Note 22: Administered Contingent Assets and Liabilities
There are no Administered Contingent Assets or Liabilities in 2009-10 (2008-09: Nil).
Quantifiable Contingencies
Quantifiable
Administered Contingencies that are not remote are disclosed in the Schedule
of Administered Items as Quantifiable Administered Contingencies.
Unquantifiable Contingencies
There are no
unquantifiable administered contingencies.
Significant Remote
Contingencies
Under section 62 of
the Export Finance and Insurance Corporation Act 1991, the Australian Government guarantees the due payment by the
Export Finance and Insurance Corporation of money that is, or may at any time
become, payable by the Export Finance and Insurance Corporation to any person
other than the Australian Government. Details of remote contingencies are
shown in the following table:
2010 $'000 |
2009 $'000 |
|
|---|---|---|
| Contracts of insurance and guarantees | 489,700 | 720,300[1] |
| Statement of financial position liabilities | 1,345,100 | 1,154,700 |
| NIA contracts of insurance, guarantees and statement of position liabilities | 801,300 | 979,200 |
| 2,636,100 | 2,854,200 |