ANZ

The ANZ website contains the following categories:

The About ANZ category contains the following sections:

ANZ StEPS
Assignment

What is an Assignment Event?

An Assignment Event is any of the following events:
  • A Liquidation Event in relation to ANZ or ANZ (NZ);
  • A Distribution not being paid in full within 20 Business Days after the relevant Distribution Payment Date;
  • The Total Capital Adequacy Ratio or Tier 1 Capital Ration of ANZ (on a Level 1 basis) or the relevant entities within the Group (on a Level 2 or Level 3 basis) falling below APRA’s then current requirements for 90 continuous days (or any other period specified by APRA);
  • ANZ (NZ) no longer being a subsidiary of ANZ;
  • APRA requiring as Assignment Event to occur;
  • ANZ choosing that an Assignment Event is to occur;
  • ANZ choosing to Convert or Repurchase your ANZ StEPS after you require Exchange;
  • ANZ requiring Exchange; or
  • 14 September 2053.

What happens to your Distributions after an Assignment Event?

After an Assignment Event, you will no longer be entitled to Interest on Notes. Instead, you will be entitled to Dividends on Preference Shares. Dividends will be calculated and paid at the same rate, and on similar terms and conditions, as Interest. In this circumstance, all future payments on Notes will be payable to ANZ Capital funding Pty Ltd.

Before an Assignment Event, you are entitled to Interest on Notes and no Dividends are payable on Preference Shares.