WESTPAC
UPDATE 2013
Fixed Income Investor Presentation
February 2013
Westpac Banking Corporation ABN 33 007 457 141.
ウエストパック
アップデート
プデ
2013
債券投資家向けプレゼンテーション
2013年2月
Westpac Banking Corporation ABN 33 007 457 141.
Disclaimer
The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (“Westpac”) and its
activities. It does not constitute a prospectus, offering memorandum or offer of securities. It should not be reproduced, distributed or transmitted to any
person without the consent of Westpac and is not intended for distribution in any jurisdiction in which such distribution would be contrary to local law or
regulation.
The information is supplied in summary form and is therefore not necessarily complete. Also, it is not intended that it be relied upon as advice to
investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives,
financial situation or particular needs.
The material
Th
t i l contained
t i d iin thi
this presentation
t ti may iinclude
l d iinformation
f
ti d
derived
i d ffrom publicly
bli l available
il bl sources th
thatt h
have nott b
been independently
i d
d tl verified.
ifi d N
No
representation or warranty is made as to the accuracy, completeness or reliability of the information.
All amounts are in Australian dollars unless otherwise indicated.
Information contained in or otherwise accessible through the websites mentioned in this presentation does not form part of the presentation unless we
specifically
p
y state that the information is incorporated
p
by
y reference thereby
y forming
gp
part of the p
presentation. All references in this p
presentation to websites
are inactive textual references and are for information only.
Disclosure regarding forward-looking statements
This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the US Securities Act of 1933.
The forward-looking statements include statements regarding our intent, belief or current expectations with respect to our business and operations,
market conditions
conditions, results of operations and financial condition
condition, including
including, without limitation
limitation, future loan loss provisions,
provisions financial support to certain
borrowers, indicative drivers, forecasted economic indicators and performance metric outcomes.
We use words such as ‘will’, ‘may’, ‘expect’, 'indicative', ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘probability’, ‘risk’, ‘forecast’, ‘likely’,
‘estimate’, ‘anticipate’, ‘believe’, or similar words to identify forward-looking statements. These statements reflect our current views with respect to future
events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond our control and have been made
based upon management’s
management s expectations and beliefs concerning future developments and their potential effect upon us.
us Should one or more of the risks
or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from the expectations described in this
presentation. Factors that may impact on the forward-looking statements made include those described in the section entitled Risks to the Business, Etc.
in Westpac’s Annual Securities Report for the fiscal year ended 30 September 2012 filed with the Director General of Kanto Local Finance Bureau of the
Minister of Finance of Japan. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully
consider such factors and other uncertainties and events. We are under no obligation, and do not intend, to update any forward-looking statements
contained
t i d iin thi
this presentation.
t ti
Westpac Group Fixed Income Investor Update | February 2013
2
免責事項
The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (“Westpac”) and its
activities. It does not constitute a prospectus, offering memorandum or offer of securities. It should not be reproduced, distributed or transmitted to any
person without the consent of Westpac and is not intended for distribution in any jurisdiction in which such distribution would be contrary to local law or
regulation.
The information is supplied in summary form and is therefore not necessarily complete. Also, it is not intended that it be relied upon as advice to
investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives,
financial situation or particular needs.
The material
Th
t i l contained
t i d iin thi
this presentation
t ti may iinclude
l d iinformation
f
ti d
derived
i d ffrom publicly
bli l available
il bl sources th
thatt h
have nott b
been independently
i d
d tl verified.
ifi d N
No
representation or warranty is made as to the accuracy, completeness or reliability of the information.
All amounts are in Australian dollars unless otherwise indicated.
Information contained in or otherwise accessible through the websites mentioned in this presentation does not form part of the presentation unless we
specifically
p
y state that the information is incorporated
p
by
y reference thereby
y forming
gp
part of the p
presentation. All references in this p
presentation to websites
are inactive textual references and are for information only.
Disclosure regarding forward-looking statements
This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the US Securities Act of 1933.
The forward-looking statements include statements regarding our intent, belief or current expectations with respect to our business and operations,
market conditions
conditions, results of operations and financial condition
condition, including
including, without limitation
limitation, future loan loss provisions,
provisions financial support to certain
borrowers, indicative drivers, forecasted economic indicators and performance metric outcomes.
We use words such as ‘will’, ‘may’, ‘expect’, 'indicative', ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘probability’, ‘risk’, ‘forecast’, ‘likely’,
‘estimate’, ‘anticipate’, ‘believe’, or similar words to identify forward-looking statements. These statements reflect our current views with respect to future
events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond our control and have been made
based upon management’s
management s expectations and beliefs concerning future developments and their potential effect upon us.
us Should one or more of the risks
or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from the expectations described in this
presentation. Factors that may impact on the forward-looking statements made include those described in the section entitled Risks to the Business, Etc.
in Westpac’s Annual Securities Report for the fiscal year ended 30 September 2012 filed with the Director General of Kanto Local Finance Bureau of the
Minister of Finance of Japan. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully
consider such factors and other uncertainties and events. We are under no obligation, and do not intend, to update any forward-looking statements
contained
t i d iin thi
this presentation.
t ti
Westpac Group Fixed Income Investor Update | February 2013
2
Australia remains well placed relative to developed economies
RBA cash rate, 3 year swap (%, weekly average)
Real GDP growth (%, year-ended)
6
Australia
UK
Canada
US
Euro
4
2
0
-2
9
8
8
7
7
6
6
5
5
4
-4
4
Cash rate
3
-6
Sep-96
Sep
96
9
Sep-00
Sep
00
Sep-04
Sep
04
Sep-08
Sep
08
3
2
Sep-12
Sep
12
2
D 01
Dec-01
Sources: OECD, Westpac Economics
D 03
Dec-03
D 05
Dec-05
D 07
Dec-07
D 09
Dec-09
D 11
Dec-11
Sources: RBA, Bloomberg, Westpac Economics
CPI core inflation contained in RBA target band (% annual)
Net public debt levels (% GDP)
5
100
4
80
3
60
2
40
RBA 2%-3% target band
1
1990
2000
2010
2017(f)
20
0
Sep-96
3yr swap
0
Sep-00
Sep-04
Sep-08
Sep-12
Australia
Sources: ABS, RBA, Westpac Economics
Sources: Westpac Economics, IMF
1. German figure for 1990 is actually 1995 due to re-unification
Westpac Group Fixed Income Investor Update | February 2013
UK
3
Canada
US
Germany1
France
豪経済は、他の先進国と比べ良好
豪準備銀行 (RBA) 政策金利及び3年スワップレート (週平均、%)
実質 GDP 成長率 (%, 年末)
6
Australia
UK
Canada
US
Euro
4
2
0
-2
9
8
8
7
7
6
6
5
5
4
-4
Sep-00
Sep
00
Sep-04
Sep
04
Sep-08
Sep
08
2
D 01
Dec-01
D 03
Dec-03
D 05
Dec-05
D 07
Dec-07
D 09
Dec-09
D 11
Dec-11
Sources: RBA, Bloomberg, Westpac Economics
純公的債務 (GDP比、%)
CPIコアインフレ率はRBAのターゲットバンド内で推移 (年率､%)
5
100
4
80
3
60
2
40
RBA ターゲットバンド2%-3%
1990
2000
2010
2017(f)
20
0
Sep-96
3
3年スワップレート
2
Sep-12
Sep
12
Sources: OECD, Westpac Economics
1
4
政策金利
3
-6
Sep-96
Sep
96
9
0
Sep-00
Sep-04
Sep-08
Sep-12
Australia
Sources: ABS, RBA, Westpac Economics
Sources: Westpac Economics, IMF
1. German figure for 1990 is actually 1995 due to re-unification
Westpac Group Fixed Income Investor Update | February 2013
UK
3
Canada
US
Germany1
France
...though conditions across sectors and regions have been diverse
Credit growth and deposit growth (% annual)
AUD/USD and AUD/JPY
1.20
1 20
USD
JPY
1.10
110
100
0.80
0.70
AUD/JPY (rhs)
0.50
AUD/USD (lhs)
0.40
Jan-07
Jan
07
Jan-08
Jan
08
Jan-09
Jan
09
Jan-10
Jan
10
Jan-11
Jan
11
Jan-12
Jan
12
25
20
Period
averages
80
10
5
5
0
0
60
-5
50
-10
Dec-91
Dec
91
Jan-13
Jan
13
30
Business * (rhs)
20
110
10
100
0
90
-10
80
-20
* Rebased to avg 0
70
60
12
-5
post-GFC
-10
Dec-94
Dec
94
Dec-97
Dec
97
Dec-00
Dec
00
Dec-03
Dec
03
Dec-06
Dec
06
Dec-09
Dec
09
Dec-12
Dec
12
Jan-09
Canada
UK
US
Euro
8
6
4
-30
2
Dec-96
Jan-13
S
Sources:
Westpac MI, NAB, Westpac Economics
Westpac Group Fixed Income Investor Update | February 2013
Australia
10
-40
Jan-05
pre-GFC
Unemployment rate (%)
net bal.
Consumer (lhs)
15
Sources: RBA, Westpac Economics
120
Jan-01
Total Australian household deposits
10
Business confidence and consumer confidence
net bal.
monthly
25
15
Sources: Bloomberg, Westpac Economics.
130
30
30
90
70
0.60
Total Australian credit
20
1.00
0.90
30
Dec-00
S
Sources:
O C Westpac Economics
OECD,
4
Dec-04
Dec-08
Dec-12
セクター、地域ごとに状況は多様化
信用と預金の伸び (% 年率)
豪ドル/米ドル、豪ドル/日本円
1.20
1 20
USD
JPY
1.10
110
100
0.80
0.70
AUD/JPY (rhs)
0.50
AUD/USD (lhs)
0.40
Jan-07
Jan
07
Jan-08
Jan
08
Jan-09
Jan
09
Jan-10
Jan
10
Jan-11
Jan
11
Jan-12
Jan
12
25
20
80
10
5
5
0
0
60
-5
50
-10
期間平均
Dec-91
Dec
91
Jan-13
Jan
13
15
世界金融危機前
-5
世界金融危機後
-10
Dec-94
Dec
94
Dec-97
Dec
97
Dec-00
Dec
00
Dec-03
Dec
03
Dec-06
Dec
06
Dec-09
Dec
09
Dec-12
Dec
12
Sources: RBA, Westpac Economics
失業率 (%)
純残高
純残高
消費者 (左)
30
企業 * (右)
120
20
110
10
100
0
90
-10
80
-20
* Rebased to avg 0
70
60
Jan-01
オーストラリア 家計預金
10
景況感、消費者心理
月次
25
15
Sources: Bloomberg, Westpac Economics.
130
30
30
90
70
0.60
オーストラリア
オ
ストラリア 信用
20
1.00
0.90
30
12
Jan-09
UK
US
Euro
8
6
4
-30
2
Dec-96
Jan-13
S
Sources:
Westpac MI, NAB, Westpac Economics
Westpac Group Fixed Income Investor Update | February 2013
Canada
10
-40
Jan-05
Australia
Dec-00
S
Sources:
O C Westpac Economics
OECD,
4
Dec-04
Dec-08
Dec-12
Westpac is delivering against its strategic priorities
1
A strengthened balance sheet
A strong company
2
Reorient to higher growth/higher
return
sectors and segments
3
Continue building deeper
customer relationships
4
Materially simplify products and
processes
5
One team approach
• Common equity ratio 10.6% (Basel III
f ll h
fully
harmonised),
i d) up 34b
34bps; St
Stable
bl
funding ratio1 83%, up 600bps
The world’s 12th
largest bank by
market cap5
One of only 14
banks rated AAAA
or higher by S&P
or Aa2 or higher
by Moody's6
Maintain ROE above 15%
• ROE 15.5%
15 5% (cash basis)
• Above system growth in deposits2 and
wealth3
Grow customer return on credit risk
weighted assets4
• Customer return on credit risk weighted
assets up 8bps to 4.09%
Maintain lowest expense to income
ratio of peers
• Expense to income (cash basis) down
70bps to 40.8%
Focus on leadership, diversity and
flexibility
Total income by geography7 (%)
Australia
Ne Zealand
New
Asia, Pacific, Europe & Americas
9%
8%
7%
16%
90%
68%
89%
78%
CBA
NAB
• Employee engagement up 300bps to 84%
Westpac
ANZ
1. Stable funding ratio calculated as customer deposits + wholesale funding with a residual maturity greater than 12 months + equity + securitisation, as a proportion of total funding. 2. APRA Banking Statistics
September 2012. 3. Plan for Life June 2012 All Master Funds Admin. 4. Customer return calculated as operating income, less Treasury and Markets income, less operating expenses, divided by average credit risk
weighted assets. 5. Source: IRESS, CapitalIQ and www.xe.com based in US dollars. As at 31 December 2012. 6. As at 31 December 2012. 7. Source: Company Annual Reports. Westpac, ANZ and NAB as at 30
September 2012. CBA as at 30 June 2012.
5
Westpac Group Fixed Income Investor Update | February 2013
ウエストパックの戦略的優先順位に基づいた成果
強固なバランスシート
1
健全な銀行
2
高成長／高利益のセクタ 、
高成長／高利益のセクター
セグメントを再構築
3
引き続き顧客関係を強化
4
• 普通株資本比率は34bps増の10.6% (バー
ゼル3準拠ベ ス) 安定調達比率1 は
ゼル3準拠ベース)、安定調達比率
600bps増の83%
ROE 15%以上を維持
S&P格付AA-以上
またはM d ‘ 格
またはMoody‘s格
付Aa2 以上の14行
に含まれる 6
• ROE 15
15.5%
5% (現金ベース)
• 預金2、資産3ともに平均的成長を上回る
顧客に対する信用リスク加重資産4の運
用益を増大
• 顧客への信用リスク加重資産の運用益は
8bps増の4.09%
費用収益比率は他行と比べ、最も低い
商品と手続きを大幅に簡素化
ウエストパックは
時価総額で世界第
12位の銀行5
• 費用対収益比率(現金ベース) は70bps減
の40.8%
地域別総収入7 (%)
Australia
New Zealand
Asia, Pacific, Europe & Americas
9%
8%
7%
16%
5
ワン・チーム・アプローチ
リーダーシップ、多様性、柔軟性に
フォーカス
90%
68%
89%
78%
CBA
NAB
• 従業員定着率は300bps増の 84%
Westpac
ANZ
1. Stable funding ratio calculated as customer deposits + wholesale funding with a residual maturity greater than 12 months + equity + securitisation, as a proportion of total funding. 2. APRA Banking Statistics
September 2012. 3. Plan for Life June 2012 All Master Funds Admin. 4. Customer return calculated as operating income, less Treasury and Markets income, less operating expenses, divided by average credit risk
weighted assets. 5. Source: IRESS, CapitalIQ and www.xe.com based in US dollars. As at 31 December 2012. 6. As at 31 December 2012. 7. Source: Company Annual Reports. Westpac, ANZ and NAB as at 30
September 2012. CBA as at 30 June 2012.
5
Westpac Group Fixed Income Investor Update | February 2013
Balance sheet strength and productivity set Westpac apart
Common equity ratio1 (APRA Basel III) (%)
8.2
8.0
Expense to income ratio1 (reported, %)
48.1
7.9
7.5
44.0
Westpac
Westpac
Peer 1
Peer 2
Peer 1
49.8
45.8
Peer 2
Short term funding to total funding including equity1,2 (%)
Impairment losses on loans to average gross loans1 (bps)
54
24
17
19
21
30
24
Westpac
Peer 3
Peer 3
Peer 1
Peer 2
Peer 3
Westpac
21
Peer 1
Peer 2
Peer 3
1 Source: Company reports. Westpac, Peer 1 and Peer 3 as at 30 September 2012. Peer 2 as at 30 June 2012. 2 Short term funding includes Central Bank deposits and long term wholesale funding with a residual
maturity less than 1 year
Westpac Group Fixed Income Investor Update | February 2013
6
バランスシートの強さと生産性で際立つウエストパック
普通株資本比率1 (APRA バーゼル3) (%)
8.2
8.0
費用収益率1 (報告ベース, %)
48.1
7.9
7.5
44.0
Westpac
Westpac
Peer 1
Peer 2
Peer 1
49.8
45.8
Peer 2
株式を含む総調達に対する短期調達比率1,2 (%)
平均総貸付金に対する減損損失1 (bps)
54
24
17
19
21
30
24
Westpac
Peer 3
Peer 3
Peer 1
Peer 2
Peer 3
Westpac
21
Peer 1
Peer 2
Peer 3
1 Source: Company reports. Westpac, Peer 1 and Peer 3 as at 30 September 2012. Peer 2 as at 30 June 2012. 2 Short term funding includes Central Bank deposits and long term wholesale funding with a residual
maturity less than 1 year
Westpac Group Fixed Income Investor Update | February 2013
6
A strong financial result in 2012
Earnings
Net profit after tax
FY12
$5.970bn
Cash earnings (A$m)
change
FY12– FY11
8,000
Down 15%
6,000
Cash earnings
$6.598bn
5,879
5,047
Up 5%
6,301
6,598
2011
2012
4,675
4,000
Cash EPS
Revenue, cash basis
215.9c
Up 3%
$18.076bn
Up 6%
2,000
0
2008
Net interest margin, cash basis
2.17%
2010
Down 5bps
Westpac net interest margin (cash basis, %)
Expense to income ratio, cash
basis
40.8%
Down 70bps
Return on equity, cash basis
15.5%
Down 50bps
2.6
2.2
Impairment charges to average
gross loans
24bps
Up 4bps
Net write-offs to average loans
annualised
32bps
Down 6bps
NIM
NIM excluding Treasury and Markets
2.4
Asset Quality
Westpac Group Fixed Income Investor Update | February 2013
2009
2.0
2.18
2.03
1.8
1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12
7
2012年度概要―堅調な業績
業績
税引後純利益
2012年度
$5.970bn
現金利益 (A$m)
前年度比
8,000
15%減
6,000
現金利益
$6.598bn
5,879
5,047
5%増
6,301
6,598
2011
2012
4,675
4,000
215.9c
3%増
$18.076bn
6%増
現金EPS
純業務収益（現金ベース）
2,000
0
2008
純利鞘（現金ベース）
2.17%
2009
2010
5bps減
ウエストパック純利鞘 (%、現金ベース)
費用収益比率（現金ベース）
40.8%
70bps減
ROE（現金ベース）
15.5%
50bps減
2.6
2.2
24bps
4bps増
年換算平均貸付金に対する正味貸倒
償却費の比率
32bps
6bps減
Westpac Group Fixed Income Investor Update | February 2013
純利鞘（財務部門業務・金融市場業務を除く）
2.4
資産の質
平均総貸付金に対する減損費用の比
率
純利鞘
2.0
2.18
2.03
1.8
1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12
7
Focus on deeper customer relationships driving earnings
25
2
9
11
0
18
35
Westpac RBB
St.George
BT
WIB
New Zealand
Pacific Banking
Group (inc
(inc. Treasury)
Australian Finan
ncial Servicess
Contribution to NPAT (%)
Westpac RBB
St.George
30.2
28.6
28.5
26.8
26.6
Institution
nal
Customers with 4+ Products (%)
NZ
24.2
24 2
• Westpac Retail and Business Banking: Retail and business banking
for Australian consumers, SMEs and commercial customers
− Cash earnings of $2.1billion in FY12, up 14% on FY11
− Investment in Westpac Local continues to deliver
• St.George Banking Group: Australian retail and business banking
under the St.George, Bank SA, Bank of Melbourne and RAMS brands
− Cash earnings of $1.2billion, flat on FY11
− Improved momentum in 2H12 with cash earnings up 14% on 1H12
• BT Financial Group: Westpac’s Australian wealth division with
$56.5billion FUM at 30 Sep 12; $87.9billion FUA at 30 Sep 12
− Cash
off $653 million
FY12, d
down 10% on FY11
C h earnings
i
illi iin FY12
− Positive flows and insurance sales offset by weak equities markets
and increased investment spend
• Westpac Institutional Bank: Leading Australasian wholesale bank, with
b
branches
h and
d representative
t ti offices
ffi
i A
in
Australia,
t li NZ
NZ, US
US, UK and
dA
Asia
i
− Cash earnings of $1.5billion in FY12, up 3% on FY11
− Core earnings up 13%, improved revenues offset by impairment
charges
• Westpac New Zealand: One of New Zealand’s largest banks, providing
banking and wealth services to consumers, businesses and institutions
− Cash earnings of NZ$707million in FY12, up 22% on FY11
− Strong deposit growth, improved margins, uplift in wealth cross-sell
FY10
FY11
FY12
Westpac Group Fixed Income Investor Update | February 2013
8
業績を後押しする顧客関係の向上に注力
税引後純利益への寄与 (%)
25
2
9
11
0
18
35
Westpac RBB
St.George
BT
WIB
New Zealand
Pacific Banking
Group (inc
(inc. Treasury)
金融サービス
オーストラリア金
オ
• ウエストパック・リテール及びビジネスバンキング: オーストラリアの消費者顧客、中
小企業顧客、商業顧客向けのリテール及びビジネスバンキング
−
2012年度の現金利益は、昨年度比14%増の$2.1billion
年度 現金利益は 昨年度比 %増 $
−
ウエストパック・ローカルへの投資は継続
• セントジョージ・バンキング・グループ: セントジョージ、バンクSA、バンクオブメルボル
ン、RAMSブランド下のオーストラリアのリテール及びビジネスバンキング
−
年度 現金利益は 昨年度から変わらず$
2012年度の現金利益は、昨年度から変わらず$1.2billion
−
上半期の現金利益14%増に伴い、下半期はモメンタムが好転
• BTファイナンシャル・グループ: ウエストパックのオーストラリア資産運用部門は2012
年9月30日現在、運用資産が$56.5billion、管理資産が$87.9billion
−
2012年度の現金利益は、昨年度から10%減の$653 million
−
フローと保険販売は好調であったが、株式市場の弱含みと投資費用拡大により
相殺
St.George
30.2
28.6
28.5
26.8
26.6
24 2
24.2
FY10
FY11
FY12
Westpac Group Fixed Income Investor Update | February 2013
ﾆｭｰｼﾞｰﾗﾝﾄﾞﾞ
Westpac RBB
法人顧客
客
4つ以上の商品を購入している顧客 (%)
• ウエストパック・インスティテューショナル・バンク: オーストラリア最大級のホールセール
バ ク
オ
ジ
ド
カ ギ
ジ 諸
支店
バンクで、オーストラリア、ニュージーランド、アメリカ、イギリス、アジア諸国に支店、代
理店を構える
−
2012年の現金利益は、昨年度比3%増の$1.5billion
−
中核となる収益は13%増。売上は改善したものの、減損費用により相殺
• ウエストパック・ニュージーランド: ニュージーランド最大規模。消費者顧客、企業顧
客、法人顧客に対しバンキング、資産運用サービスを提供
−
2012年度の現金利益は、昨年度比22%増のNZ$707million
−
預金の大きな伸びと利鞘の増幅が資産運用のクロスセリングを後押し
8
Strong common equity ratio against global peers
Global peer comparison of Basel III pro-forma common equity ratios (%)
15.7
15.4
13.3
10.6 10.6 10.5
Source: Credit Suisse, Company data (latest reporting date as at 26 October 2012)
Westpac Group Fixed Income Investor Update | February 2013
9
8.1
8.0
7.9
7.8
7.8
UBI Banca
a
Goldman Sachs
s
8.2
ar
Banco Popula
8.4
Wells Fargo
o
8.5
HSBC
C
8.6
JPMorgan
n
Chase
8.6
CIBC
C
8.7
Citigroup
p
8.7
BOQ
Q
9.0
ING
G
9.1
Santande
er
9.2
Bank of
a
America
9.3
BKIR
R
9.3
Morgan Stanley
y
9.3
Raiffeisen Bank
k
Intesa
o
Sanpaolo
BBVA
A
CBA
A
ANZ
Z
Standard
d
Chartered
d
Danske Bankk
Westpac
c
Nordea
a
DnB NOR
R
SEB
B
Swedbank
k
Svenska
n
Handelsbanken
9.3 9.3
US Bancorp
p
Average 9
9.7%
7%
98
9.8
NAB
B
10.0
Unicrediit
11.0 11.0
他行に比べ高い普通株資本比率
プロ・フォルマベースのバーゼル3 普通株資本比率 (%)
15.7
15.4
13.3
10.6 10.6 10.5
Source: Credit Suisse, Company data (latest reporting date as at 26 October 2012)
Westpac Group Fixed Income Investor Update | February 2013
9
8.1
8.0
7.9
7.8
7.8
UBI Banca
a
Goldman Sachs
s
8.2
ar
Banco Popula
8.4
Wells Fargo
o
8.5
HSBC
C
8.6
JPMorgan
n
Chase
8.6
CIBC
C
8.7
Citigroup
p
8.7
BOQ
Q
9.0
ING
G
9.1
Santande
er
9.2
Bank of
a
America
9.3
BKIR
R
9.3
Morgan Stanley
y
9.3
Raiffeisen Bank
k
Intesa
o
Sanpaolo
BBVA
A
CBA
A
ANZ
Z
Standard
d
Chartered
d
Danske Bankk
Westpac
c
Nordea
a
DnB NOR
R
SEB
B
Swedbank
k
Svenska
n
Handelsbanken
9.3 9.3
US Bancorp
p
平均 9.7%
9 7%
98
9.8
NAB
B
10.0
Unicrediit
11.0 11.0
Strong capital position, up on all measures
• Westpac’s new preferred range for common equity ratio of 8.0% to 8.5%,
based on APRA Basel III standards
Key capital ratios (%)
2H11
1H12
2H12
Common equity ratio (APRA Basel 2.5)
8.1
8.0
8.4
– Stress testing to maintain an appropriate buffer in a downturn
Common equity ratio (APRA Basel III)
7.4
7.7
8.2
– Quarterly volatility of capital ratios under Basel III from dividends
Common equity ratio (BCBS Basel III)
9.8
10.3
10.6
Tier 1 ratio (APRA Basel 2.5)
9.7
9.8
10.3
Total capital ratio (APRA Basel 2.5)
11.0
10.8
11.7
$280bn
$
$300bn
$
$298bn
$
– Range takes into consideration
– Regulatory minimums and capital conservation buffer
– Range equivalent to minimum of 10.0% under BCBS fully harmonised
Basel III
• New AUD Tier 1 hybrid security offer announced 30 January 2013
– Issue size approximately $500m, with the ability to raise more or less
Risk weighted
g
assets
– An issue of $500m would add approximately 16bps to Tier 1 capital
Westpac regulatory capital base (%)
Westpac common equity ratio (%)
2H11
2H12
Common equity (after APRA
deductions)
12%
9.8
8.1
Residual Tier 1
16%
1H12
72%
8.0
8.4
7.4
7.7
10 6
10.3 10.6
8.2
Tier 2
APRA Basel 2.5
Westpac Group Fixed Income Investor Update | February 2013
10
APRA Basel III
BCBS Basel III
全基準で伸びを示す強固な資本基盤
• APRAバーゼル3基準に基づき、ウエストパックが新たに目指す普通株資本比
率は8.0%から8.5%
主要資本比率 (%)
2H11
1H12
2H12
普通株資本比率 (APRA バーゼル2.5)
8.1
8.0
8.4
– ストレス時に備えた適切なバッファーを確保するためのストレステスト
普通株資本比率 (APRA バーゼル3)
7.4
7.7
8.2
– 配当による、バーゼル3基準の資本比率の四半期ボラティリティ
普通株資本比率 (BCBS バーゼル3)
9.8
10.3
10.6
Tier 1 比率 (APRA バーゼル2.5)
9.7
9.8
10.3
自己資本比率 (APRA バーゼル2.5)
11.0
10.8
11.7
$280bn
$
$300bn
$
$298bn
$
– このレンジは以下を考慮
ジは
を考慮
– 規制最低要件及び資本保全バッファー
– このレンジは、バーゼル銀行監視委員会（BCBS）によるバーゼル3準拠
ベースでの最低要件10.0%に相当
• 2013年1月30日には、AUD建てのTier 1ハイブリッド証券の発行を発表
– 発行額の柔軟性を保ちつつ、およそ$500mを想定
リスク加重資産
リ
ク加重資産
– $500mの発行により、Tier 1資本が16bps増強される見通し
ウエストパック法定資本基盤 (%)
ウエストパック普通株資本比率 (%)
2H11
1H12
2H12
9.8
普通株(APRA調整後)
12%
8.1
その他Tier 1
16%
8.0
8.4
7.4
7.7
10 6
10.3 10.6
8.2
72%
Tier 2
APRA Basel 2.5
Westpac Group Fixed Income Investor Update | February 2013
10
APRA Basel III
BCBS Basel III
Funding profile materially improved
Westpac deposit growth funding loan growth
Funding composition by residual maturity (%)
p
g
Customer deposit
growth
Net loan growth
Customer deposits to net loans ratio
63.2
62.5
59.6
($bn)
30
25
67.6
SFR3 64%
(%)
70
65
20
16
60
15
21.3
10
5
8.6
6.6
50
12.4
9.8
9.5
8.3
1H12
7
Wholesale Onshore <1Yr
10
Wholesale Offshore <1Yr
5
4
2H12
Cash, goverment and semi-government bonds
1
74
45
34
35
38
7
29
11
18
FY082
FY09
FY10
29
103
33
43
31
25
39
42
FY11
FY12
Wholesale Offshore >1Yr
Securitisation
Equity4
Private securities1 and government guaranteed paper
82
7
7
5
110
2
2
10
Liquid assets ($bn)
Wholesale Onshore >1Yr
11
12
4
Self securitisation
down
$31bn
20
40
2H11
9
45
0
1H11
SFR3 83%
14
55
27.8
SFR3 77%
Customer deposits
up
$38bn
52
58
44
103
Short term
outstanding
debt 5
FY08
2
FY11
FY12
1 Private securities include Bank paper, RMBS, and Supra-nationals. 2 2008 does not include St.George. 3 SFR is the stable funding ratio calculated on the basis of customer deposits + wholesale funding with
residual maturity greater than 12 months + equity + securitisation, as a proportion of total funding. 4 Equity excludes FX translation, Available for Sale Securities and Cash Flow Hedging Reserves. 5 Includes long term
wholesale funding with a residual maturity less than 1 year.
Westpac Group Fixed Income Investor Update | February 2013
11
資金調達プロファイルは大幅に改善
ウエストパック預金、貸出の伸び
($bn)
30
25
59.6
残存期間別ウエストパック資金調達内訳(%)
SFR：安定調達比率
顧
顧客預金の伸び
純貸出の伸び
純貸出に対する顧客預金の比率（%)
63.2
62.5
SFR3 64%
(%)
70
67.6
65
20
16
60
15
21.3
10
5
8.6
50
12.4
6.6
9.8
9.5
8.3
1H12
7
ホールセール・オンショア
（1年以下）
10
ホールセール・オフショア
（1年以下）
5
ホールセール・オンショア
（1年以上）
4
2H12
1
74
82
35
45
34
38
29
7
11
18
FY09
FY10
FY08
2
103
110
33
43
7
ホールセール・オフショア
（ 年 上）
（1年以上）
証券化
7
株式
1
5
私募証券・政府保証債
2
2
10
流動性資産 ($bn)
自己証券化
11
12
4
現金、政府債、準政府債
$31bn
減
20
40
2H11
9
45
0
1H11
SFR3 83%
14
55
27.8
SFR3 77%
顧客預金
$38bn
増
52
4
58
44
31
25
39
42
FY11
FY12
103
29
5
FY08
短期調達残高
2
FY11
FY12
1 Private securities include Bank paper, RMBS, and Supra-nationals. 2 2008 does not include St.George. 3 SFR is the stable funding ratio calculated on the basis of customer deposits + wholesale funding with
residual maturity greater than 12 months + equity + securitisation, as a proportion of total funding. 4 Equity excludes FX translation, Available for Sale Securities and Cash Flow Hedging Reserves. 5 Includes long term
wholesale funding with a residual maturity less than 1 year.
Westpac Group Fixed Income Investor Update | February 2013
11
A well-balanced approach to funding
• Lowest short term funding of peers
Short term funding1 ($bn)
• Term wholesale issuance and maturities well managed
g and
in line with domestic peers
200
• Considered execution to support secondary performance
150
• Approach to funding built around diversity and flexibility
– Di
Diversity
it across currency, maturity,
t it products,
d t iinvestors
t
and
d
geography
– Flexibility to access the widest range of funding markets and
meet changes in investor preferences
$150bn
$134bn
$103bn
$104bn
Westpac
estpac
Peer
ee 1
100
50
Peer
ee 2
Term wholesale issuance and maturities2 ($bn)
5yr benchmark UST-spread performance3 (bps)
50
180
Westpac
40
Issuance
Peer 1
Peer 2
Peer 3
Peer
ee 3
160
140
Maturities
120
30
100
20
80
10
40
WBC 2.00% 17s
60
20
0
0
FY11
FY12
FY13
FY14
FY15
20-Jul-12
19-Aug-12 18-Sep-12 18-Oct-12 17-Nov-12 17-Dec-12 16-Jan-13
1 Short term funding includes Central Bank deposits and long term wholesale funding with a residual maturity less than 1 year. Source: Company reports. Westpac, Peer 1 and Peer 3 as at 30 September 2012. Peer 2
as at 30 June 2012. 2 Source: Company reports. Westpac, Peer 2 and Peer 3 issuance as at 30 September 2011 (FY11) and 30 September 2012 (FY12). Peer 1 issuance as at 30 June 2011 (FY11) and 30 June
2012 (FY12). Peer 2 and Peer 3 FY13, FY14 and FY15 maturities estimated from chart disclosures as at 30 September 2012. 3. Source: Citi. 5 Year US$ Secondary Benchmarks Performance: 13th July 2012 to 17th
Jan 2013. Bonds include NAB 2.75% 17s, WSTP 2.0% 17s, ANZ 1.875% 17s, CBAAU 1.9% 17s
12
Westpac Group Fixed Income Investor Update | February 2013
均衡の取れた調達アプローチ
• 短期資金調達の割合は他行と比べ低い
短期資金調達1 ($bn)
• ホールセールタームデットの発行及び償還は、国内他行と同様
ホ ルセ ルタ ムデットの発行及び償還は、国内他行と同様
適切に管理
200
$150bn
• セカンダリー市場でのパフォーマンスを支えるため考慮された
エグゼキューション
150
• 多様性
多様性・柔軟性を軸に調達を行う
柔軟性を軸に調達を行う
100
– 通貨、年限、プロダクト内容、投資家、地域などを多角化
50
– 多様な調達市場にアクセスでき、投資家の選好変化に対応できる
柔軟性
-
$134bn
$103bn
$104bn
Westpac
estpac
Peer
ee 1
Peer
ee 2
タームデットホールセール発行額及び償還2 ($bn)
5年物の対ベンチマーク米国債スプレッド推移3 (bps)
50
180
Westpac
40
発行
Peer 1
Peer 2
Peer 3
Peer
ee 3
160
償還
140
120
30
100
20
80
10
40
WBC 2.00% 17s
60
20
0
0
FY11
FY12
FY13
FY14
FY15
20-Jul-12
19-Aug-12 18-Sep-12 18-Oct-12 17-Nov-12 17-Dec-12 16-Jan-13
1 Short term funding includes Central Bank deposits and long term wholesale funding with a residual maturity less than 1 year. Source: Company reports. Westpac, Peer 1 and Peer 3 as at 30 September 2012. Peer 2
as at 30 June 2012. 2 Source: Company reports. Westpac, Peer 2 and Peer 3 issuance as at 30 September 2011 (FY11) and 30 September 2012 (FY12). Peer 1 issuance as at 30 June 2011 (FY11) and 30 June
2012 (FY12). Peer 2 and Peer 3 FY13, FY14 and FY15 maturities estimated from chart disclosures as at 30 September 2012. 3. Source: Citi. 5 Year US$ Secondary Benchmarks Performance: 13th July 2012 to 17th
Jan 2013. Bonds include NAB 2.75% 17s, WSTP 2.0% 17s, ANZ 1.875% 17s, CBAAU 1.9% 17s
12
Westpac Group Fixed Income Investor Update | February 2013
FY12 term issuance highly diverse
Australian covered bond issuance (A$bn)
Term debt issuance and maturity profile2 ($bn)
Covered Bond
Hybrid
Issuance
Maturities
Senior
Govt Guaranteed
Issued (lhs)
Remaining capacity (8% cap & OC) (lhs)
% of capacity utilised (rhs)
($bn)
Sub Debt
45
40
$28bn
30
$23bn
100%
75%
30
$21bn
20
(%)
$16bn
$18bn
32%
15
$11bn
10
38%
50%
32%
22%
25%
0
0
FY11
FY12
FY13
FY14
FY15
FY16
FY17
0%
ANZ
>FY17
CBA
C
NAB
Westpac
estpac
Sources: Westpac, Bloomberg, Company reports
FY12 new term issuance by original tenor1,2 (%)
FY12 new term issuance by type2 (%)
1%
18%
38%
8%
4%
9%
4% 1% 6%
11%
11%
44%
47%
33%
24%
34%
8%
1 Year
2 Years
3 Years
4 Years
5 Years
Senior Unsecured
Covered Bonds
RMBS
Hybrid
Subordinated Debt
>5 years
AUD
USD
EUR
JPY
GBP
Other
1 Excludes securitisation. 2 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 13 months, excluding US Commercial paper. Contractual
maturity date for hybrids and callable subordinated instruments is the first scheduled conversion date or call date for the purposes of this disclosure. Perpetual sub-debt has been included in >FY17 maturity bucket.
Westpac Group Fixed Income Investor Update | February 2013
13
2012年度タームデットの起債は大幅に多様化
豪州カバードボンド発行 (A$bn)
タームデット 発行と償還プロファイル2 ($bn)
カバードボンド
カバ
ドボンド
ハイブリッド証券
シニア債
政府保証債
発行額（左）
残存キャパシティ（8%の上限と超過担保）（左）
キャパシティ利用度 %（右）
($bn)
劣後債
45
40
発行
償還
$28bn
30
$23bn
100%
75%
30
$21bn
20
(%)
$16bn
$18bn
32%
15
$11bn
10
38%
50%
32%
22%
25%
0
0
FY11
FY12
FY13
FY14
FY15
FY16
FY17
0%
ANZ
>FY17
CBA
C
NAB
Westpac
estpac
Sources: Westpac, Bloomberg, Company reports
年限別 2012年度タームデット新規発行 1,2 (%)
種類別 2012年度タームデット新規発行2 (%)
1%
18%
38%
8%
4%
9%
4% 1% 6%
11%
11%
44%
47%
33%
24%
34%
8%
1 Year
2 Years
3 Years
4 Years
5 Years
無担保シニア債
カバードボンド
住宅ローン担保証券
ハイブリッド証券
劣後債
>5 years
AUD
USD
EUR
JPY
GBP
Other
1 Excludes securitisation. 2 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 13 months, excluding US Commercial paper. Contractual
maturity date for hybrids and callable subordinated instruments is the first scheduled conversion date or call date for the purposes of this disclosure. Perpetual sub-debt has been included in >FY17 maturity bucket.
Westpac Group Fixed Income Investor Update | February 2013
13
Downward trend in stressed exposures
Stressed exposures as a % of TCE1 (%)
Stressed exposures by industry ($bn)
40
4.0
5
7
Impaired
2H11
1H12
2H12
90+ days past due well secured
Watchlist & substandard (performing grades)
4
6
3.0
5
3
2.17%
2
2.0
1.24
1
1.0
1 Includes St.George from 1H09 onwards. 2. Other includes Government, administration and defence, and utilities sectors.
Westpac Group Fixed Income Investor Update | February 2013
14
Otther
Min
ning
Transpo
ort &
storag
ge
Construcction
Services
Manufactu
uring
Wholesa
ale
& retail trrade
Accommoda
ation
& cafes
2008 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12
Agriculture
e,
forestry & fish
hing
0.0
Consumer lend
ding
Property &
business services
0.58
2007
2
0
0.35
ストレス・エクスポージャーは減少傾向
コミッテッド・エクスポージャー合計1 に対するストレス・エクス
ポージャーの割合 (%)
40
4.0
産業別 ストレス・エクスポージャー ($bn)
5
7
減損
2H11
1H12
2H12
90日超延滞であるが十分な担保付
ウォッチリスト及びサブスタンダード
4
6
3.0
5
3
2.17%
2
2.0
1.24
1
2008 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12
1 Includes St.George from 1H09 onwards. 2. Other includes Government, administration and defence, and utilities sectors.
Westpac Group Fixed Income Investor Update | February 2013
14
鉱業
鉱
運輸・倉庫
庫業
設業
建設
サービス
ス業
製造
造業
ービ
宿泊・飲食サー
ス業
2007
売業
卸売業及び小売
0.0
農林水産
産業
不動産サービス
ス業
0.58
消費者金融
融業
0
0.35
その他サービス
ス業 2
1.0
Provision levels remain at upper end of peers
Provisioning coverage ratios
2H11
1H12
2H12
Collectively assessed provisions
to credit RWA
126bps
122bps
113bps
Collectively assessed provisions
to performing non-housing loans
169bps
164bps
155bps
Impairment provisions to impaired
assets
Total provisions to gross loans
Provisioning ($m)
IAP
88bps
38%
86bps
Economic overlay
4,968
347
36%
CAP (ex. Econ overlay)
37%
4,414
4,391
346
345
2,607
2,564
2,408
1,461
1,482
1,470
2H11
1H12
2H12
4,241
363
82bps
2,841
Asset Quality
FY12
change
FY12 – FY11
Stressed exposures to total
committed exposures
2.17%
Down 31bps
Impaired assets to total committed
exposures
58bps
Down 4bps
Impaired assets to gross loans
85bps
Down 7bps
Net write-offs to average loans
annualised
32bps
Down 6bps
1 780
1,780
Westpac Group Fixed Income Investor Update | February 2013
1H11
15
引当金の高さは業界トップ
引当金のカバー率
2H11
1H12
2H12
信用リスク加重資産に対する一括
資産
す
括
評価引当金の比率
126bps
122bps
113bps
不良化していない非住宅ローンに
対する一括評価引当金の比率
169bps
164bps
155bps
減損資産に対する減損引当金の比
率
総貸付金に対する総引当金の比率
引当金 ($m)
個別評価引当金
一括評価引当金 (エコノミック・オーバーレイを除く)
エコノミック・オーバーレイ
4,968
347
36%
88bps
38%
37%
86bps
4,414
4,391
346
345
2,607
2,564
2,408
1,461
1,482
1,470
2H11
1H12
2H12
4,241
363
82bps
2,841
資産の質
2012
年度
前年度比
コミッテッド・エクスポージャー合計に対
するストレス・エクスポージャーの比率
2.17%
31bps減
コミッテッド・エクスポージャー合計に対
する減損資産の比率
58bps
4bps減
総貸付金に対する減損資産の比率
85bps
7bps減
年換算平均貸付金に対する正味貸倒
償却費の比率
32bps
6bps減
1 780
1,780
Westpac Group Fixed Income Investor Update | February 2013
1H11
15
Low losses and delinquencies in Australian housing portfolio
• Australian mortgage delinquencies
remain below industry benchmarks
Australian mortgages delinquencies and loss rates (%)
90+ Past Due Total
90
90+ First Home Buyer
90
2.5
90+ Low Doc
90+ Investor
2.0
30+ Past Due
Loss Rates
• Total portfolio 90+ days delinquencies
52bps, down 1bps on FY11
• Early cycle (30+ days) delinquencies
119bps, down 4bps on FY11
1.5
• Properties in possession 289, down from
519 at FY11
1.0
0.5
0.0
Sep-08
Sep
08
Mar-09
a 09
Sep-09
Sep
09
Mar-10
a 0
Sep-10
Sep
0
Mar-11
a
Sep-11
Sep
Mar-12
a
Sep-12
Sep
• Actual loss rates in the mortgage
portfolio $94m (net of insurance1 claims),
p$
$50m on FY11
up
– 3bps annualised
– Increase over FY11 reflects softening
property values in some regions
Australian mortgage 90+ days delinquencies (%)
12
1.2
ALL
NSW/ACT
VIC/TAS
QLD
WA
SA/NT
1.0
0.8
0.6
0.4
0.2
0.0
Mar-09
Sep-09
Mar-10
Sep-10
Mar-11
Sep-11
Mar-12
1 Mortgage insurance claims 2H12 $17m (1H12 $13m and 2H11 $11m)
Westpac Group Fixed Income Investor Update | February 2013
16
Sep-12
– Loss rates remain low by international
standards and reflect sound
underwriting standards
豪住宅ローンポートフォリオの損失・延滞は、低水準で推移
• オーストラリアの住宅ローン延滞は、業
界ベンチマークを下回る
オーストラリアにおける住宅ローンの延滞率及び損失率 (%)
2.5
2.0
90+ Past Due Total
90+ First Home Buyer
90+ Low Doc
90+ Investor
30+ Past Due
Loss Rates
• ポートフォリオ全体の90日超延滞比率
は昨年度比1bps減の 52bps
• 早期 (30日超)延滞比率は昨年度比
4bps減の119bps
1.5
1.0
• 差し押さえ物件数は昨年度の519件か
ら289件へ減少
0.5
0.0
Sep-08
Sep
08
Mar-09
a 09
Sep-09
Sep
09
Mar-10
a 0
Sep-10
Sep
0
Mar-11
a
Sep-11
Sep
Mar-12
a
Sep-12
Sep
– 年率換算で3bps
オーストラリアの90日超 延滞住宅ローン比率 (%)
12
1.2
ALL
NSW/ACT
VIC/TAS
QLD
WA
SA/NT
– 損失率の前年度比上昇は、不動産
の価値が下がった地域があったため
– 国際的な基準に照らすと損失率は低
い水準にあり、健全な引受方針であ
ることを示している
1.0
0.8
0.6
0.4
0.2
0.0
Mar-09
• 住宅ローンポートフォリオの実現損失率
は、昨年度から$50m増の $94m ((保険
回収後1)
Sep-09
Mar-10
Sep-10
Mar-11
Sep-11
Mar-12
1 Mortgage insurance claims 2H12 $17m (1H12 $13m and 2H11 $11m)
Westpac Group Fixed Income Investor Update | February 2013
16
Sep-12
“THE AUSTRALIAN ECONOMY HAS
DEMONSTRATED CONSIDERABLE
RESILIENCE IN THE FACE OF THE
GLOBAL FINANCIAL CRISIS, AND IS
IN A STRONG POSITION TO RESPOND
TO ANY EXTERNAL SHOCKS.”
SHOCKS.
INTERNATIONAL MONETARY FUND 15 NOVEMBER 2012
Westpac Group Fixed Income Investor Update | February 2013
17
“豪州経済は世界的な金融危機に直面しな
がらも顕著な回復力を示し いかなる外的
がらも顕著な回復力を示し、いかなる外的
ショックにも対応できる強力なポジションに
ある
ある”
INTERNATIONAL MONETARY FUND 15 NOVEMBER 2012
Westpac Group Fixed Income Investor Update | February 2013
17
The Australian economy has monetary and fiscal flexibility
•
In contrast to most other developed economies, Australian policy
makers continue to enjoy considerable flexibility
•
Australia’s
Australia
s official cash rate is currently 3
3.00%
00%
•
Major countries’ policy rates (%)
8
− Low by historical standards but still leaves ample scope for
additional easing if required
7
− Policy rate changes also continue to have an immediate impact
on lending
g rates for both new and existing
g loans ((85% of
mortgages are on variable rate terms)
5
Australia
UK
Canada
US
Euro
6
4
3
2
Plenty of fiscal scope
1
− Net public debt levels are very low at 8% of GDP
0
− While Government is currently focused on fiscal consolidation
there is ample scope for discretionary fiscal easing if needed
Dec-05
Dec
05
Dec-06
Dec
06
Dec-07
Dec
07
Dec-08
Dec
08
Dec-09
Dec
09
Dec-10
Dec
10
Dec-11
Dec
11
Dec-12
Dec
12
Sources: RBA, OECD, Westpac Economics
Australia’s economy diversified and flexible (% of GDP)1
6
11
4
10
5
10
3
12
8
13
S
Sources:
ABS
ABS, Westpac
W t
Economics
E
i
1. Excludes ownership of dwellings and taxes less subsidies.
Westpac Group Fixed Income Investor Update | February 2013
18
8
10
Manufacturing
C
t ti
Construction
Mining
Rural
Utilities & transport
Wholesale & retail
Property, business services
Finance
Communications
Household services
Education & health
Government
金融・財政面で柔軟性のある豪州経済
•
その他先進国と異なり、オーストラリアでは、金融・財政政策での柔軟
性が今もなお高い
•
オ ストラリアの政策金利は現在3 00%
オーストラリアの政策金利は現在3.00%
•
主要各国の政策金利 (%)
8
− 過去の水準と比べると低いが、必要に応じて追加緩和が可能な余地
を十分に残している
7
− 政策金利の変更は、新規・既存の貸付における貸付金利に直接影響
(住宅ローンの85%は変動金利)
(住宅
ンの %は変動金利)
5
Australia
UK
Canada
US
Euro
6
4
3
財政面での余裕
2
− 純公的債務は非常に低くGDPの8%
1
0
− 現在政府は財政再建に注力しているものの、必要に応じて自発的に
財政出動を実施する余地も十分にある
Dec-05
Dec
05
Dec-06
Dec
06
Dec-07
Dec
07
Dec-08
Dec
08
Dec-09
Dec
09
Dec-10
Dec
10
Dec-11
Dec
11
Dec-12
Dec
12
Sources: RBA, OECD, Westpac Economics
オーストラリアの多様かつ柔軟な経済 (GDP比、%)1
6
11
4
10
5
10
3
12
8
13
S
Sources:
ABS
ABS, Westpac
W t
Economics
E
i
1. Excludes ownership of dwellings and taxes less subsidies.
Westpac Group Fixed Income Investor Update | February 2013
18
8
10
製造業
建設業
鉱業
農業
公共事業・交通
卸売・小売業
不動産サービス業
金融業
通信業
家事サービス業
教育・医療
政府
Australia’s mining boom entering a transition phase
•
•
•
•
Australia’s mining boom is best described as 3 separate but
overlapping stages led by the cycles in:
1. Prices;;
2. Investment; and
3. Exports/production
Upswing in Australia’s commodity prices now matured - most prices
peaking in 2008
Investment cycle
y
still ramping
p g up
p ((led most recently
y by
y very
y large
g
round of gas projects)
− Expected to mature some time in 2H 2013 with mining investment
likely to become a drag on growth in 2013-14
This will coincide with the beginning of a sustained upturn in resource
exports as projects come on line. Will also see a smaller net
contribution to growth nationally and fewer jobs in the mining sector
Price cycle volatile around a high average level
index
700
Quarterly
10
8
8
6
Westpac’s
quarterly estimates
200
100
4
2
2
0
0
Dec-06
Dec-08
Dec-10
Dec-12
Dec-14
Sources: Westpac Economics, Access “Investment Monitor”
Westpac Group Fixed Income Investor Update | February 2013
150
* Bulks includes iron ore and all grades of coal. Exchange
traded includes rural, crude oil, base metals and gold.
Mar-06
Mar-08
Mar-10
100
Mar-12
Mar-14
Sources: Westpac Economics, Bloomberg, ABS.
Net exports will contribute to GDP as mining boom matures
6
4
6
4
200
300
12
10
250
400
14
Peak: 2013 H2
12
300
500
$bn
3qtr moving avg.
350
600
Gas projects dominate; half way through investment ramp up
$bn
14
index
Bulks* (lhs)
Exchange traded* (rhs)
ppts
ppts
contribution to GDP growth
3.7%
2.9%
3.4%
2
0
0
-4
-2
Net X
Non-mining inv.
'98-'07
Public
Consumer *
'10-'13
Sources: ABS, Westpac Economics. * Includes housing
19
4
2
-2
Dec-16
6
Mining
GDP
'15-'20
-4
オーストラリアの鉱業ブームは過渡期に
•
•
•
•
オーストラリアの鉱業ブームは、以下要因のサイクルに左右される、個別
で重複した3つのステージにたとえることができる
1. 価格
2. 投資
3. 輸出・生産
オーストラリアにおける商品価格の上昇は現在落ち着いており、多くの物
価は2008年にピークに達した
投資サイクルは上昇中（直近では、大規模なガスプロジェクトがあったた
投資サイクルは上昇中（直近では、大規模なガスプ
ジ クトがあったた
め）
− 鉱業への投資は、2013年下半期ごろ頭打ちになると思われ、 201314年ごろには成長を阻む要素になる可能性がある
プロジェクトが実現すると、投資が弱含むと共に、資源輸出の持続的成長
が始まる。 また、国内成長への寄与は小さくなり、鉱業セクターの雇用も減
る見込み
価格サイクルは変動幅が大きいが平均的に高い水準で推移
インデックス
インデックス
Bulks* (左)
Exchange traded* (右)
700
350
600
300
500
250
400
200
300
200
100
150
* Bulks：鉄鉱、石炭などを含む
Exchange：農業、原油、ベースメタル、金を含む
Mar-06
Mar-08
Mar-10
100
Mar-12
Mar-14
Sources: Westpac Economics, Bloomberg, ABS.
投資の大半はガスプロジェクトによるもので、投資は拡大基調の途中
$bn
14
12
四半期毎
$bn
四半期移動平均
ピーク: 2013 H2
12
10
8
8
ウエストパックの
四半期予測
4
2
2
0
0
Westpac Group Fixed Income Investor Update | February 2013
4
6
4
Dec-06
Dec-08
Dec-10
Dec-12
Dec-14
Sources: Westpac Economics, Access “Investment Monitor”
6
14
10
6
鉱業ブームが飽和するにつれ、純輸出がGDPに寄与
ppts
ppts
GDP成長への寄与
3.7%
2.9%
3.4%
2
0
0
-4
-2
Net X
Non-mining inv.
'98-'07
Public
Consumer *
'10-'13
Sources: ABS, Westpac Economics. * Includes housing
19
4
2
-2
Dec-16
6
Mining
GDP
'15-'20
-4
Chinese growth finding a sustainable level
•
The Chinese economy is in the middle stages of its development - it is
no longer poor but it is still far from rich
Westpac estimates Chinese potential growth is now between 7% and
8%, with a bias towards the top of that range
− The 10% average of the 2000s, was achieved in a unique period
of history. China benefited from a number of growth accelerating
factors concentrated in a short timeframe, including WTO entry,
supportive demographics and urbanisation, the global credit
bubble and a reform dividend from sound decisions taken in the
1990s (SOE, banks, housing, fiscal)
As a $US7 trillion economy, China grew at 10%. As a $US10 trillion
economy, we expect it to grow at 7%.
− That represents an equivalent incremental contribution to global
absorptive capacity,
capacity at higher levels of energy,
energy protein,
protein metal and
consumer goods demand per head.
•
•
China’s share: world activity & Australian exports (%)
30
* Goods & services.
services ^ Total primary energy supply
`` From fossil fuel combustion. # 1980 figure is a Westpac estimate. All national
accounts related shares are in 2005 constant US dollars.
25
1980
20
2000
2010
15
10
Chinese economic growth (% ytd)
•
%
5
• The current potential growth estimates are based on a lower degree
%ytd but
from demographics and external demand and strong
15
still somewhat diminished investment rates
rates. Productivity growth will
14
14
Real GDP growth
also slow, but to a modest
extent. China’s household sector, its central
13
13
government, its banks
andgrowth
the private
corporate sector all have sound
Filtered
rate
12 balance sheets. We are coming to the end of the cyclical correction12
11
11 driven by the end of the stimulus package, the tight policy of 2011 and
f’casts
10
10 the global slowdown of 2012.
%ytd
15 of support
Mar-92
Mar-95
Mar-98
Mar-01
Mar-04
Mar-07
Mar-10
Mar-13
Westpac Group Fixed Income Investor Update | February 2013
20
Energy use^
CO2 emissions``
PPP GDP
Imports*
Exports*
Sources: UN, IMF, IEA, Westpac Economics.
Sources: CEIC, Westpac
Australlian exports*#
6
Servicess value added
7
6
Construction
n value added
7
Manufacturing
g value added
8
pital formation
Gross fixed cap
9
8
Household consumption
9
0
中国の成長は持続可能なレベルに達しつつある
30
ウエストパックでは現在、中国の潜在的成長率を7～8%とし、このレンジの
後半寄りであると予測
− 平均10%成長を達成した2000年代は特殊な時期であった。中国の
WTOへの加盟、人口動態、都市化、世界的な信用危機、また1990年
代に国有企業、銀行、住宅、財政面の改革で下された適切な判断の
代
国有
、銀 、
、財
改
成果など、短期間に成長を促す要因が多く集中したことが後押しした
1980
10
%年初来
15
%年初来 15
5
14
実質GDP成長率
13
12
7
7
6
6
Mar-95
Mar-98
Mar-01
Mar-04
Mar-07
Mar-10
Mar-13
Sources: UN, IMF, IEA, Westpac Economics.
Sources: CEIC, Westpac
Westpac Group Fixed Income Investor Update | February 2013
20
エネルギー消費
費量^
8
CO2 排出
出量``
9
8
豪州輸
輸出*#
9
GDP(P
PPP)
10
サービス業付加
加価値
予測
家計
計消費
10
建築業付加
加価値
0
11
製造業付加
加価値
フィルター後成長率
11
Mar-92
2010
15
中国の経済成長 (% 年初来)
12
2000
20
− その規模は、エネルギー、プロテイン、金属、消費財に対する一人当
その規模は、 ネルギ 、プロテイン、金属、消費財に対する 人当
たりの需要増につき、世界的に吸収できるレベルといえる
13
* 商品・サービス
商品・サ ビス ^ 一次エネルギー供給合計
一次エネルギ 供給合計
`` 化石燃料燃焼による # 1980年の数値はウエストパックの推計。全ての国内勘
定に関するシェアは2005年のUSドル実質値
25
中国経済は7兆ドル規模で10%の成長率を記録したが、10兆ドル規模の
現在では7%で成長すると予想
14
%
輸入*
輸
•
中国のシェア: 世界の活動 と豪州の輸出 (%)
輸出*
輸
•
中国経済は、発展の過程にある。もはや貧困国ではないが、豊かな国から
はほど遠い
総固定資本
本形成
•
Australian and New Zealand economic forecasts
Calendar year
Key economic indicators as at January 2013 (%)
2011
2012f
2013f
2014f
World
GDP
3.9
2.9
3.5
3.2
Australia
GDP
2.4
3.5
2.7
2.5
Private consumption
3.3
3.5
2.7
3.4
17 0
17.0
16 0
16.0
55
5.5
–0.5
05
Unemployment – end period
5.2
5.6
5.4
5.4
CPI headline – year end
3.0
2.2
2.3
3.0
Interest rates – cash rate
4.50
3.00
2.75
3.25
Credit growth, Total – year end
3.5
3.5
4.5
5.5
Credit growth, Housing – year end
5.4
4.6
5.2
6.2
Credit growth, Business – year end
1.3
2.5
3.5
4.5
GDP
1.5
2.3
3.2
3.2
Unemployment – end period
6.4
7.0
6.1
5.3
Consumer prices
1.8
0.9
2.5
2.4
Interest rates – official cash rate
25
2.5
25
2.5
30
3.0
45
4.5
Credit growth – Total
0.9
3.4
4.3
4.8
Credit growth – Housing
1.2
3.6
4.8
4.8
Credit growth – Business (incl. agri)
0.8
3.3
3.9
4.9
1 2
B i
Business
iinvestment
t
t1,
New Zealand
Source: Westpac Economics 1 GDP and component forecasts were updated following the release of quarterly national accounts. 2 Business investment adjusted to exclude the effect of
private sector purchases of public assets.
Westpac Group Fixed Income Investor Update | February 2013
21
オーストラリア・ニュージーランド経済見通し
暦年
主要経済指標（2013年1月現在） (%)
2011
2012f
2013f
2014f
全世界
GDP
3.9
2.9
3.5
3.2
オーストラリア
GDP
2.4
3.5
2.7
2.5
個人消費
3.3
3.5
2.7
3.4
17 0
17.0
16 0
16.0
55
5.5
–0.5
05
失業率 – 期末
5.2
5.6
5.4
5.4
総合CPI – 年末
3.0
2.2
2.3
3.0
金利 – 政策金利
4.50
3.00
2.75
3.25
信用の伸び（全体） – 年末
3.5
3.5
4.5
5.5
信用の伸び（住宅） – 年末
5.4
4.6
5.2
6.2
信用の伸び（ビジネス） – 年末
1.3
2.5
3.5
4.5
GDP
1.5
2.3
3.2
3.2
失業率 – 期末
6.4
7.0
6.1
5.3
消費者物価
1.8
0.9
2.5
2.4
金利 – 政策金利
25
2.5
25
2.5
30
3.0
45
4.5
信用の伸び – 全体
0.9
3.4
4.3
4.8
信用の伸び – 住宅
1.2
3.6
4.8
4.8
信用の伸び – ビジネス（農業含む）
0.8
3.3
3.9
4.9
1 2
設備投資1,
ニュージーランド
Source: Westpac Economics 1 GDP and component forecasts were updated following the release of quarterly national accounts. 2 Business investment adjusted to exclude the effect of
private sector purchases of public assets.
Westpac Group Fixed Income Investor Update | February 2013
21
THE AUSTRALIAN MORTGAGE
MARKET AND
WESTPAC’S HIGH QUALITY
RESIDENTIAL MORTGAGE
PORTFOLIO
Westpac Group Fixed Income Investor Update | February 2013
22
オーストラリアの住宅ローン市場及び
ウエストパックの良質な住宅ロ ン
ウエストパックの良質な住宅ローン
ポートフォリオ
Westpac Group Fixed Income Investor Update | February 2013
22
Australian house prices have eased in an orderly fashion;
Housing affordability has improved
House prices (annual % change)
Interest rates (%)
Residex (monthly)
ABS
RP Data-Rismark
Data Rismark (monthly)
APM
standard variable mortgage rate (lhs)
housing finance approvals (rhs)
11
18
18
10
12
12
9
6
6
7
0
0
6
f/c
8
-6
5
*houses only
Jun-02
Feb-04
-6
Oct-05
Jun-07
Feb-09
Oct-10
4
Jun-12
Dec-96
Dec
96 Dec
Dec-98
98 Dec
Dec-00
00 Dec
Dec-02
02 Dec
Dec-04
04 Dec
Dec-06
06 Dec
Dec-08
08 Dec
Dec-10
10 Dec
Dec-12
12
Sources: Residex, RP Data-Rismark, ABS, APM, REIA, Westpac Economics
Sources: RBA, ABS, Westpac Economics
Rental vacancy rates (%)
Australia
House affordability: all dwellings (%)
Sydney
Melbourne
median dwelling repayment to income ratio
6
6
investor
housing
boom
5
4
3
40
35
5
... near historic
lows since
2007
1
1
20
15
10
5
0
Jun-87
Jun-92
Jun-97
Jun-02
Jun-07
0
Jun-12
Jun-80
estimates based on
capital cities prior to
1993
Jun-84
Jun-88
Jun-92
*all dwellings, all regions
repayments on mortgage at 75%LVR, as
% after tax income per household
Jun-96
Jun-00
Sources: RP Data-Rismark, Residex, Westpac Economics
Sources: REIA, Westpac Economics
Westpac Group Fixed Income Investor Update | February 2013
avg
25
3
2
0
30
4
2
Jun-82
10yr avg
45
40
35
30
25
20
15
10
5
0
23
Jun-04
Jun-08
Jun-12
オーストラリアの住宅価格は穏やかに下落し、値ごろ感が上昇
住宅価格 (年間変動率、 % )
Residex (月次)
月次
金利 (%)
RP Data-Rismark (月次)
月次
ABS
APM
標準的な住宅ローン変動金利（左）
宅
変 金
住宅融資認可比率（右）
宅 資
11
18
18
10
12
12
9
6
6
7
0
0
6
予測
8
-6
5
*戸建て住宅のみ
Jun-02
Feb-04
-6
Oct-05
Jun-07
Feb-09
Oct-10
4
Jun-12
Dec-96
Dec
96 Dec
Dec-98
98 Dec
Dec-00
00 Dec
Dec-02
02 Dec
Dec-04
04 Dec
Dec-06
06 Dec
Dec-08
08 Dec
Dec-10
10 Dec
Dec-12
12
Sources: Residex, RP Data-Rismark, ABS, APM, REIA, Westpac Economics
Sources: RBA, ABS, Westpac Economics
賃貸空室率 (%)
住宅の値ごろ感: 全住居対象 (%)
オーストラリア
シドニー
メルボルン
所得に対する住居返済額の割合（中央値）
6
6
住宅投資
ブーム
5
3
40
35
5
... 2007年以降
ほぼ過去最低
水準
4
1
1
20
15
10
5
0
Jun-87
Jun-92
Jun-97
Jun-02
Jun-07
1993年以前の首都に
おける数値をもとに推測
0
Jun-12
Jun-80
Jun-84
Jun-88
Jun-92
*全住居、全地域
75% LVRでの住宅ローン返済。世帯ごとの税
引後所得に対する割合
Jun-96
Jun-00
Sources: RP Data-Rismark, Residex, Westpac Economics
Sources: REIA, Westpac Economics
Westpac Group Fixed Income Investor Update | February 2013
平均
25
3
2
0
30
4
2
Jun-82
10年平均
45
40
35
30
25
20
15
10
5
0
23
Jun-04
Jun-08
Jun-12
A structural supply/demand imbalance in housing stock;
Little evidence of speculative investor activity
Australia’s housing stock deficiency1 (’000)
estimated housing stock deficiency
250
Investor boom ended 8 years ago* (annualised %)
owner-occupiers
owner
occupiers
Aus dwelling approvals (SA annualised)
20
Underlying demand
16
150
12
8
100
50
c.f. latest ‘official’ estimates from National Housing
Supply Council: underlying demand rising at 160k pa;
accumulated deficiency: 187k
4
0
0
Dec-92
Dec
92 Dec
Dec-94
94 Dec
Dec-96
96 Dec
Dec-98
98 Dec
Dec-00
00 Dec
Dec-02
02 Dec
Dec-04
04 Dec
Dec-06
06 Dec
Dec-08
08 Dec
Dec-10
10 Dec
Dec-12
12
Jun-91
Jun
91
Sources: RBA, ABS, Westpac Economics
350
250
population
avg 2.8ppts
since 2004
Jun-94
Jun
94
Jun-97
Jun
97
Jun-00
Jun
00
Jun-03
Jun
03
Jun-06
Jun
06
Jun-09
Jun
09
Jun-12
Jun
12
Sources: RBA, Westpac Economics
Population vs dwelling stock1 (annual average change, ’000)
300
*percentage points
(ppts) contribution to
annual growth in total
housing credit
investor
housing
boom
f'casts
200
investors
Investor returns: housing vs shares* (% per annum)
dwelling stock*
40
* net of demolitions – implied by Census data to 2006; Westpac
estimates thereafter
Investor housing (Sydney)
Australian shares
Investor housing (national)
Investor housing (Melbourne)
* avg annual return
30
20
200
10
150
0
100
-10
50
investor
housing
boom
-20
0
-30
1950s
1960s
1970s
1980s
1990s
2000s
last 3 years
Jun-90
Sources: RP Data-Rismark, Residex, Westpac Economics.
Westpac Group Fixed Income Investor Update | February 2013
Jun-93
Jun-96
Jun-99
Sources: REIA, RBA, Westpac Economics
24
Jun-02
Jun-05
Jun-08
Jun-11
住宅戸数における構造的な需給の不均衡があり
投資家の投機的な動きは見られない
オーストラリアにおける住宅の不足1 (’000)
推定住宅在庫不足
住宅への投資ブームは8年前に終焉* (%、年率換算)
家主
豪住宅着工許可件数（半期、年率換算）
豪住宅着工許可件数（半期 年率換算）
250
20
潜在需要
16
150
12
8
100
50
参照：National Housing Supply Councilによる直近の「公
式」予測値。年間160,000件の潜在需要に対し、累計不足
分は187,000件
4
0
0
Dec-92
Dec
92 Dec
Dec-94
94 Dec
Dec-96
96 Dec
Dec-98
98 Dec
Dec-00
00 Dec
Dec-02
02 Dec
Dec-04
04 Dec
Dec-06
06 Dec
Dec-08
08 Dec
Dec-10
10 Dec
Dec-12
12
Jun-91
Jun
91
Sources: RBA, ABS, Westpac Economics
350
250
2004年以降の
平均2.8ppts
Jun-94
Jun
94
Jun-97
Jun
97
Jun-00
Jun
00
Jun-03
Jun
03
Jun-06
Jun
06
Jun-09
Jun
09
Jun-12
Jun
12
Sources: RBA, Westpac Economics
人口 vs 住宅在庫1 (年間平均変化, ’000)
300
*住宅融資全体における
年間成長寄与率（ppts）
投資家によ
る住宅投資
ブーム
予測
200
投資家
人口
投資家の運用益: 住宅 vs 株式* (年間、%)
住宅在庫*
40
* 正味解体戸数のデータはCensusによるもの（2006年まで）
それ以降はウエストパックによる推計
住宅投資（シドニー）
豪州株式
住宅投資（全国）
住宅投資（メルボルン）
*年間平均運用益
30
20
200
10
150
0
100
-10
50
投資家による
住宅投資ブーム
-20
0
-30
1950s
1960s
1970s
1980s
1990s
2000s
last 3 years
Jun-90
Sources: RP Data-Rismark, Residex, Westpac Economics.
Westpac Group Fixed Income Investor Update | February 2013
Jun-93
Jun-96
Jun-99
Sources: REIA, RBA, Westpac Economics
24
Jun-02
Jun-05
Jun-08
Jun-11
Australia’s mortgage performance amongst global best;
Outlook remains positive
• Australian mortgage loans continue to
perform well, with very low arrears and
loss levels
90+ day prime arrears by country (%)
4
A t li
Australia
UK
US
N th l d
Netherlands
• Quality underpinned by:
3
− Full recourse market
2
− Quality underwriting
1
− Tax system encourages repayment
and provides disincentive for
speculation
Sep12
Sep11
Sep10
Sep09
Sep08
Sep07
Sep06
Sep05
Sep04
Sep03
0
− Home ownership culture
Source: S&P and Bloomberg.
Mortgage lending outlook versus house price expectation - Fitch
Westpac Group Fixed Income Investor Update | February 2013
25
• Fitch’s lowest average lifetime default
probability expectations, between 2%
and 6%, are for residential mortgage
portfolios from European core markets,
Australia and recent US prime market
originations (Fitch Residential
Mortgage Briefing, January 2013)
豪州住宅ローン市場のパフォーマンスは世界でも高く
見通しは引き続き明るい
• 豪州の住宅ローンは、延滞率と損失が非
常に低く、引き続き順調
国別 90日超延滞プライムローン比率 (%)
4
A t li
Australia
UK
US
N th l d
Netherlands
• 良好なパフォーマンスを支える要因：
− フルリコース市場
3
− 良質な引受
2
− 返済を促し、投機を阻害する税制
1
− 持ち家文化
Sep12
Sep11
Sep10
Sep09
Sep08
Sep07
Sep06
Sep05
Sep04
Sep03
0
Source: S&P and Bloomberg.
• 欧州中核市場、オーストラリア、直近の米
国プライム層での引受における住宅ロー
ンポートフォリオについて、フィッチはデ
フォルト確率2～6％と最低平均値を予測
確率
低
値を
(Fitch Residential Mortgage Briefing,
January 2013)
住宅ローン貸付見通し vs 住宅価格推定値 – フィッチ
Westpac Group Fixed Income Investor Update | February 2013
25
Westpac’s Australian housing portfolio
Australian bank mortgage market share (%)
Westpac Australian housing portfolio1
Total portfolio ($bn)
FY11
Balance
FY12
Balance
2H12
Flow2
304.6
316.3
25.3
Westpac (incl. St.George)
16
15
27
Owner-occupied (%)
48.8
48.2
49.0
Investment (%)
39.7
41.5
46.0
Portfolio loan/line of credit (%)
11.5
10.3
4.7
CBA (incl. BWA)
16
26
NAB
ANZ
Other banks
Source: APRA Banking Statistics August 2012 – Banking system market share
88 / 12
87 / 13
78 / 22
Low Doc (%)
6.6
5.7
1.8
Proprietary channel (%)
60.1
58.4
56.8
First Home Buyer (incl. Low Doc)
(%)
12.2
11.8
10.4
Mortgage insured (%)
27.0
25.8
15.6
Variab
ble
rate loa
ans
Variable rate / Fixed rate (%)
•
•
•
•
•
•
•
•
Fixed rate
loans
Westpac mortgage product features summary
Full recourse loan
Interest rate variable at Westpac’s discretion
Maximum term of 30 years
Additional repayments accepted
Re-draw available, up to scheduled amortisation balance
Top-up (increase existing loan, subject to credit approval) facilities available
100% interest off-set feature available
Interest only payment option available
• Full recourse loan
• Fixed interest rate for periods of between 1 & 12 years, although majority of
loans are fixed for between 3 & 5 years. Loans convert to variable rate loan
at the end of the fixed period
• Additional repayments limited to $30,000 during the fixed rate period, then
break costs apply
• Re-draw option available
• No top-up option or 100% interest offset account feature available
1 Represents WRBB and St.George (including RAMS). 2 Flow is all new mortgage originations total settled amount originated during the 6 month period ended 30 September 2012 and
excludes RAMS. 3 ABA Cannex August 2012
Westpac Group Fixed Income Investor Update | February 2013
26
ウエストパックの豪州住宅ローン
豪州銀行間の住宅ローン マーケットシェア (%)
ウエストパックの豪州ハウジング・ポートフォリオ1
ポートフォリオの合計 ($bn)
FY11
Balance
FY12
Balance
2H12
Flow2
304.6
316.3
25.3
Westpac (incl. St.George)
16
15
27
持ち家住宅 (%)
48.8
48.2
49.0
投資用住宅 (%)
39.7
41.5
46.0
ポートフォリオローン/信用枠(%)
11.5
10.3
4.7
CBA (incl. BWA)
16
26
NAB
ANZ
Other banks
Source: APRA Banking Statistics August 2012 – Banking system market share
88 / 12
87 / 13
78 / 22
Low Doc ローン (%)
6.6
5.7
1.8
自己案件(%)
60.1
58.4
56.8
初回住宅購入者
(Low Docローンを含む) (%)
12.2
11.8
10.4
保険付き住宅ローン (%)
27.0
25.8
15.6
固定金利
住宅ローン
変動金利/ 固定金利 (%)
変動金利
住宅ロー
ーン
ウエストパック住宅ローン商品
•
•
•
•
•
•
•
•
フルリコースローン
金利変動はウエストパックの裁量による
最長期間30年
追加返済可能
ローン引き直し可能（予定されている定期返済残額まで）
追加ローン可能（信用審査次第で既存融資の追加）
100% 金利相殺が可能
金利のみ返済型オプションあり
• フルリコースローン
• 固定金利ローンは1~12年で組むことができるが、大半のローンは3~5年で組
まれている。固定金利期間が終了すると変動金利に変換される
• 固定金利期間の追加返済は$30,000までに制限されており、それ以上につい
てはブレイクコストが発生
• ローン引き直しのオプションあり
• 追加ローン並びに100%金利相殺は不可
1 Represents WRBB and St.George (including RAMS). 2 Flow is all new mortgage originations total settled amount originated during the 6 month period ended 30 September 2012 and
excludes RAMS. 3 ABA Cannex August 2012
Westpac Group Fixed Income Investor Update | February 2013
26
Australian housing portfolio well collateralised
Australian housing portfolio
FY11
FY12
1,2,3
1,4 by balance
1,2,3
Australian mortgage
mortgages
ahead on
payments
LVR distribution
of portfolio
(%) (%)
Australian
housingportfolio
portfolio
70
Average LVR at origination1 (%)
68
69
Average dynamic1,2,3 LVR (%)
47
48
1 7 (%)
A
Average
LVR off new lloans1,7
69
69
Average loan size ($’000)
210
214
Customers ahead on repayments1,4 (%)
61
59
LVR at origination
Dynamic LVR
60
50
40
30
20
10
0
WRBB, St.George & RAMS
60<=70
60
70
70<=80
70
80
80<=90
80
90
90<=95
90
95
95+
95
Australian home loan customers ahead of payments1,4
Australian housing portfolio by State (%)
45
0<=60
0
60
All banks 8
Sep-11
50
Sep-12
40
30
30
20
15
10
0
0
NSW & ACT
VIC & TAS
QLD
WA
SA & NT
Behind
5
6
On Time < 1 Month < 1 Year
< 2 Years > 2 Years
1 Includes WRBB and St.George (excl. RAMS). 2 Dynamic LVR represents the loan-to-value ratio taking into account the current outstanding loan balance, changes in security value and other loan adjustments. 3
Property valuation source Australian Property Monitors. 4 Customer loans ahead on payments exclude equity loans/line of credit products as there is no scheduled principal payments. 5 ‘Behind’ is more than 30 days
past due. 6 ‘On time’ includes up to 30 days past due. 7 Average LVR of new loans is based on rolling 12 month window for each year end period. Includes WRBB and St.George (excl. RAMS). 8. ABA Cannex August
2012
27
Westpac Group Fixed Income Investor Update | February 2013
十分に担保された豪州住宅ポートフォリオ
豪州住宅ポートフォリオ
FY11
FY12
1,2,3
1,4 by balance
1,2,3
Australian
mortgage
mortgagesportfolio
ahead
on
payments
LVR distribution
of portfolio
(%) (%)
豪州住宅ポートフォリオ
70
オリジネーション時平均LTV比率1 (%)
68
69
平均ダイナミック1,2,3 LTV比率 (%)
47
48
1 7 (%)
新規ロ ンの平均 LTV比率1,7
新規ローンの平均
69
69
平均ローン額 ($’000)
210
214
期限前返済の顧客1,4 (%)
61
59
オリジネーション時LTV比率
ダイナミックLTV比率
60
50
40
30
20
10
0
オーストラリア州別住宅ポートフォリオ (%)
45
WRBB, St.George & RAMS
0<=60
0
60
60<=70
60
70
70<=80
70
80
80<=90
80
90
90<=95
90
95
95+
95
豪州住宅ローン期限前返済の顧客1,4
All banks 8
Sep-11
Sep-11
50
50
Sep-12
Sep-12
40
30
30
20
15
10
0
0
NSW & ACT
VIC & TAS
QLD
WA
SA & NT
Behind
延滞 5
5
6
On
Time6 <
1 Month <1年未満
1 Year
期日通り
1ヶ月未満
<2年未満
2 Years >2年以上
2 Years
1 Includes WRBB and St.George (excl. RAMS). 2 Dynamic LVR represents the loan-to-value ratio taking into account the current outstanding loan balance, changes in security value and other loan adjustments. 3
Property valuation source Australian Property Monitors. 4 Customer loans ahead on payments exclude equity loans/line of credit products as there is no scheduled principal payments. 5 ‘Behind’ is more than 30 days
past due. 6 ‘On time’ includes up to 30 days past due. 7 Average LVR of new loans is based on rolling 12 month window for each year end period. Includes WRBB and St.George (excl. RAMS). 8. ABA Cannex August
2012
27
Westpac Group Fixed Income Investor Update | February 2013
Lenders mortgage insurance managing risk transfer
Australian mortgage portfolio LMI coverage (%)
at 30 September 2012
• Westpac Group has one captive mortgage insurer, Westpac Lenders
Mortgage Insurance (WLMI)1, which insures mortgages originated
through all brands and channels
Not LMI insured
Insured by WLMI
3
Insured by third party
• Capital conservatively invested (cash and fixed interest) so returns
primarily based on premium income and risk management
11
• All mortgages with origination LVR >90% insured with a third party
since 2009 (prior to 2009 insured through WLMI)
15
74
• Mortgages with origination LVR between 80-90% and Low Doc
between 60-80% are covered by WLMI. Westpac reduced its overall
retained risk of higher LVR mortgages and further restructured the
arrangement for mortgages originated from 1 October 2011
Lenders Mortgage Insurance (LMI) structure from 1 October 2011
– WLMI reduced its retained risk to 40% for both WRBB and
St.George brands (down from 70%)
LVR >80% to ≤ 90% and
Low Doc LVR >60% to ≤ 80%
Covered by LMI
– Retained risk for RAMS brand remains at 40%
– Increased number of quota share providers from one to four parties
(Genworth Australia, QBE LMI, Arch Re and Tokio Millennium)
In-house
Mortgage
Insurance
(WLMI)
• Additional stop loss insurance with a separate party to cover potential
extreme loss scenarios
LVR >90%
Covered by LMI
External
Mortgage Insurance
(third party provider)
• WLMI is strongly capitalised (separate from bank capital) and subject to
APRA regulation. Capitalised at 1.33x MCR2
• Scenarios confirm sufficient capital to fund claims arising from events of
severe stress (up to 1 in 250 years)
eta ed risk
s
Retained
• 40% WRBB,
St.George and RAMS risk
– In a 1 in 250 years loss scenario, estimated losses for WLMI are
$303m (net of re-insurance recoveries)
Quota share
s a e reinsurance
e su a ce
• 60% of WRBB,
St.George and RAMS risk
Stop loss reinsurance
Protects retained risk
• 2H12 insurance claims $17m (1H12 $13m and 2H11 $11m)
1 WLMI provides cover for residential mortgages originated under WRBB, St.George and RAMS brand. 2 Minimum Capital Requirements (MCR) determined by Australian Prudential
Regulation Authority. 3 Insured coverage is net of quota share.
Westpac Group Fixed Income Investor Update | February 2013
28
リスク移転を管理する抵当権付住宅ローン貸付保険
豪州モーゲージポートフォリオLMI カバレッジ (%) (2012年9月30日現在)
• ウエストパックグループには自社専用の担保保険会社Westpac Lenders
Mortgage Insurance (WLMI)1があり、グループ内全てのブランド、チャネル
で組成された抵当権付住宅ローンを保証している
で組成された抵当権付住宅ロ
ンを保証している
保険なし
WLMIによる保険
3
第三者による保険
• 資本投資は慎重であり(現金及び固定金利)、運用益は主に保険料収入とリ
スクマネジメントによるものである
11
• 2009年以降、オリジネーション時のLTV比率が90%以上の抵当権付住宅
ローンは全て第三者によって保証されている(2009年以前はWLMIが保証)
74
15
• オリジネーション時のLTV比率が80-90%の抵当権付住宅ローンと、6080%のLowDocローンは、WLMIが保証。ウエストパックでは、LTV比率の高
い抵当権付住宅ローンに対するリスクを縮小し、2011年10月1日以降に組
成された抵当権付住宅ローンのアレンジを組み直した
2011年10月1日以降の抵当権付住宅ローン貸付保険 (LMI) 構造
– WLMIは、WRBB、セント・ジョージブランド下のローンに対するリスクを
70%から40%に縮小
LTV比率80%以上 90%以下のローン及び
LTV比率60%以上 80%以下のLow Doc
ローンをLMIで保証
– RAMSブランドのローンのリスクは40%で横ばい
LTV比率90%以上の
ローンをLMIで保証
– 比例再保険の提供会社を1社から4社へ増加(ジェンウォース・オーストラ
リア、QBE LMI、Arch Re、トウキョウ・ミレニアム)
• 潜在的な大幅損失シナリオに備え、別団体と超過損害率再保険を設定
WLMIによる保険
第三者による保険
• WLMIは、オーストラリア金融監督局の規制に基づき、（銀行資本とは別に）
十分な資本を備えている。資本規模は、MCR2（最低資本要件）の1.33倍
• 最大、250年に1度起きる程度の深刻なシナリオ下での保険金請求にも対応
しうる資本がある
リスク
• WRBB、セントジョージ、RAMS
のリスクは40%
– こういったシナリオ下でWLMIに想定される損失は、$303m(再保険の回
収額を除く) と想定される
比例再保険
• WRBB、セントジョージ、
RAMS のリスクは60%
超過損害率再保険
リスクから守る
• 2012年下半期の保険金請求額は$17m(上半期$13m、前年同期$11m)
1 WLMI provides cover for residential mortgages originated under WRBB, St.George and RAMS brand. 2 Minimum Capital Requirements (MCR) determined by Australian Prudential
Regulation Authority. 3 Insured coverage is net of quota share.
Westpac Group Fixed Income Investor Update | February 2013
28
Australian investment property portfolio
• Investment property loans (IPLs) make up 41.5% of Westpac’s
Australian mortgage portfolio
Loan-to-value ratio at
origination (%)
• Th
The majority
j it (46%) off IPL loans
l
are originated
i i t d att 80% LVR
LVR, tto ttake
k
advantage of tax deductions and avoid mortgage insurance costs
50%
Owner Occupied
Application
total gross income (%)
IPL
15%
30%
10%
20%
5%
10%
1m+
500<=1m
200<=500
2
150<=200
125<=150
0<=50
97+
95-97
90-95
85-90
80-85
75-80
70-75
– Additional LVR restrictions apply
pp y to single
g industry
y towns
60-70
0-60
– Holiday apartments subject to tighter acceptance requirements
100<=125
0%
0%
75<=100
• Specific credit policies apply to IPLs to assist risk mitigation, for
example:
50<=75
• Compared to owner-occupied applicants, IPL applicants on average are
older,
ld h
have higher
hi h iincomes and
d hi
higher
h credit
dit scores
IPL
20%
40%
• While the majority of IPLs are interest-only, the amortisation profile
closely tracks the P&I portfolio
Owner Occupied
25%
• Reliance on rental income is limited, creating an income buffer and
vacancy rate for more than half of all IPL customers
Westpac 90+ days delinquency by customer type (%)
– 30% of applicants have no reliance on rental income
– A further 27% have 25% or less of total income from rent
All
• IPL portfolio performance has historically been better than the portfolio
average
Mix
Multi IPL
Single IPL
1.0%
0.8%
– At FY12, IPL 90+ days delinquencies were 45bps compared to 52bps
for the portfolio
0.6%
0.4%
• IPL customers with more than one investment loan perform better than
IPL customers with one investment loan and better than the overall
portfolio
0.2%
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Jan-10
29
Mar-10
0.0%
– Approximately 45% of IPL customers have more than one investment
loan, a further 28% have a single IPL and 27% have both an IPL and
an owner occupied loan
Westpac Group Fixed Income Investor Update | February 2013
Non-IPL
オーストラリア不動産投資ポートフォリオ
• 不動産投資ローン(IPLs) はウエストパックのオーストラリアにおけるモー
ゲージポートフォリオの41.5%を占める
オリジネーション時LTV比率 (%)
• 税控除を受けるため
税控除を受けるため、また抵当保険料が生じないようにするため、不動産投
また抵当保険料が生じないようにするため 不動産投
資ローンの大半(46%)はLTV比率80%で組まれる
50%
持ち家目的
ローン申請者の所得合計（%）
投資目的
15%
30%
10%
20%
5%
10%
1m+
500<=1m
200<=500
2
150<=200
125<=150
0<=50
97+
95-97
90-95
85-90
80-85
75-80
70-75
– 単一産業都市の場合、LTV比率がさらに制限される
60-70
0-60
– リゾートマンションはローン承諾要件がより厳しい
100<=125
0%
0%
75<=100
• 不動産投資ローンには、リスク緩和のため以下のような信用ポリシーが適用
される:
50<=75
• 持ち家目的の不動産購入者より、投資目的の購入者の方が、年齢・収入・
信用面で平均的に高い
投資目的
20%
40%
• 多くの不動産投資ローンは金利のみ返済型であり、アモチゼーションのプロ
ファイルはP&Iポートフォリオの動きにかなり近い
持ち家目的
25%
• 家賃収入への依存が低く、不動産投資ローン顧客の半数以上に収入バッ
ファーと空室率が生じる
ウエストパック顧客属性別90日超延滞比率 (%)
– 申請者の30%は家賃収入への依存がない
– 更に27%の申請者で、総収入に対する家賃収入の割合が25%以下
All
• 従来
従来より、不動産投資ローンポートフォリオのパフォーマンスは、全体ポート
動産投資
ポ
パ
全体ポ
フォリオの平均に比べて堅調
Mix
Multi IPL
Single IPL
1.0%
0.8%
– 2012年度、不動産投資ローンで90日超の延滞があったのは45bpsで、全
体ポートフォリオの52bpsを下回る
0.6%
0.4%
• 投資ローンが1件以上の不動産投資顧客は、1件のみの顧客と比べてパ
フォーマンスが高く、ポートフォリオ全体よりも優れている
が高く ポ
全体
も優れ
0.2%
– 約45%の不動産投資ローン顧客は1件以上の投資ローンを組んでおり、
更に28%の顧客は単一不動産投資のみ、残り27%は不動産投資ローンに
加えて持ち家ローンも組んでいる
Westpac Group Fixed Income Investor Update | February 2013
Non-IPL
29
Sep-12
Jul-12
May-12
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
0.0%
Home loan evaluation process - originations
Origination
ƒ Westpac
ƒ Approved third party
• Regardless of origination source,
allll lloans are subject
bj t tto W
Westpac’s
t
’
standard underwriting criteria
Application
M
l credit
dit
Manual
decision
Credit Manager
Conditional
approval
Referral
Exception
request
Application information
verified
Automated credit decision
ƒ Scorecard
ƒ Underwriting standards
ƒ Credit bureau
Conditional
approval
Mortgage insurance
decision (if required)
Valuation
Documentation pack
• Terms & conditions letter
• Mortgage etc
Settlement/Drawdown
Westpac Group Fixed Income Investor Update | February 2013
• Credit decision and verification
functions are retained by
Westpac
30
Savings evidence
(if required)
住宅ローン評価プロセス ―オリジネーション
オリジネーション
ƒ ウエストパック
ƒ 認可済第三者
• 全ての貸出はオリジネーション
全ての貸出はオリジネ ション
ソースに関わらずウエストパッ
クの標準引受基準に沿っている
申請
手動与信判断
審査マネジャー
照会
• 与信判断と確認作業はウエスト
パックが行う
自動与信判断
ƒ スコアカード
ƒ 引受基準
ƒ 信用調査所
例外要求
条件付承認
条件付承認
申請情報確認
抵当保険判断
(必要な場合)
査定
ドキュメンテーションパック
• 融資条件通知書
• 抵当など
セトルメント/ドローダウン
Westpac Group Fixed Income Investor Update | February 2013
30
残高証明(必要な場合)
Arrears management and collections
•
Customer delinquency management is segmented by risk:
−
Risk is assessed based on historical loan and customer
attributes
−
Higher risk customers are contacted earlier and more
assertively, leaving lower risk customers to self-cure or be
contacted later by collections
Typical collections process (medium risk
customer)
Days
SMS
3
Phone call
10
•
Customers are contacted by SMS, letter and phone
1st reminder letter + phone call
18
•
External property managers are used for the repossession and
realisation process
2nd reminder letter + phone call
22
•
Properties are repossessed and then sold by the most
expedient
di t method
th d
Final letter + phone call
45
•
Shortfall claims are submitted to insurer within 28 days from
date of settlement
Default notice issued
65+
•
Customers experiencing hardship are assessed and managed
by Assist,
Assist a dedicated hardship team that is part of collections
Letter of demand sent
95+
Legal judgement sought and notice to vacate
issued
Westpac Group Fixed Income Investor Update | February 2013
31
95-120+
Valuation conducted by a panel valuer and
appraisal
pp
obtained
134+
Agent appointed and marketing campaign initiated
140+
Security sold and settlement effected, proceeds
applied to debt and shortfall (if any) realised
240+
延滞管理と回収
•
顧客の延滞管理はリスクによって区別される
−
リスクは、過去のローンと顧客の属性によって評価される
−
高リスクの顧客には早めに積極的な連絡を行い、低リスクの
顧客には自己是正を求める、又は回収の際に連絡する
典型的な回収プロセス (リスク中程度の顧客の場合)
延滞期間
ショートメッセージサービス
3
電話
10
第1回 リマインドレター + 電話
18
•
顧客への連絡は、ショートメッセージサービス、手紙、電話を用いる
•
担保権実行、換金手続きの際は外部資産管理者を利用する
•
資産の担保権が実行され、最適な方法で売却される
•
不足分については弁済の28日以内に保険業者に連絡
第2回 リマインドレター + 電話
22
•
困窮にある顧客に対しては、Assistによって評価、管理される。
Assistとは回収業務の 端を担うチ ムで 困難な状況にある顧
Assistとは回収業務の一端を担うチームで、困難な状況にある顧
客に特化している
最終リマインドレター + 電話
最終リマインドレタ
45
債務不履行通知発行
65+
催告書発送
95+
法的手段の模索、退去勧告の発行
Westpac Group Fixed Income Investor Update | February 2013
31
95-120+
評価員から評価を受ける
134+
代理人を選任し、販売キャンペーンを行う
140+
担保売却、弁済の手続き。債務や不足分があった
場合は手取金で対応
240+
WESTPAC’S AUSTRALIAN
COVERED BOND PROGRAMME
PROVIDES FURTHER FUNDING
DIVERSITY
Westpac Group Fixed Income Investor Update | February 2013
32
ウエストパックの豪カバードボンドプログラム
は調達源の更なる多様化に貢献
Westpac Group Fixed Income Investor Update | February 2013
32
Australian covered bonds amongst highest rated / lowest risk
Moody’s
selected credit
risk indicators
for covered
bonds (global)
9
Source: Moody’s Investors Service. All data as of 31 October 2012, except for sovereign ratings, which are as of 30 November 2012. German ship and aircraft mortgage-backed programmes are excluded. Key: Sovereign and issuer ratings:
Green: Aaa-A3; Yellow: Baa1-Baa3; Red: <Baa3. Outlooks: Green: positive/stable; Yellow: negative/mixed; Red: on review for downgrade. TPIs: Green: Probable-High-Very High; Yellow: Probable; Red: Improbable/Very Improbable. TPI leeway:
Green: 2+ notches; Yellow: 1-1.9 notches; Red: <1 notch/n/d. Rank ordering based on points (low to high): Green = 0 points; Yellow = 1 point; Red = 3 points; countries with equal points listed alphabetically.
Westpac Group Fixed Income Investor Update | February 2013
33
豪カバードボンドは、高格付・低リスクで最高水準
ムーディーズに
よる、カバードボ
ンド（グローバ
ンド（グロ
バ
ル）の主要クレ
ジットリスク指標
9
Source: Moody’s Investors Service. All data as of 31 October 2012, except for sovereign ratings, which are as of 30 November 2012. German ship and aircraft mortgage-backed programmes are excluded. Key: Sovereign and issuer ratings:
Green: Aaa-A3; Yellow: Baa1-Baa3; Red: <Baa3. Outlooks: Green: positive/stable; Yellow: negative/mixed; Red: on review for downgrade. TPIs: Green: Probable-High-Very High; Yellow: Probable; Red: Improbable/Very Improbable. TPI leeway:
Green: 2+ notches; Yellow: 1-1.9 notches; Red: <1 notch/n/d. Rank ordering based on points (low to high): Green = 0 points; Yellow = 1 point; Red = 3 points; countries with equal points listed alphabetically.
Westpac Group Fixed Income Investor Update | February 2013
33
Westpac covered bond programme
Issuer
Westpac Banking Corporation
Issuer rating
AA-/Aa2/AA- by S&P / Moody’s / Fitch
Format
Legislative Covered Bond
C
Covered
d Bond
B d rating
i
A / AAA by
Aaa
b Moody’s
M d ’ / Fi
Fitch
h
Programme size
US$20 billion
Maturity options
Soft and Hard Bullet
Covered Bond Guarantor
Westpac Covered Bond Trust, a special purpose vehicle (trust)
Covered Bond Guarantee
Covered Bond Guarantor has guaranteed payments of interest and principal under the Covered
Bonds secured over the Mortgage Loans and its other assets (limited in recourse to its assets)
LVR cap in asset coverage test
80% (subject to indexation)
Asset percentage
Subject to rating agency requirements, programme maximum 95%
Collateral
Prime Australian residential mortgages
Listing
London Stock Exchange
Westpac Group Fixed Income Investor Update | February 2013
34
ウエストパック カバードボンドプログラム
発行体
ウエストパック・バンキング・コーポレーション
発行体格付け
AA-/Aa2/AA- （S&P / ムーディーズ / フィッチ）
フォーマット
法定カバードボンド
カバ ドボ ド格付け
カバードボンド格付け
Aaa / AAA （ムーディーズ
（ム デ
ズ / フィッチ）
）
プログラム額
US$20 billion
満期オプション
ソフトブレット・ハードブレット
ソフトブレット
ハ ドブレット
カバードボンド保証体
ウエストパック・カバードボンド・トラスト（信託SPV）
カバードボンド保証
カバードボンド保証体は、カバードボンドの利息及び元本（住宅ローン及び保証体のその他資産によっ
て担保）の支払いを保証（保証体の資産にのみリコ ス）
て担保）の支払いを保証（保証体の資産にのみリコース）
資産カバレッジテストでのLVRキャップ
80% （インデックス化により変化）
資産比率
最高でプログラムの95%（格付機関の要件による）
担保
オーストラリアのプライム住宅ローン
上場取引所
ロンドン証券取引所
Westpac Group Fixed Income Investor Update | February 2013
34
Program features
Structure
Covered Bonds are issued by Westpac, backed by an unconditional and irrevocable guarantee by the Covered Bond
Guarantor (the “CBT Guarantor”), which is limited in recourse to the assets in the Westpac Covered Bond Trust
Security
Security comprises a pool of Australian residential mortgages which meet the eligibility criteria (the “cover pool”). It also
includes certain other assets such as cash and investments (subject to legislative and rating agency limits). Mortgages
in the cover pool sold to the CBT Guarantor to ensure that covered bondholders have a priority claim over the cover
pool in the event of Issuer insolvency
Overcollateralisation
Prior to service of a Notice to Pay on the CBT Guarantor, an Asset Coverage Test will be run monthly to ensure the
CBT Guarantor has sufficient assets to support the outstanding covered bonds. Defaulted loans will have nil value
applied to them and remaining loans adjusted by the Asset Percentage. The Asset Percentage will be confirmed by the
rating agencies quarterly and is subject to a maximum of 95%, which represents a minimum level of
overcollateralisation of just over 5%.
Following service of a Notice to Pay on the CBT Guarantor, an Amortisation Test is run monthly to ensure the CBT
Guarantor has sufficient assets to meet the covered bond obligations
Asset Monitor
Hedging
PricewaterhouseCoopers monitors the calculation of the Asset Coverage Test and the Amortisation Test on at least an
annual basis.
They will also provide the asset monitor reporting requirements in relation to the legislation on at least a six monthly
basis This includes verification of the asset register and provision of any other information APRA requires
basis.
The Total Return Swap and Covered Bond Swap will be used to hedge any exposure of the CBT Guarantor to interest
rate and currency risks
Westpac Group Fixed Income Investor Update | February 2013
35
プログラムハイライト
ストラクチャー
カバードボンドはウエストパックによって発行され、カバードボンド保証体（CBT保証体）によって無条件かつ取消不可能な形で
保証される。ただし、保証はウエストパック・カバードボンド・トラストの資産にのみリコースする
担保は、適格基準を満たすオーストラリアの住宅ローンのプール（カバープール）からなる
担保
超過担保
カバープールは現金及び投資など特定の他資産（法的・格付機関の制限に従う）を含む。カバードボンド保有者に保証を提供す
るためにCBT保証体に売却されたカバープール内の住宅ローンは、発行体が支払い不能となった場合、カバープールに対して
優先請求権を有する
CBT保証体への保証履行請求通知書発行前、CBT保証体がカバードボンド未償還残高を保管するのに十分な資産を確保す
るために、資産カバレッジテストが月次で行われる。不履行ローンは資産において価値ゼロとみなし、残りのローンは資産比率
によって調整される。資産比率は格付機関によって四半期ごとに確認され、最高95%（超過担保は最低5%）までとする
CBT保証体への保証履行請求通知書発行後、CBT保証体がカバードボンド債務を履行するのに十分な資産を確保するために、
アモチゼーションテストが月次で行われる
資産モニタリング
ヘッジ
プライスウォーターハウスクーパース（PWC）が、資産カバレッジテスト及びアモチゼーションテストの計算を最低年1回ベースで
モニタリングする
PWCはまた、最低6ヶ月に1回、法制に関連する資産モニタリング報告を提出する。報告には、資産登録の検証及びAPRAが求
めるその他情報の提供を含む
総リターンスワップ及びカバードボンド・スワップが、金利・通貨リスクに対するCBT保証体のエクスポージャーをヘッジするため
に利用される
Westpac Group Fixed Income Investor Update | February 2013
35
Westpac cover pool
Covered Bond Pool eligibility criteria
Covered pool loan statistics as at 31 December 2012
• At the time of sale, each loan:
– Is denominated and payable only in AUD in Australia
Total pool loan balance1
A$19 443 052 702
A$19,443,052,702
– Is secured by a mortgage that constitutes a first ranking Australian
mortgage (second allowed as long as first held with the CBT
Guarantor)
Number of loans
77,540
Average loan size
A$250,749
– Is secured by a mortgage over a property which has erected on it a
residential dwelling
Max loan size
A$2,000,000
$ ,
,
– Was approved and originated by the seller in the ordinary course of
business
Weighted average current LVR
(unindexed)
62.0%
– Is a loan under which the outstanding principal balance owed by the
borrower is not more than AUD$2,000,000
Weighted average current LVR (indexed)
60.46%
Mortgage Insured
16.58%
90 day + arrears
0.0%
Weighted average seasoning
43 months
– The sale of an interest in, or the sale of an interest in any related
security, does not contravene or conflict with any law
Weighted average remaining term to
maturity
305 months
– The relevant borrower is a resident of Australia
Max remaining term to maturity
359 months
Weighted average interest rate
5.92%
Fixed / floating split (by bal)
18.24% / 81.76%
Interest only (by bal)
11.33%
Owner occupied security
80.23%
– Is a loan under which the relevant borrower is required to repay the
loan within 30 years of the relevant cut-off date
– Is not a delinquent mortgage or a defaulted loan and no legal
demand has been served on the relevant borrower in respect of a
payment on the loan
– Not a loan with an interest only payment period of >10 years
– The related mortgage has been or will be stamped
– Where applicable, all progress drawings have been made by the
borrower and the residential dwelling has been completed; and
– The borrower has made at least one monthly payment or two
fortnightly payments in respect of the loan
1 Pool loan balance excludes cash balances of A$556,947,298. Loans included in the cover pool are Westpac RBB originated mortgages and currently exclude Queensland loans.
Westpac Group Fixed Income Investor Update | February 2013
36
ウエストパックのカバープール
カバープール適格基準
カバープール・ローン内容（2012年12月31日現在）
• 売却時、各ローンは、
– 豪ドル建てローンで、オーストラリアにおいて、豪ドルで支払われる
豪ド 建
オ
お
豪ド
支払われる
– オーストラリアの第1位順位不動産担保（CBT保証体が第1順位のときの
み第2順位でも可）によって担保される
– 物件上に住居が建設されている物件に設定された不動産担保によって
担保される
カバープール・ローン残高
カ
プ ル
ン残高1
A$19 443 052 702
A$19,443,052,702
ローン件数
77,540
平均ローン額
A$250,749
最大ローン額
A$2,000,000
,
,
現加重平均 LTV比率 (インデックス化前)
62.0%
– 通常の業務の過程において承認・オリジネートされた
– 債務者が負う未返済残高がAUD$2,000,000以下
– 債務者が当該基準日から30年以内のローン完済を求められる
– 延滞住宅ローンまたは不履行ローンではない。また、ローンの返済に関
して債務者に対していかなる法的請求も行われていない
現加重平均LTV比率 (インデックス化後)
60.46%
保険付住宅
保険付住宅ローン
16 8%
16.58%
– ローンの権利または関連する担保の権利の売却が、いかなる法にも違
反または抵触しない
90日超延滞ローン
0.0%
– 債務者はオーストラリアの居住者である
ローン期間（加重平均）
43 ヶ月
– 不動産担保は既に公証を受けている、または将来受ける
加重平均残存期間
305 ヶ月
– すべての分割資金引出（該当する場合）が債務者によって既に行われ、
住居が完成済みである
最長残存期間
359 ヶ月
– 債務者はローンに関して最低1回の月返済または2回の隔週返済の実績
がある
加重平均金利
5.92%
固定金利 / 変動金利 (残高ベース)
18.24% / 81.76%
金利のみ返済型ローン (残高ベース)
11.33%
自己所有物件担保
80.23%
– 金利のみ支払う期間が10年を超えないローンである
1 Pool loan balance excludes cash balances of A$556,947,298. Loans included in the cover pool are Westpac RBB originated mortgages and currently exclude Queensland loans.
Westpac Group Fixed Income Investor Update | February 2013
36
Pools statistics as at 31 December 2012 (cont.)
Loan to value ratio by balance (%)
35
30
25
20
15
10
5
0
C
Current
t LVR ((unindexed)
i d
d)
Geographic distribution by state (%)
C
Current
t LVR (i
(indexed)
d
d)
Western Australia
$2,589.6m, 13.3%
> 100%
80-100%
75-80%
70-75%
65-70%
60-65%
55-60%
50-55%
0-50%
Northern
Territory
$194 3
$194.3m,
1.0%
South Australia
$1,038.3m, 5.34%
New South Wales
$7,534.6m,
$
34 6 38.75%
38 %
Victoria
$5,328.7m,
27.4%
Portfolio seasoning
% of pool by balance (lhs)
Queensland
$0m, 0%
Number of loans (rhs)
30
14,000
25
12,000
Tasmania
$262.3m, 1.35%
10,000
20
Value of loans
(A$m)
% of pool by
value
Metropolitan
15,060
77%
Non-Metropolitan
4,383
23%
Distribution by region
8,000
15
Australian Capital
Territory
$524.9m, 2.7%
6,000
10
4,000
5
2,000
0
0
< 6Mth 6 mths 1yr - 2yrs - 3yrs - 4yrs - 5yrs - 6yrs - 7yrs - 8yrs - 9yrs - > 10
- 1yr 2yrs 3yrs 4yrs 5yrs 6yrs 7yrs 8yrs 9yrs 10yrs yrs
Westpac Group Fixed Income Investor Update | February 2013
37
プール内容 (2012年12月31日現在)
州別内訳(%)
LTV比率 (残高ベース、%)
35
現LTV (インデックス化前)
(インデ クス化前)
現LTV (インデックス化後)
(インデ クス化後)
30
25
20
ノーザン
テリトリー
$194 3
$194.3m,
1.0%
15
10
5
西オーストラリア
$2,589.6m, 13.3%
> 100%
80-100%
8
75-80%
70-75%
65-70%
60-65%
55-60%
50-55%
0-50%
0
南オーストラリア
$1,038.3m, 5.34%
ニューサウスウエールズ
$7,534.6m,
38.75%
$ 34 6 38
%
ビクトリア
$5,328.7m,
27.4%
ポートフォリオ期間
プールに占める割合（残高ベース）（左）
クイーンズランド
クイ
ンズランド
$0m, 0%
ローン件数（右）
30
14,000
25
12,000
タスマニア
$262.3m, 1.35%
10,000
20
ローン額
(A$m)
プールに占める割合
(金額ベース)
都市部
15,060
77%
都市部以外
4,383
23%
地域別内訳
8,000
15
オーストラリア首都
特別地域
$524.9m, 2.7%
6,000
10
4,000
5
2,000
0
0
< 6Mth 6 mths 1yr - 2yrs - 3yrs - 4yrs - 5yrs - 6yrs - 7yrs - 8yrs - 9yrs - > 10
- 1yr 2yrs 3yrs 4yrs 5yrs 6yrs 7yrs 8yrs 9yrs 10yrs yrs
Westpac Group Fixed Income Investor Update | February 2013
37
Pool statistics as at 31 December 2012
Mortgage principal balance distribution
% of pool (lhs)
Interest rate split (%)
Number of loans (rhs)
Fixed
24,000
20,000
16,000
12,000
8,000
,
4,000
0
81.8
18.2
Interest only expiry date remaining period
Years to maturity (legal)
% of pool by balance (lhs)
Number of loans (rhs)
100
% of interest only loans by balance (lhs)
80,000
70,000
60,000
50,000
40,000
30 000
30,000
20,000
10,000
0
80
60
40
20
0
< 1 yr
1yr - 5yrs
Floating
> 1.5m
1m - 1.5m
1
750k -1m
500-750k
400-500k
300-400k
200-300k
100-200k
0-100K
30
25
20
15
10
5
0
5yrs - 10yrs
Westpac Group Fixed Income Investor Update | February 2013
35
30
25
20
15
10
5
0
2,000
1,500
1,000
500
0
< 6 mths
> 10 yrs
38
Number of loans (rhs)
2,500
6 mths - 1yr - 2yrs 2yrs - 3yrs 3yrs - 4yrs 4yrs - 5yrs > 5 yrs
1yr
プール内容（2012年12月31日現在）
残高別住宅ローン
固定／変動金利 (%)
プ ルに占める割合（左）
プールに占める割合（左）
ロ ン件数（右）
ローン件数（右）
固定
24,000
20,000
16,000
12,000
8,000
,
4,000
0
81.8
18.2
金利のみ返済型ローンの残存期間
残存年数（法定）
プールに占める割合（残高ベース）（左）
100
80
60
40
20
0
< 1 yr
変動
> 1.5m
1m - 1.5m
1
750k -1m
500-750k
400-500k
300-400k
200-300k
100-200k
0-100K
30
25
20
15
10
5
0
1yr - 5yrs
5yrs - 10yrs
Westpac Group Fixed Income Investor Update | February 2013
金利のみ返済型ローンの割合（残高ベース）（左）
ローン件数（右）
80,000
70,000
60,000
50,000
40,000
30 000
30,000
20,000
10,000
0
ローン件数（右）
2,500
35
30
25
20
15
10
5
0
2,000
1,500
1,000
500
0
< 6 mths
> 10 yrs
38
6 mths - 1yr - 2yrs 2yrs - 3yrs 3yrs - 4yrs 4yrs - 5yrs > 5 yrs
1yr
“A NUMBER OF POSITIVE DRIVERS
SUPPORT THE WBC FRANCHISE
FRANCHISE,
INCLUDING: STRONG CREDIT
PROFILE, HIGH LEVELS OF
PROVISIONING COVERAGE...”
BANK OF AMERICA MERRILL LYNCH 5 NOVEMBER 2012
Westpac Group Fixed Income Investor Update | February 2013
39
“クレジットの高さ、引当金カバレッジの高さな
どいくつものポジティブな要素がWBCのフラ
ンチャイズを支えている”
BANK OF AMERICA MERRILL LYNCH 5 NOVEMBER 2012
Westpac Group Fixed Income Investor Update | February 2013
39
Balance sheet composition of Westpac and domestic peers
Regulatory exposure mix1 (%)
100%
3%
5%
1%
3%
1%
7%
4%
6%
80%
5%
2% 1%
3%
7%
7%
11%
Qualifying
y g revolving
g
10%
31%
27%
60%
Other retail
Sovereign
34%
3
%
40%
Bank
Corp, SME & Spec lending
40%
56%
Residential mortgages
56%
20%
40%
40%
Peer 2
Peer 3
0%
Westpac
Peer 1
1. Represents Exposure at Default. Source: Company reports at 30 June 2012. Includes Specialised Lending. Excludes Standardised exposures, Other Assets and Securitisation (representing 4% of Westpac, 14% of
Peer 1, 5% of peer 2 and 11% of Peer 3). Exposure mix is re-baselined to total 100% for comparison.
Westpac Group Fixed Income Investor Update | February 2013
40
バランスシート構成 国内他行との比較
規制に基づくエクスポージャー1 (%)
100%
3%
5%
1%
3%
1%
7%
4%
6%
80%
5%
2% 1%
3%
7%
7%
11%
適格リボルビング
格リ
10%
31%
27%
60%
その他リテール
ソブリン
34%
3
%
40%
銀行業務
法人、中小企業、投機的貸出
40%
56%
住宅ローン
56%
20%
40%
40%
Peer 2
Peer 3
0%
Westpac
Peer 1
1. Represents Exposure at Default. Source: Company reports at 30 June 2012. Includes Specialised Lending. Excludes Standardised exposures, Other Assets and Securitisation (representing 4% of Westpac, 14% of
Peer 1, 5% of peer 2 and 11% of Peer 3). Exposure mix is re-baselined to total 100% for comparison.
Westpac Group Fixed Income Investor Update | February 2013
40
High quality portfolio with bias to secured consumer lending
Asset composition as at 30 September 2012 (%)
Cash and balances with central banks
Housing
Receivables due from other financial
institutions
Trading securities, financial assets at fair
value and available-for-sale securities
Derivative financial instruments
5
Business lending
20
76
4
2
3
Life insurance assets
Other consumer
67
11
2
Loans
Corporate
9
1
Other assets
Total assets
On balance sheet lending
1
Exposure by risk grade as at 30 September 2012 ($m)
Standard and Poor’s risk grade
Australia
NZ / Pacific
Americas
Europe
Asia
Group
% of Total
AAA to AA-
70,736
7,214
8,252
697
248
87,147
11%
A+ to AA
28 043
28,043
3 457
3,457
1 894
1,894
1 305
1,305
1 029
1,029
35,728
5%
BBB+ to BBB-
45,281
7,189
1,084
1,069
3,483
58,106
8%
BB+ to BB
57,878
7,040
245
312
1,214
66,689
9%
BB- to B+
54,089
7,130
6
24
-
61,249
8%
<B+
11,641
,
2,352
,
68
205
-
14,266
,
2%
358,354
34,191
-
-
598
393,143
52%
38,077
3,836
-
-
83
41,996
5%
664,099
72,409
11,549
3,612
6,655
758,324
88%
10%
2%
<1%
<1%
Secured consumer
Unsecured consumer
Total committed exposure
p
by
y region
g
(%)
( )
Exposure
1 Exposure by booking office.
Westpac Group Fixed Income Investor Update | February 2013
41
100%
ポートフォリオは担保付消費者向け貸付が中心
資産構成（2012年9月30日現在）(%)
現金及び中央銀行預け金
住宅及び個人向け
事業向け
法人向け
他消費者向け
他金融機関に対する債権
5
商品有価証券、公正価値で測定する金融
資産、売却可能有価証券
金融派生商品
67
11
2
貸付金
4
2
3
生命保険に関する資産
20
76
9
1
その他資産
総資産
バランスシート上貸付
1
リスクグレード別エクスポージャー （2012年9月30日現在） ($m)
オーストラリア
ニュージーランド
／他太平洋諸国
南北アメリカ
大陸
欧州
アジア
グループ
全体に占める
割合
AAA から AA-
70,736
7,214
8,252
697
248
87,147
11%
A+ から A
A-
28 043
28,043
3 457
3,457
1 894
1,894
1 305
1,305
1 029
1,029
35,728
5%
BBB+ から BBB-
45,281
7,189
1,084
1,069
3,483
58,106
8%
BB+ から BB
57,878
7,040
245
312
1,214
66,689
9%
BB- から B+
54,089
7,130
6
24
-
61,249
8%
B+ 未満
11,641
,
2,352
,
68
205
-
14,266
,
2%
担保付消費者ローン
358,354
34,191
-
-
598
393,143
52%
無担保消費者ローン
38,077
3,836
-
-
83
41,996
5%
664,099
72,409
11,549
3,612
6,655
758,324
88%
10%
2%
<1%
<1%
S＆P リスクグレード
コミッテッドエクスポージャー合計
地域別エクスポージャー ((%))
1 Exposure by booking office.
Westpac Group Fixed Income Investor Update | February 2013
41
100%
Diversification across industries and large exposures
Exposures at default1 by sector ($m)
2%
2%
%
2%
2% 1%
Top 10 exposures to corporations and NBFIs as a % of TCE5 (%)
1% 1%
• Top 10 single name exposures to corporations and non-bank
non bank financial
institutions (NBFIs) continue to be well below 2% of TCE
• Largest corporation/NBFI single name exposure represents 0.16% of TCE
3%
3%
3%
4%
2.0
2.0
1.9
4%
1.4
1.3
2009
2010
53%
8%
2006
12%
Property 3
Wholesale & Retail Trade
Manufacturing
Government administration & defense
Services
Property Services & business services
Construction
Accommodation, cafes & restaurants
S&P rating or equivalent
Finance & insurance 2
4
2008
1.2
2011
2012
Top 10 exposures to corporations and NBFIs as at 30 Sep 2012 ($m)
Consumer
Agriculture, forestry & fishing
2007
1.1
Transport & storage
Utilities
Mining
AA
ABBBA
BBB+
BBB+
A+
A
BBB+
Top 10 exposure risk
grades have trended
downwards as a result of
S&Ps credit rating
methodology changes
during the year
0
Other
200
400
600
800
1,000
1,200
1 Exposure at default represents an estimate of the amount of committed exposure expected to be drawn by the customer at the time of default and excludes consumer lending. 2 Finance and insurance includes
banks, non-banks, insurance companies and other firms providing services to the finance and insurance sectors. 3 Property includes both residential and non-residential property investors and developers, and excludes
real estate agents. 4 Construction includes building and non-building construction, and industries serving the construction sector. 5. Includes St.George from 2009 onwards.
Westpac Group Fixed Income Investor Update | February 2013
42
セクターの多様化と高いエクスポージャー
セクター別デフォルト時エクスポージャー1 ($m)
2%
2%
2%
%
2% 1%
企業及びNBFIへのエクスポージャー上位10件の対TCE比率5 (%)
1% 1%
• 企業及びノンバンク系金融機関(NBFIs)へのエクスポージャー上位10件は、TCE
企業及びノン ンク系金融機関(NBFIs) の クスポ ジャ 上位10件は、TCE
の2%を下回っている
• 企業及びNBFIのシングルネームでのエクスポージャーは最大でTCE比率0.16%
3%
3%
3%
4%
2.0
2.0
1.9
4%
1.4
1.3
2009
2010
53%
8%
2006
金融・保険
3
2
卸・小売
製造業
行政・国防
サ
ビス
サービス
不動産サ
ビス ビジネスサ ビス
不動産サービス・ビジネスサービス
農林水産
輸送・保管
建設
4
宿泊・飲食
の
S&P格付また
たはそれに準ずるもの
不動産
2008
1.2
2011
2012
企業及びNBFIへのエクスポージャー上位10件(2012年9月30日現在) ($m)
12%
消費者
2007
1.1
公共事業
鉱工業
AA
ABBBA
BBB+
BBB+
A+
A
BBB+
2012年にS&P信用格付手
法の変更があったため、上
位10件のエクスポージャー
ポ
リスクグレードは低下傾向
にある
0
その他
200
400
600
800
1,000
1,200
1 Exposure at default represents an estimate of the amount of committed exposure expected to be drawn by the customer at the time of default and excludes consumer lending. 2 Finance and insurance includes
banks, non-banks, insurance companies and other firms providing services to the finance and insurance sectors. 3 Property includes both residential and non-residential property investors and developers, and excludes
real estate agents. 4 Construction includes building and non-building construction, and industries serving the construction sector. 5. Includes St.George from 2009 onwards.
Westpac Group Fixed Income Investor Update | February 2013
42
Commercial property portfolio comfortably within appetite
•
•
•
Commercial property represents 6.8% of Total Committed Exposure
(TCE) and 7.9% of gross lending at 30 September 2012, down from
peak of 10
10.0%
0% and 13
13.0%
0% respectively in December 2008
Commercial property exposures size ($bn) and % of TCE
Commercial p
property
p y exposure
p
($
($bn))
9.6
Current level of commercial property is well within risk appetite. The
portfolio is well diversified across names, states and sectors
9.1
8.0
Credit performance of commercial property portfolio continues to
improve with the percentage identified as stressed at 7.7%, down
200b on 1H12
200bps
1H12, and
dd
down significantly
i ifi
tl ffrom th
the peak
k iin FY10
•
Upgrades, debt sales and refinancing has largely driven the
improvement
•
Low emergence of new stress, with most activity focused on working
out existing
g stressed exposures
p
63
9
54
18
8
1H09
09
7
50
48
51
51
2H09
09
1H10
0
2H10
0
1H11
2H11
1H12
2H12
Commercial property portfolio TCE classified as stressed (%)
15.2
15
8
53
6.8
-2
21
31
54
10
10
Commercial property portfolio by sector and region (%)
19
61
Commercial Property as % of TCE
7.7
6.9
7.1
6.5
15.5
13.7
12.5
11.7
10
9.7
7.7
Commercial offices & diversified groups
NSW & ACT
VIC
Residential
QLD
SA & NT
Retail
WA
NZ & Pacific
Industrial
Institutional
Westpac Group Fixed Income Investor Update | February 2013
2H09
43
1H10
2H10
1H11
2H11
1H12
2H12
商用不動産ポートフォリオは十分リスク選好内
•
•
•
2012年9月30日現在、商用不動産は総コミッテッドエクスポージャー
（TCE）の6.8%、総貸付の7.9%を占め、ピークである2008年12月の
10 0%と13 0%を下回る
10.0%と13.0%を下回る
商用不動産エクスポージャー額 ($bn) 及びTCEに占める割合（%)
商用不動産エクスポージャー額($bn)
商用不動産
クスポ ジャ 額($bn)
9.6
9.1
直近の商用不動産は十分にリスク選好の範囲内。ポートフォリオは幅広い
銘柄、州、セクターに分散している
商用不動産の信用パフォーマンスは改善を続けており、圧迫を受けている
商用不動産の割合は、2012年上半期比200bps低下の7.7%。ピークに達
した2010年度から著しく低下している
•
格上げ、債券売上、借換えなどによって、信用は大幅に改善された
•
既存の圧迫されたエクスポージャーへの取り組みに注力しているため、新
たなエクスポージャー発生の可能性は少ない
63
商用不動産ポートフォリオ（セクター・地域別） (%)
9
50
48
51
51
-2
21
54
8
53
6.8
2H09
09
1H10
0
2H10
0
1H11
2H11
1H12
2H12
圧迫を受けている商用不動産ポートフォリオのTCE (%)
31
18
54
10
10
1H09
09
19
61
TCEに占める商用不動産の割合（%）
8.0
7.7
6.9
7.1
6.5
15.2
15
8
7
15.5
13.7
12.5
11.7
10
9.7
7.7
商業事務所及びさまざまなグループ
NSW & ACT
VIC
住宅
QLD
SA & NT
小売
WA
NZ & Pacific
産業
Institutional
Westpac Group Fixed Income Investor Update | February 2013
2H09
43
1H10
2H10
1H11
2H11
1H12
2H12
Australian credit card portfolio continues sound performance
• Australian credit card portfolio has continued to perform well,
largely driven by cautious consumer behaviour resulting in
increased payment levels
Australian credit card average payments to balance ratio1 (%)
45.6
• The average credit card payments to balance ratio continued its
improving trend, up 12bps to 45.4% (up 72bps FY11/FY12)
45.2
43.8
42.7
• Balances increased moderately over recent periods reflecting
43.7
44.6 44.7
45.3
45.4
41.4
– Low system growth
39.7
39.8
– Partially offset by some growth in both WRBB and St.George
cards following new product launches and campaigns
• Total Australian credit card 90+ days delinquencies were down
26bps to 92bps (down
(do n 12bps FY11/FY12) d
due
e mainl
mainly to
consumer deleveraging, current low unemployment levels and
improvement in risk and collections strategies
1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12
Australian credit cards
Balances (LHS)
($m)
90+ days past due (RHS)
(%)
3.0
2.5
2.0
1.5
1.0
05
0.5
0.0
10,000
9,500
9,000
8,500
1 Cards average payments to balance ratio is calculated using the average payment received compared to the average statement balance at the end of the reporting month.
Westpac Group Fixed Income Investor Update | February 2013
44
Sep-12
Jun-12
Mar-12
Dec-11
Sep-11
Jun-11
Mar-11
Dec-10
Jun-10
Sep-10
Mar-10
Dec-09
Jun-09
Sep-09
Mar-09
Dec-08
Jun-08
Sep-08
Mar-08
Dec-07
Sep-07
8,000
豪州クレジットカードポートフォリオは引き続き堅調
• オーストラリアにおけるクレジットカードポートフォリオは引き続き堅
調。 消費者行動が慎重で返済水準が上昇したことが主な理由
オーストラリア 残高に対するクレジットカード返済額の割合1 (%)
• 残高に対する返済額の平均比率は上昇傾向にあり12bps増の
45.4% (昨年度比72bps増)
45.6
45.2
43.8
• 残高はここ最近、以下の理由により緩やかに増加している
42.7
43.7
44.6 44.7
45.3
45.4
41.4
– 平均的成長の低さ
39.7
– 新規商品・キャンペーンに伴う、ウエストパック消費者向け及び企
業向け銀行業務(WRBB) 及びセント・ジョージのクレジットカード
の伸びにより部分的に相殺
• オーストラリアのクレジットカードでの90日超延滞は、26bps減の
92b (昨年度比12b 減) これは主に消費者によるデレバレッジ
92bps(昨年度比12bps減)。これは主に消費者によるデレバレッジ、
最近の失業率の低さ、リスク対応及び回収戦略の改善による
39.8
1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12
オーストラリア クレジットカード状況
90日超延滞(右)
残高（左）
($m)
10,000
(%)
3.0
2.5
2.0
1.5
1.0
05
0.5
0.0
9,500
9,000
8,500
1 Cards average payments to balance ratio is calculated using the average payment received compared to the average statement balance at the end of the reporting month.
Westpac Group Fixed Income Investor Update | February 2013
44
Sep-12
Jun-12
Mar-12
Dec-11
Sep-11
Jun-11
Mar-11
Dec-10
Jun-10
Sep-10
Mar-10
Dec-09
Jun-09
Sep-09
Mar-09
Dec-08
Jun-08
Sep-08
Mar-08
Dec-07
Sep-07
8,000
Asset quality improving;
impairment charges little changed in 2H12
• In 2H12, impairment charges were $604m, or 1% lower than 1H12
Impairment charges movement by business ($m)
– In the Australian business portfolio, impairment charges were a little
higher, due to a reduction in write backs and from some increase in
stress in those sectors impacted by the higher $A and consumer
caution
Aust Business
Aust Consumer
WIB
New Zealand
Other (incl. PB, Eco. Overlay & wealth)
– Australian consumer impairments were significantly lower as low
unemployment and consumer caution has contributed to lower
d li
delinquencies
i iin b
both
th th
the mortgage,
t
and
d unsecured
d portfolios
tf li
879
– Institutional asset quality has remained solid and combined with the
sale of some stressed assets contributed to a small fall in
impairment charges
361
577
– New Zealand impairment
p
charges
g continued to improve
p
reflecting
ga
further decline in stressed assets and significant improvements in
mortgage and other consumer delinquencies which were down
15bps and 16bps respectively
246
– The rise in impairment charges in the Other category was due to a
rise in charges in Pacific Banking (both higher collective and
individually assessed provisions) and the topping up of economic
overlay provisions held in Group Businesses
608
604
194
274
258
212
222
255
272
221
73
166
7
– New collectively assessed provisions were $366m higher as benefits
from improving asset quality were smaller
– A $74m reduction in write-backs, mostly in WIB
1H10
– A $17m increase in economic overlays, compared to a $107m
reduction in overlays in FY11
45
149
237
62
50
• In FY12, impairment charges increased by $219m to $1,212m. This
was mainly driven by
Westpac Group Fixed Income Investor Update | February 2013
530
463
76
109
105
((49))
(72)
(22)
(74)
2H10
1H11
2H11
42
65
76
1H12
72
8
66
2H12
資産の質は向上
2012年下半期、減損費用はほぼ変わらず
• 2012年下半期、減損費用は前期比1%減の$604m
事業別減損費用の動き ($m)
– 戻入れの減少と、豪ドル高や消費者の警戒感に影響されたセクターでの
ビ
ストレス上昇により、オーストラリアのビジネスポートフォリオでは減損費
用がやや増加
Aust Business
Aust Consumer
WIB
New Zealand
Other (incl. PB, Eco. Overlay & wealth)
– オーストラリアの消費者向け業務における減損費用は大幅に低下。これ
は、失業率の低さと消費者の警戒感から、抵当権付住宅貸付や無担保
ポートフォリオの延滞が減ったためである
879
– 法人顧客の資産の質は依然堅実。ストレスを受けた資産の売却もあり、
減損費用はわずかに減少
– ニュージーランドにおける減損費用は引き続き改善。これは、ストレス・ア
セットの更なる減少に加え、抵当権付住宅貸付の延滞が15bps低下、そ
の他消費者向け貸付の延滞も16bps低下と著しく下がったためである
p
361
577
– 他カテゴリーでの減損費用の増加は、太平洋地域銀行業務における費
用増(一括・個別評価引当金)及びグループビジネスでのエコノミックオー
バーレイ引当金の補充による
246
608
604
194
274
258
212
222
255
272
• 2012年度の減損費用は、$219m増の$1,212m。主な理由は以下のとおり
221
– 資産の質の改善による効果が小さく、新規の一括評価引当金が$366m
増加
73
166
7
2011年度にエコノミックオ バ レイが$107m減少したのに比べ、2012
– 2011年度にエコノミックオーバーレイが$107m減少したのに比べ
2012
年度は$17mの増加
1H10
45
149
237
62
50
– 主にWIB（ウエストパック・インスティテューショナル・バンク）にて戻入れ
がA$74m減少
Westpac Group Fixed Income Investor Update | February 2013
530
463
76
109
105
((49))
(72)
(22)
(74)
2H10
1H11
2H11
42
65
76
1H12
72
8
66
2H12
Leading wealth business offers strong growth opportunities
• Westpac’s wealth business, BT Financial Group (BTFG), continues to
provide strong growth opportunities
Key metrics
• Whil
While diffi
difficult
lt market
k t conditions
diti
h
have iimpacted
t d earnings,
i
underlying
d l i
business momentum is solid
1H12
2H12
Change
Avg Funds under management ($bn)
52.2
54.4
4%
• Focus on growth in superannuation and retail life insurance, expanding
wealth distribution and further integration of banking and wealth
Avg Funds under administration ($bn)
82.5
85.5
4%
• Less balance sheet intensive than traditional banking
g
Life Insurance market share ((%))4
8.2
8.9
72bps
p
• BTFG leads the industry on many key metrics:
Home and Contents market share (%)
4.1
4.2
10bps
− Cross-sell driving improvements in wealth penetration1 –
Westpac Group leading the sector at 18.4%
BT Super for Life (retail) FUM ($bn)5
2.0
2.3
18%
− Maintained #1 share of annual net funds under administration
flows in 2012, at 87%2
Total deposits ($bn)
19.5
19.9
2%
− Increased funds under administration share in All Platforms,
including corporate super, by 10bps to 20.8%2
Wealth penetration1 (%)
Peer 1,2 & 3
− Sector leading revenue per adviser3 for WRBB Financial
Planners SGB Financial Planners above Bank sector median
Planners,
SGB
WRBB
WBC Group
20.8%
18.4%
• Strong growth in Life and General Insurance driven by extended
distribution of Life products through network and increased bank sales
of General Insurance
18.4%
15.0%
14.9%
14.1%
14
1%
− Above system insurance premium growth4
− Life Insurance growing new business sales at nearly twice the
rate of market over FY12 (up 30% versus 14% for market4)
Sep-09
Mar-10
Sep-10
Mar-11
Sep-11
Mar-12
Sep-12
1. Data based on Roy Morgan Research, Respondents aged 14+. Wealth penetration is defined as the number of Australians who have Managed Investments, Superannuation or Insurance with each group and
who also have a Deposit or Transaction Account, Mortgage, Personal Lending or Major Card with that group as a proportion of the total number of Australians who have a Deposit or Transaction Account,
Mortgage, Personal Lending or Major Card with that group. 12 month rolling average to Sep 2012. 2. Plan for Life, June 2012, All Master Funds Admin. 3 Comparator September 2012 data from 1 July 2004 to 30
June 2012. 4 Plan for Life data (new sales includes sales, premium re-rates, age and CPI indexation), June 2012. 5 Excludes Westpac Staff Super Plan of $3.0bn and St.George Staff Super plan of $0.3bn..
Westpac Group Fixed Income Investor Update | February 2013
46
資産管理ビジネスによる成長の可能性
• ウエストパックの資産管理ビジネスであるBT・ファイナンシャル・グループ
(BTFG)は大きな成長の機会を生み出し続けている
主な測定基準
• 市況
市況の低迷により業績が影響を受けたものの、底流にあるビジネスモメン
低迷 より業績が影響を受けたも
底流 あるビジネ
タムは堅調
1H12
2H12
変化
平均管理ファンド ($bn)
52.2
54.4
4%
• 退職年金商品とリテール向け生命保険商品の成長に注力し、資産の配分
を拡大。銀行業務と資産管理業務の統合を進める
平均運用ファンド($bn)
82.5
85.5
4%
• 従来
従来の銀行業務に比べ、バランシート集約型ではない
銀行業務 比 、 ランシ
集約型 はな
生命保険マーケットシェア
命保険
ケッ シ ア ((%))4
8.2
8.9
72bps
p
• さまざまな点から業界を牽引するBTFG:
家財保険マーケットシェア (%)
4.1
4.2
10bps
BT Super for Life (リテール)
管理ファンド($bn)5
2.0
2.3
18%
($ )
預金総額 ($bn)
19
19.5
19 9
19.9
2%
− クロスセリングによってwealth penetration1 が18.4%に拡大。ウエ
ストパックグループがセクターを牽引
− 2012年、年間純管理資産フローのシェアは87%2で1位
− 企業年金も含むAll Platformsにて、管理ファンドシェアは10bps増の
20.8%2に拡大
Wealth penetration1 (%)
− WRBB Financial Planners及びSGB Financial Plannersにおける
アドバイザー1人あたりの収益3は、銀行セクターの中央値以上
Peer 1,2 & 3
SGB
WRBB
WBC Group
• 生命保険及び損害保険の大きな伸びは、ネットワークを通じた生命保険の
流通が拡大し、銀行での損害保険の売上が伸びたことに起因する
−
20.8%
18.4%
18.4%
平均を上回る保険料の成長4
15.0%
− 2012年度、生命保険の新規ビジネス売上は、市場の2倍近くの割合
で伸びている(市場14%に対し30%の伸び4)
14.9%
14.1%
14
1%
Sep-09
Mar-10
Sep-10
Mar-11
Sep-11
Mar-12
Sep-12
1. Data based on Roy Morgan Research, Respondents aged 14+. Wealth penetration is defined as the number of Australians who have Managed Investments, Superannuation or Insurance with each group and
who also have a Deposit or Transaction Account, Mortgage, Personal Lending or Major Card with that group as a proportion of the total number of Australians who have a Deposit or Transaction Account,
Mortgage, Personal Lending or Major Card with that group. 12 month rolling average to Sep 2012. 2. Plan for Life, June 2012, All Master Funds Admin. 3 Comparator September 2012 data from 1 July 2004 to 30
June 2012. 4 Plan for Life data (new sales includes sales, premium re-rates, age and CPI indexation), June 2012. 5 Excludes Westpac Staff Super Plan of $3.0bn and St.George Staff Super plan of $0.3bn..
Westpac Group Fixed Income Investor Update | February 2013
46
Australia’s superannnuation sector
• As at 30 June 2011, Australians had approx. A$1.34trillion1 in
superannuation savings
Expected growth in Australia’s superannuation assets (A$tn)2
• Projected to increase to over $6trillion by 2030
2030, driven by
compulsory superannuation contributions of 9% (rising to 12% in
2013), population growth and the ageing population
8
9% CAGR
6
• Compulsory superannuation sees a large portion of Australian
retirement savings directed away from bank deposits into managed
funds
4
• These funds are then “borrowed” by Australian banks from super
funds, and appear as wholesale borrowings on bank balance sheets
(year end June 2011, entities with more than four members)
450
($ billio n)
Industry
Public sector
Retail
Aust'n
shares
Small
0
Corporate
35%
30%
25%
20%
15%
10%
5%
0%
Corporate
150
0
Asset allocation of default investment strategy1,3
Superannuation assets by fund type1
300
2
1996
1997
1998
1999
2000
2
2001
2
2002
2
2003
2
2004
2
2005
2
2006
2
2007
2
2008
2
2009
2
2010
2
2011
2
2012
2
2013
2
2014
2
2015
2
2016
2
2017
2
2018
2
2019
2
2020
2
2021
2
2022
2
2023
2
2024
2
2025
2
2026
2
2027
2
2028
2
2029
2
2030
2
• Only a small amount of superannuation savings are directed to fixed
income
Estimated value of
Australian
superannuation
assets ($tn)
Int'l
shares
Industry
Listed
property
Public sector
Unlisted
property
Aust'n
fixed
interest
Retail
Int'l fixed
interest
Total
Cash
Other
assets
Jun 02 Jun 03 Jun 04 Jun 05 Jun 06 Jun 07 Jun 08 Jun 09 Jun 10 Jun 11
1. Source: APRA. 2. Source: BT Financial Group. 3. Funds may have more than one default investment strategy, in which instance the largest default strategy is generally reported. Where there is no default
strategy, funds may report the strategy of the largest option or the strategy of the whole fund.
Westpac Group Fixed Income Investor Update | February 2013
47
オーストラリアの老齢年金及び退職年金セクター
• 2011年6月30日現在、オーストラリアには約A$1.34trillion1の老齢年金
及び退職年金制度の資産残高がある
豪州老齢年金及び退職年金資産残高の拡大予想 (A$tn)2
• その金額は
その金額は、雇用主に義務付けられている所定の最低水準の退職年金
雇用主に義務付けられている所定の最低水準の退職年金
拠出金（従業員給与の9%、2013年より12%へ引き上げ）、人口増加、高
齢化によって、2030年までに$6trillionを超えると予想されている
8
年複利成長率9%
6
• 強制老齢年金及び退職年金により、オーストラリアにおける退職後の蓄
えの多くが、銀行預金から離れ運用ファンドへと流れている
4
豪州老齢年金及び退職
年金資産残高（予想）
($tn)
2
• 資産残高のうち債券に向けられるのはごく一部
0
ファンドタイプ別老齢年金及び退職年金1
既定の投資ストラテジーにおける資産配分1,3
1996
1997
1998
1999
2000
2
2001
2
2002
2
2003
2
2004
2
2005
2
2006
2
2007
2
2008
2
2009
2
2010
2
2011
2
2012
2
2013
2
2014
2
2015
2
2016
2
2017
2
2018
2
2019
2
2020
2
2021
2
2022
2
2023
2
2024
2
2025
2
2026
2
2027
2
2028
2
2029
2
2030
2
• こうしたファンド資金は豪銀が「借入れ」し、銀行のバランスシート上では
ホールセール借入れの扱いとなる
(2011年度末6月、従業員4名以上の事業所)
450
35%
30%
25%
20%
15%
10%
5%
0%
($ billio n)
Corporate
300
Industry
Public sector
Retail
150
企業
産業
公的
リテール
合計
Small
0
Jun 02 Jun 03 Jun 04 Jun 05 Jun 06 Jun 07 Jun 08 Jun 09 Jun 10 Jun 11
1. Source: APRA. 2. Source: BT Financial Group. 3. Funds may have more than one default investment strategy, in which instance the largest default strategy is generally reported. Where there is no default
strategy, funds may report the strategy of the largest option or the strategy of the whole fund.
Westpac Group Fixed Income Investor Update | February 2013
47
St.George
S
merger
rellated items
Non-me
erger related items
Appendix 1: Cash earnings adjustments
Cash earnings adjustment
2H12
1H12
FY12
FY11
Reported NPAT
3,003
2,967
5,970
6,991
TPS revaluations
3
24
27
21
Treasury shares
15
12
27
(6)
((13))
20
7
36
Ineffective hedges
1
(8)
(7)
13
Buyback of government guaranteed debt
-
(5)
(5)
5
Tax provision
-
-
-
70
Supplier program
46
93
139
-
Amortisation of intangible assets
3
2
5
-
Significant item
78
–
78
-
Merger transaction and integration expenses
–
–
-
66
Amortisation of intangible assets
74
72
146
146
Fair value amortisation of financial instruments
28
18
46
69
-
–
-
(1,110)
165
-
165
-
3,403
3,195
6,598
6,301
Fair value g
gain/(loss)
(
) on economic hedges
g
Tax consolidation adjustment
TOFA tax consolidation adjustment
Cash earnings
Westpac Group Fixed Income Investor Update | February 2013
48
付録資料1: 現金利益調整
現金利益調整
2H12
1H12
FY12
FY11
税引後純利益（報告ベース）
税引後純利益（報告
ス）
3,003
2,967
5,970
6,991
TPS の再評価
3
24
27
21
自己株式
15
12
27
(6)
((13))
20
7
36
非有効ヘッジ
1
(8)
(7)
13
政府保証債の買戻し
-
(5)
(5)
5
納税引当金
-
-
-
70
サプライヤープログラム
46
93
139
-
無形資産の償却
3
2
5
-
重要な項目（訴訟引当金）
78
–
78
-
合併取引及び統合費用
–
–
-
66
無形資産の償却
74
72
146
146
金融商品の公正価値償却
28
18
46
69
-
–
-
(1,110)
165
-
165
-
3,403
3,195
6,598
6,301
セン
ント・ジョージ
合併関連
合
合併関連以外
経済的ヘッジに係る公正価値利益／（損失）
経済
係
価
損失
連結納税の調整
TOFA 連結納税の調整
現金利益
Westpac Group Fixed Income Investor Update | February 2013
48
Appendix 2: Cash earnings adjustments by segment
Westpac
Retail &
Business
Banking
St.George
Banking
Group
BT Financial
Group
((Australia))
Westpac
Institutional
Bank
New Zealand
Pacific
Banking
Group
Businesses
Reported NPAT
2,114
1,102
631
1,473
548
107
(5)
TPS revaluations
-
-
-
-
-
-
27
Treasury shares
-
-
-
-
-
-
27
Fair value gain/(loss) on economic hedges
-
-
-
-
-
-
7
Ineffective hedges
-
-
-
-
-
-
(7)
Buyback of government guaranteed debt
-
-
-
-
-
-
(5)
Tax provision
-
-
-
-
-
-
-
Supplier program
-
-
-
-
-
-
139
Amortisation of intangible assets
-
129
22
-
-
-
-
Liti ti provision
Litigation
i i
-
-
-
-
-
-
78
Merger transaction and integration expenses
-
-
-
-
-
-
-
Amortisation of intangible assets
-
-
-
-
-
-
-
Fair value amortisation of financial instruments
-
-
-
-
-
-
46
Tax consolidation adjustment
-
-
-
-
-
-
-
TOFA tax consolidation adjustment
-
-
-
-
-
-
165
2,114
1,231
653
1,473
548
107
472
St.Ge
eorge merger
rela
ated items
Non-merg
ger related items
FY12 Segment Results (A$m)
Cash earnings
Westpac Group Fixed Income Investor Update | February 2013
49
付録資料 2: セグメント別現金利益調整
ウエストパッ
ク消費者向け
及び企業向け
銀行業務
セント・
ジョージ・バ
ンキング・グ
ループ
BTファイナン
シャル・グ
ループ(オース
(
トラリア)
ウエストパッ
ク・インス
ティテュー
ショナル バ
ショナル・バ
ンク
ウエストパッ
ク・ニュー
ジーランド
太平洋地域
銀行業務
グループ
ビジネス
2,114
1,102
631
1,473
548
107
(5)
TPSの再評価
-
-
-
-
-
-
27
自己株式
-
-
-
-
-
-
27
経済的ヘッジに係る公正価値利益／（損失）
-
-
-
-
-
-
7
非有効ヘッジ
-
-
-
-
-
-
(7)
債 買
政府保証債の買戻し
-
-
-
-
-
-
((5))
納税引当金
-
-
-
-
-
-
-
サプライヤープログラム
-
-
-
-
-
-
139
無形資産の償却
-
129
22
-
-
-
-
訴訟引当金
-
-
-
-
-
-
78
合併取引及び統合費用
-
-
-
-
-
-
-
無形資産の償却
-
-
-
-
-
-
-
金融商品の公正価値償却
-
-
-
-
-
-
46
連結納税の調整
-
-
-
-
-
-
-
TOFA 連結納税の調整
-
-
-
-
-
-
165
2 114
2,114
1 231
1,231
653
1 473
1,473
548
107
472
2012年度セグメント別実績 (A$m)
セント・
・ジョージ
合併
併関連
合併関
関連以外
税引前純利益（報告ベース）
現金利益
Westpac Group Fixed Income Investor Update | February 2013
49
Appendix 3: APRA to BCBS Basel III reconciliation
• The Australian Prudential Regulation Authority (APRA) has maintained a conservative stance under its Basel III capital standards, resulting in a
significant variance between capital measured under APRA standards and under the fully harmonised Basel III standards
• Key
y differences between APRA’s Basel III and fullyy harmonised Basel III under Basel Committee on Banking
g Supervision
p
((BCBS)) are highlighted
g g
in
the table below
Common equity
ratio
Description
Common equity ratio under APRA Basel III
8.16%
Concessional thresholds: Under BCBS, supervisors have the option of applying concessional thresholds when
determining the capital requirements of deferred tax assets, investments in non-consolidated subsidiaries (NCS) and equity
investments. Risk weighted asset treatments apply in lieu of common equity deductions if these items are individually less
than 10% and together less than 15% of common equity. To the extent the amounts are greater than the concessional
thresholds, common equity deductions apply
+134bps
APRA has chosen not to apply this concessional treatment and requires a 100% deduction from common equity for deferred
tax assets, investments in non-consolidated financial institutions, NCS, equity investments in commercial entities held in the
banking book, and all under-writing positions in financial and commercial institutions held for more than 5 business days
Mortgage risk weights: Mortgage risk weights under APRA are based on a minimum loss given default (LGD) of 20%
whereas BCBS sets a minimum LGD of 10%. APRA’s higher minimum means that Australian mortgage risk weights are
typically higher than those calculated using the lower BCBS LGD minimum
+67bps
Interest rate risk in the banking book (IRRBB): APRA applies a risk weighted asset requirement to IRRBB
IRRBB. This is not
currently considered under BCBS Basel III requirements
+29bps
Other differences
+17bps
Fully Harmonised Basel III under BCBS
10.63%
Westpac Group Fixed Income Investor Update | February 2013
50
付録資料 3: APRA から BCBS バーゼル3への調整
• オーストラリア金融監督局(APRA)は独自のバーゼル3資本基準を用い、保守的な姿勢を維持している。結果として、APRA基準とバーゼル3準拠の資本水準
では大きな違いが生じる
• APRAの定めるバーゼル3に基づく自己資本比率と、バーゼル銀行監督委員会（BCBS）の定めるバーゼル3に基づく自己資本比率の主な違いは以下の通り
の定める
ゼル3に基 く自己資本比率と、
ゼル銀行監督委員会（ C S）の定める
ゼル3に基 く自己資本比率の主な違 は以下の通り
概要
自己資本比率
APRAの定めるバーゼル3に基づく普通株資本比率
APRAの定めるバ
ゼル3に基づく普通株資本比率
8.16%
Concessional thresholds (優遇措置): BCBSでは、各国規制当局は繰延税金資産、非連結の金融機関への投資、株式投資
に係る所要自己資本を決定する際に、concessional thresholdsを適用できる。もし繰延税金資産、非連結の金融機関への投
資、株式投資がそれぞれ自己資本の10%未満かつ、合算しても15%未満となる場合は、自己資本控除の代わりにリスク加
重資産の扱いが適用される。一方、繰延税金資産、非連結の金融機関への投資、株式投資が前述の比率を超過する場合は
自己資本控除が適用される
+134bps
APRAでは、この優遇措置を適用していない。繰延税金資産、非連結の金融機関への投資、銀行勘定内で保有される商業
エンティティへの株式投資や、金融機関・一般事業会社に係る引受ポジションのうち5営業日以上保有するポジションに関
しては、100%の自己資本控除を求めている
抵当権付住宅ローンのリスクウエイト: APRAにおけるリスクウエイトが最小デフォルト時損失率(LGD)の20%に基づいて
いる一方で、BCBSではこれを10%としている。APRAの最小水準がより高いのは、オーストラリアでの抵当権付住宅ロー
ンのリスクウエイトが、最小LGDの低いBCBSを用いて計算されたリスクウエイトより一般的に高いからである
+67bps
銀行勘定内での金利リスク(IRRBB): APRAは、IRRBBに対しリスク加重資産の要件を課している。これは現在、BCBSに
APRAは IRRBBに対しリスク加重資産の要件を課している これは現在 BCBSに
よるバーゼル3準拠の要件として考慮されていない
+29bps
その他の違い
+17bps
BCBSの定めるバーゼル3に基づく普通株資本比率
10.63%
Westpac Group Fixed Income Investor Update | February 2013
50
Contacts
For further information go to:
For further information
www.westpac.com.au/investorcentre
Curt Zuber
Treasurer, Westpac Banking Corporation
+61 2 8253 4230
[email protected]
and click on ‘Fixed income investors’
or visit our Bloomberg page ‘WBCT’
Joanne Dawson
D
Deputy
t T
Treasurer, Westpac
W t
Banking
B ki Corporation
C
ti
+61 2 8204 2777
[email protected]
Philip Christie
Director, Global Funding
+61 2 8253 4314
[email protected]
Alexander Bischoff
Associate Director, Global Funding
+61 2 8253 4314
[email protected]
Jacqueline Boddy
Senior Manager, Debt Investor Relations
+61 2 8253 3133
[email protected]
Tanya Ward
Manager, Debt Investor Relations
+61 2 8253 1921
[email protected]
Westpac Group Fixed Income Investor Update | February 2013
51
照会先
詳細は
詳細は以下にお問い合わせ下さい
www.westpac.com.au/investorcentre
Curt Zuber
Treasurer, Westpac Banking Corporation
+61 2 8253 4230
[email protected]
‘Fixed income investors’をクリック
またはブルームバーグ ‘WBCT’ページをご覧下さい
Joanne Dawson
D
Deputy
t T
Treasurer, Westpac
W t
Banking
B ki Corporation
C
ti
+61 2 8204 2777
[email protected]
Philip Christie
Director, Global Funding
+61 2 8253 4314
[email protected]
Alexander Bischoff
Associate Director, Global Funding
+61 2 8253 4314
[email protected]
Jacqueline Boddy
Senior Manager, Debt Investor Relations
+61 2 8253 3133
[email protected]
Tanya Ward
Manager, Debt Investor Relations
+61 2 8253 1921
[email protected]
Westpac Group Fixed Income Investor Update | February 2013
51

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