Document ID: chunk:federal_register_of_legislation:F2025N00198:reg:5
Version: federal_register_of_legislation:F2025N00198
Segment Type: reg
Provision Reference: reg 5
Character Range: 2630–4147

5  Delegations relating to guarantees, indemnities or warranties by the Commonwealth
 (1) Under subsection 110(1) of the Act, each person holding, occupying or performing the duties of each of the following offices or positions in the Treasury, is delegated the Secretary's powers under section 60 of the Act, as delegated to the Secretary by the Minister for Finance in writing on 27 February 2025 (MC25-000691 refers):
 (a) a Deputy Secretary.

       Directions
 (2) Under subsection 110(6) of the Act, a delegate under subsection (1) is directed to exercise the power in a manner consistent with all of the following:
 (a) subclause 6.1(3) and clause 6.2 of Schedule 1 to the Public Governance, Performance and Accountability (Finance Minister to Accountable Authorities of Non‑Corporate Commonwealth Entities) Delegation 2022;
 (b) the power is to be exercised only in connection with a guarantee granted, or to be granted, to ANZ Bank;
 (c) guarantees granted under the power must:
 (i) relate to the carrying on of a banking business in the Pacific region; and
 (ii) not result in the Commonwealth assuming a contingent financial liability of more than $2 billion over 10 years; and
 (iii) require that a fee is payable by ANZ Bank, at least annually, in relation to the benefit derived from the guarantee or the cost to the Commonwealth of administering the guarantee, or both.
Note: The document in paragraph (a) could, in 2025, be viewed on the Department of Finance's website (https://www.finance.gov.au).