Company: WEBNF
Filing Date: 2025-11-04
Form Type: 20-F
Source: 0001104659-25-105894
Chunk: 77

Company: WESTPAC BANKING CORP
Filing Date: 2025-11-04
Form: 20-F
Item: Item 14
Chunk 77
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            ​      (135)   ​   -         ​   -         ​        152   ​      (135)
Total FX contracts                     20,450   ​   (26,717)   ​   72        ​   (284)     ​     20,522   ​   (27,001)
Credit default swaps             ​          ​   ​          ​   ​   ​         ​   ​         ​          ​   ​          ​
Credit protection bought         ​          -   ​      (276)   ​   -         ​   -         ​          -   ​      (276)
Credit protection sold           ​        225   ​          -   ​   -         ​   -         ​        225   ​          -
Total credit default swaps       ​        225   ​      (276)   ​   -         ​   -         ​        225   ​      (276)
Commodity contracts              235            ​       (85)   ​   -         ​   -         ​        235   ​       (85)
Total of gross derivatives             69,118   ​   (77,405)   ​   5,258     ​   (5,779)   ​     74,376   ​   (83,184)
Impact of netting arrangements       (45,323)   ​     46,938   ​   (5,151)   ​   5,451     ​   (50,474)   ​     52,389
Total of net derivatives               23,795   ​   (30,467)   ​   107       ​   (328)     ​     23,902   ​   (30,795)
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WESTPAC GROUP 2025 ANNUAL REPORT
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NOTES TO THE FINANCIAL STATEMENTS

Note 20.Derivative financial instruments (Continued)
Hedge accounting
Westpac designates derivatives into hedge accounting relationships in order to manage the volatility in earnings and capital that would otherwise arise from interest rate and FX risks that may result from differences in the accounting treatment of derivatives and underlying exposures. These hedge accounting relationships and the risks they are used to hedge are described below.
Westpac enters into one-to-one hedge relationships to manage specific exposures where the terms of the hedged item significantly match the terms of the hedging instrument. Westpac also uses dynamic hedge accounting where the hedged items