Corporate Profile

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TASCORP Statement of Corporate Intent

This Statement of Corporate Intent (SCI) is a high level summary of the 2016-17 to 2019-20 Corporate Plan of the Tasmanian Public Finance Corporation (TASCORP) and includes a performance agreement between the Board of TASCORP and the Shareholding Minister. 

The performance agreement details the key financial and non-financial targets for TASCORP for 2016-17, as agreed between the Board and the Shareholding Minister through the 2016 Corporate Planning process. It also details estimates for the following three years.

The SCI has been prepared pursuant to Section 41 of the Government Business Enterprises Act 1995 and, in accordance with the Ministerial Charter for TASCORP

Strategic direction

The principal purpose of TASCORP is to develop and implement borrowing and investment programs for the benefit of its Tasmanian public sector clients including the State Government. 

TASCORP’s goal is to meet the borrowing and investment needs of its clients at the best possible price and thereby deliver economic value to the State of Tasmania.

Core Business

In accordance with the Ministerial Charter, and subject to the priorities and expectations of the Treasurer as advised from time to time, the core business of Tascorp is to:
  • Raise funds in domestic and offshore capital markets;
  • Lend the proceeds to its public sector clients;
  • Offer deposit facilities to assist its public sector clients with their cash management activities;
  • Provide financial risk management advisory services to its public sector clients and the State Government; and
  • Reinvest surplus funds in financial assets so as to achieve an acceptable risk/reward outcome.

Key Business Strategies

  • For the period 2016-17 to 2019-20, key business strategies for TASCORP are to:
  • Provide borrowing and investment services to our customers at rates and conditions more favourable than they can achieve themselves;
  • Manage our debt outstanding to ensure that our customers current and future liability management needs are met;
  • Continue to develop TASCORP under our portfolio and business operations simplification project; and
  • Manage the risks borne by our shareholder by operating profitably within the capital at risk limits agreed with the Treasurer.

Key Limitation to achieving Key Business Strategies

  • TASCORP’s cost of borrowing, and its access to debt capital markets, depends on the State's credit rating over which the Corporation has very little control.
  • TASCORP's position with its customers and with financial markets depends on TASCORP being accountable for its operations and the services it delivers to its customers and stakeholders.
  • TASCORP's economies of scale relative to other Australian States means that TASCORP has to maintain a high standard of communication of information about Tasmania's and TASCORP's market and funding activities.
  • TASCORP’s inability to compete with the banks for deposits.
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