ANSWERS TO WRITTEN QUESTIONS
21 October 2008
15. Cuscal Pty Ltd - Home LoansMr ELFERINK to TREASURER
On 30 June 2007, TIO re-securitised its home loans with Cuscal Pty Ltd. As I understand, $224m worth of home loans were assigned to Cuscal Pty Ltd, which represents the whole of the TIO home loan portfolio.
1. What is known about the financial liquidity of Cuscal Pty Ltd?
2. Is Cuscal Pty Ltd currently offering any credit to TIO for the purpose of home loans?
3. If Cuscal Pty Ltd is not offering credit to TIO, is TIO currently capable of offering credit for home loans?
4. What is the current value of the portfolio held on TIO’s behalf by Cuscal Pty Ltd?
ANSWER
A portion of TIO's home loan book was securitised between February and June 2007.
Securitisation is the process of converting financial assets (home loan mortgages) into securities that can be sold to investors, with the sale proceeds providing capital for reinvestment back into the business. Securitisation is used by most non-bank mortgage providers for such purposes.
By sourcing funds through securitisation, TIO was able to significantly improve the capital position of its Banking business by reducing loan exposure on its balance sheet.
The home loan portfolio was $438m, not $224m, as at 30 June 2007, of which $223m was securitised with Cuscal Limited, the provider of securitisation services to TIO.
1. Cuscal Ltd is an Approved Deposit Taking Institution (ADI) which means it is licensed and regulated under the national framework applying to financial institutions. It holds an AA long-term credit rating from Standard & Poor’s. This rating was reaffirmed by Standard & Poor’s on 2 October 2008 with an outlook of ‘stable’. Cuscal is also one of only a few financial services companies in Australia, other than the major banks, with an AA rating.
3. Yes, TIO is able to meet demand for home loans. Funds are raised in the retail and wholesale markets, and also include TIO’s own capital. Retail deposits with TIO grew by 19% for 2007-08 and by 13% for 2008-09. The proportion of TIO’s liquid assets to liabilities as at 30 June 2009 was 14.1% and is currently around 13.3% which is well above the regulated minimum of 9%.
19 October 2009
69. Public Housing Waiting List
Ms PURICK to MINISTER for HOUSING
For the year 1 July 2008 to 30 June 2009:
1. Could you advise please how many people are presently on the waiting list for public housing in the NT?
2. Could you break that figure into the following regions – Darwin Region, Katherine, Tennant Creek, Alice Springs and Nhulunbuy?
3. Could you also break down the waiting list for public housing figure into the type of accommodation people have applied for?
4. Could you also give numbers waiting for priority housing?
5. Could you also break down the numbers of people waiting for priority housing into regions?
ANSWER
For details of this question, and answer, please see attachment A.
ANSWERS TO WRITTEN QUESTIONS
1. As at 30 June 2009, there were a total of 3522 households on the waitlist for public housing in the Northern Territory. (Please note that this figure includes priority housing applicants).
2. Wait list by region – refer to table below.
3. Wait list broken down by types of entitlement applied for – refer to table below.
5. Priority wait list by region and entitlement – refer to table.
Note: All figures are financial year to date (YTD) as at 30 June 2009.
Darwin Region includes Casuarina, Darwin and Palmerston areas.
NK: entitlement has not been recorded on the application.
NP: Non-pensioner
Pen – Pensioner
15. Cuscal Pty Ltd - Home LoansMr ELFERINK to TREASURER
On 30 June 2007, TIO re-securitised its home loans with Cuscal Pty Ltd. As I understand, $224m worth of home loans were assigned to Cuscal Pty Ltd, which represents the whole of the TIO home loan portfolio.
1. What is known about the financial liquidity of Cuscal Pty Ltd?
2. Is Cuscal Pty Ltd currently offering any credit to TIO for the purpose of home loans?
3. If Cuscal Pty Ltd is not offering credit to TIO, is TIO currently capable of offering credit for home loans?
4. What is the current value of the portfolio held on TIO’s behalf by Cuscal Pty Ltd?
ANSWER
A portion of TIO's home loan book was securitised between February and June 2007.
Securitisation is the process of converting financial assets (home loan mortgages) into securities that can be sold to investors, with the sale proceeds providing capital for reinvestment back into the business. Securitisation is used by most non-bank mortgage providers for such purposes.
By sourcing funds through securitisation, TIO was able to significantly improve the capital position of its Banking business by reducing loan exposure on its balance sheet.
The home loan portfolio was $438m, not $224m, as at 30 June 2007, of which $223m was securitised with Cuscal Limited, the provider of securitisation services to TIO.
1. Cuscal Ltd is an Approved Deposit Taking Institution (ADI) which means it is licensed and regulated under the national framework applying to financial institutions. It holds an AA long-term credit rating from Standard & Poor’s. This rating was reaffirmed by Standard & Poor’s on 2 October 2008 with an outlook of ‘stable’. Cuscal is also one of only a few financial services companies in Australia, other than the major banks, with an AA rating.
- Standard & Poor's noted in its report that: ‘the ratings on Cuscal Ltd. reflect the company's principal position as a service provider to the Australian credit union sector, very good asset quality, and its strong liquidity and funding profile’.
Cuscal's deposits, up to $1m per depositor, are currently guaranteed by the Australian government under the Financial Claims Scheme (FCS).
3. Yes, TIO is able to meet demand for home loans. Funds are raised in the retail and wholesale markets, and also include TIO’s own capital. Retail deposits with TIO grew by 19% for 2007-08 and by 13% for 2008-09. The proportion of TIO’s liquid assets to liabilities as at 30 June 2009 was 14.1% and is currently around 13.3% which is well above the regulated minimum of 9%.
19 October 2009
69. Public Housing Waiting List
Ms PURICK to MINISTER for HOUSING
For the year 1 July 2008 to 30 June 2009:
1. Could you advise please how many people are presently on the waiting list for public housing in the NT?
2. Could you break that figure into the following regions – Darwin Region, Katherine, Tennant Creek, Alice Springs and Nhulunbuy?
3. Could you also break down the waiting list for public housing figure into the type of accommodation people have applied for?
4. Could you also give numbers waiting for priority housing?
5. Could you also break down the numbers of people waiting for priority housing into regions?
ANSWER
For details of this question, and answer, please see attachment A.
ANSWERS TO WRITTEN QUESTIONS
QUESTION 69
ATTACHMENT A
ATTACHMENT A
1. As at 30 June 2009, there were a total of 3522 households on the waitlist for public housing in the Northern Territory. (Please note that this figure includes priority housing applicants).
2. Wait list by region – refer to table below.
Alice Springs | Darwin Region | Katherine | Nhulunbuy | Tennant Creek | Total |
708 | 2425 | 216 | 48 | 125 | 3522 |
3. Wait list broken down by types of entitlement applied for – refer to table below.
 | 1 NP | 1 Pen | 2 Bed | 3 Bed | 4 bed | NK | Total |
| Alice Springs | 197 | 98 | 147 | 210 | 9 | 2 | 663 |
| Darwin Region | 785 | 308 | 495 | 591 | 48 | 22 | 2249 |
| Katherine | 69 | 16 | 57 | 62 | 8 | 1 | 213 |
| Nhulunbuy | 12 | 0 | 12 | 17 | 3 | 3 | 47 |
| Tennant Creek | 30 | 5 | 19 | 53 | 5 | 7 | 119 |
| Total | 1093 | 427 | 730 | 933 | 73 | 35 | 3291 |
5. Priority wait list by region and entitlement – refer to table.
| 1 NP | 1 Pen | 2 bed | 3 bed | 4 bed | Total |
| Alice Springs | 2 | 9 | 5 | 28 | 1 | 45 |
| Darwin Region | 39 | 53 | 29 | 46 | 9 | 176 |
| Katherine | 1 | 0 | 1 | 1 | 0 | 3 |
| Nhulunbuy | 0 | 0 | 0 | 0 | 1 | 1 |
| Tennant Creek | 0 | 0 | 3 | 2 | 1 | 6 |
| Total | 42 | 62 | 38 | 78 | 11 | 231 |
Note: All figures are financial year to date (YTD) as at 30 June 2009.
Darwin Region includes Casuarina, Darwin and Palmerston areas.
NK: entitlement has not been recorded on the application.
NP: Non-pensioner
Pen – Pensioner
Last updated: 04 Aug 2016