
Greece 0.0
Germany 11.0
Ireland 4.1
Italy 12.9
Netherlands 7.7
Portugal 0.5
Spain 3.0
Other countries 5.7
Euro area 56.4
Table 5: Long-term Credit Ratings of Banks operating in Australia(a) As at 23 March 2010
  Current Outlook Last change
      Direction Date
(a) Includes all Australian-owned banks and foreign-owned banks operating in Australia that have an issuer rating from Standard & Poor’s
(b) St George Bank has been subsumed by Westpac Banking Corporation and no longer has a separate banking licence or credit rating
Source: Standard & Poor’s
AMP Bank A Stable + April 2008
ANZ Banking Group AA Stable + February 2007
Arab Bank Australia A− Stable n.a. January 2007
Bank of Queensland BBB+ Stable + April 2005
Bankwest AA Stable + December 2008
Bendigo and Adelaide Bank BBB+ Stable + February 2005
Citigroup A+ Negative December 2008
Commonwealth Bank of Australia AA Stable + February 2007
HSBC Bank Australia AA Negative + July 2006
ING Bank (Australia) A+ Stable September 2009
Macquarie Bank A Stable n.a. November 2094
Members Equity Bank BBB Stable + August 2006
National Australia Bank AA Stable + February 2007
Rabobank AAA Negative + August 1998
Rural Bank BBB Stable + August 2007
Suncorp-Metway A Stable January 2009
Westpac Banking Corporation(b) AA Stable + February 2007
Table 6: Financial Strength Ratings of Large Insurers As at 23 March 2010
  Current Outlook
Source: Standard & Poor’s
Allianz Australia Insurance AA− Stable
Insurance Australia Group AA− Stable
QBE Insurance Australia A+ Stable
Suncorp-Metway Insurance A+ Stable
Table 7: Domestic Funds under Management(a) December 2009
Six-month-ended
annualised change
Level
$billion
Share of total
Per cent
Jun 09
Per cent
Dec 09
Per cent
(a) Excluding funds sourced from overseas, government, other trusts, general insurance and ‘other’ sources
(b) Includes non-financial assets
(c) Includes superannuation funds held in the statutory funds of life insurers
(d) Cash management trusts, common funds and friendly societies
(e) Superannuation funds plus an estimate of the superannuation assets held in the statutory funds of life insurers
Sources: ABS; RBA
Superannuation funds
(consolidated)
846.2 63.4 10.9 31.6
Superannuation funds
(unconsolidated)
1,019.7   12.6 31.1
of which:
Cash and deposits 161.7 15.8 21.7 1.2
Loans and placements 9.8 1.0 14.8 28.9
Short-term securities 52.9 5.2 21.3 43.9
Long-term securities 56.0 5.5 1.8 34.0
Equities 323.0 31.7 25.8 55.3
Units in trusts 152.1 14.9 20.7 33.4
Other assets in Australia(b) 97.8 9.6 15.7 9.6
Assets overseas 166.4 16.3 −18.3 32.7
Life insurers(c)
(consolidated)
182.0 13.6 −2.7 25.0
Public unit trusts
(consolidated)
259.4 19.4 −5.1 8.3
Public unit trusts
(unconsolidated)
296.5   −4.9 15.0
of which:
Listed property trusts 122.6 41.4 −4.1 −0.4
Listed equity trusts 46.3 15.6 −10.3 −10.9
Unlisted equity trusts 99.3 33.5 −1.1 70.5
Other trusts 28.3 9.5 −8.2 −1.8
Other managed funds(d)
(consolidated)
47.9 3.6 −14.2 −23.0
Total
(consolidated)
1,335.5 100.0 4.1 22.9
of which:
All superannuation assets(e) 1,008.8 75.5 8.7 31.0
Table B1: Foreign Currency Exposure and Hedging Practices of Australian Banks(a) $ billion
  2005 2009
(a) A negative number denotes a net foreign currency liability position
Source: ABS; RBA
Debt
Net foreign currency exposure −186 −339
Derivatives 168 414
Open foreign currency debt position −18 75
Equity
Net foreign currency exposure 33 23
Derivatives −10 −5
Open foreign currency equity position 23 18
 
Open foreign currency position debt & equity 5 92
Residual derivatives −5 −54
 
Net foreign currency position 1 38
Per cent of assets 0.1 1.6