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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 21: Administered - Contingent Assets and Liabilities

There are no contingent assets or liabilities in 2011-12 (2010-11: nil)
Quantifiable Administered Contingencies
There are no quantifiable administered contingencies disclosed in the Schedule of Administered Items.
Unquantifiable Administered Contingencies
There are no unquantifiable administered contingencies.
Significant Remote Administered 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:
2012
2011
$'000
$'000
Contracts of insurance and guarantees
736,300
424,000
Statement of financial position liabilities
2,081,200
1,891,800
NIA contracts of insurance, guarantees and statement of position liabilities
647,000
634,100
3,464,500
2,949,900

Department of Foreign Affairs and Trade