The Debt Management Office (DMO) was established within Treasury in 1988, with the aim of treating the management of New Zealand’s official foreign debt on a more professional basis. In particular it was thought that using specialised financial expertise would minimise borrowing costs. In the financial year of 2010/11 the DMO aimed to raise $13.5 billion overseas. By the beginning of January 2011, when this photo was taken, it had raised $8.3 billion. At that time Philip Combes (left) ran the DMO and Briar Ferguson was an assistant portfolio manager.
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Reference: 5 January 2011
Photograph by Craig Simcox
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