NZDM maintains the ability to issue two types of Foreign Currency debt, Euro Medium Term Notes (EMTN) and Euro Commercial Paper (ECP). We have up-to-date EMTN documentation to enable longer-dated foreign currency issuance, with a programme limit of US$ 8 billion, as well as ECP documentation for short-dated foreign currency issuance with a programme limit of US$ 15 billion. We have not issued under our EMTN documentation since 2004, but do maintain a small amount of ECP on issue.