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The Statement of Corporate Intent has been prepared pursuant to Section 41 of the Government Business Enterprises Act 1995.
PART 1: BUSINESS DEFINITION
Core Business
In accordance with the Ministerial Charter the scope of the commercial activities to be undertaken by TASCORP will be:
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to provide borrowings, investment, debt and asset management services on behalf of government business enterprises, inner budget agencies, local government and state owned companies, and
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to deliver financial advisory services to government business enterprises, inner budget agencies, local government and state owned companies, including activities in relation to asset, liability and risk management by these clients.
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Key Limitations
1.1 Credit
TASCORP’s cost of borrowing is dependent upon the State’s credit rating over which the Corporation has no control.
1.2 Price Taker
Given the amount of TASCORP inscribed stock on issue, and potentially available to issue, TASCORP is obliged to accept the market price for funds at the time it borrows.
Community Service Obligations
TASCORP has no community service obligations.
PART 2: STRATEGIC DIRECTION
Major Goals and Expected Outcomes
2.1 Borrowing Activities
To meet the funding needs of clients at the TASCORP yield curve.
2.2 Investment Services
To provide clients with a rate of return equivalent to, or in excess of, a relevant market benchmark.
2.3 Other
To strive for market excellence in the provision of financial services to the Tasmanian public sector.
2.4 Return on Capital
To achieve a sustainable commercial rate of return while maintaining a sound financial structure and operating within financial risk parameters consistent with TASCORP’s status as a public sector entity.
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