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Australian Government - Department of Foreign Affairs and Trade

Advancing the interests of Australia and Australians internationally

Australian Government - Department of Foreign Affairs and Trade

Advancing the interests of Australia and Australians internationally



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

Next page: Note 23: Administered Investments
Previous page: Note 21: Administered Reconciliation Table

Department of Foreign Affairs and Trade