Operational Issues

TASCORP is constantly seeking to improve its policies and practices by benchmarking itself against market best practice. In this regard we look not only to other central borrowing authorities but also to the banking industry for yardsticks against which we can measure ourselves.

As the Chairman noted in his report, TASCORP has adopted the Basle II guidelines for measuring and controlling the amount of risk inherent in the business. TASCORP takes deposits, makes loans, and invests in cash and fixed interest securities just like a bank does, so it is appropriate that this tool developed by the banking industry to control the amount of risk assumed by banks be used to similarly control the amount of risk assumed by TASCORP. Effective capital employed has become a key metric used by the corporation in the past twelve months.

Community Support

TASCORP supported the local arts community again this year by purchasing a painting by Tasmanian artist Peter Glover entitled Sundown over Cranbrook. The painting will be reproduced as a limited edition print and given to key investors and the senior banking executives we deal with in various places around the world.

The TASCORP Prize in Finance for the 2003 academic year was awarded jointly to Ms Alison Harman and Ms Thuy Le. The picture above shows the Chairman with each of the winners.

Closing Remarks

TASCORP is committed to achieving its mission over the medium term. The 2003/04 financial year was a year during which we honed our strategic focus and built the momentum to carry us forward. We look forward with confidence to 2004/05 and beyond.

John Hindmarsh Chief Executive Officer August 2004