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Kāinga Ora had been issuing its own debt. This meant the agency could borrow to fund its housing build programme on its own, without going through Treasury, like most other government departments. It issued about $2.5b a year and currently has has $12.1b in debt in its portfolio.
Managing that debt has required seven costly Bloomberg terminals, Kāinga Ora claims.
A Bloomberg terminal is a computer used by people in the financial services sector to help monitor market information and make trades.
Those terminals collectively cost $312,000 a year, or about $44,570 per terminal, according to an Official Information Act request released to the Herald.