| The department has no contingent assets or liabilities (2014: nil). |
|
|
|
|
|
|
| Quantifiable Administered Contingencies |
|
|
|
|
|
| There are no quantifiable administered contingencies disclosed in the Administered Schedule of Assets and Liabilities. |
|
|
|
|
|
|
| Unquantifiable Administered Contingencies |
|
|
|
|
|
| At 30 June 2015, the department was involved in a number of matters relating to the recovery of funds. It is not possible to estimate the amounts of any eventual recoveries that may be received in relation to these matters. There are no unquantifiable administered liabilities. |
|
|
|
|
|
|
| Significant Remote Administered Contingencies |
|
|
|
|
|
| Under section 62 of the Export Finance and Insurance Corporation Act 1991, the Australian Government guarantees Efic’s creditors the due payment of all monies payable, or that may at any time become payable, by Efic on the Commercial Account and has a $200 million callable capital facility available for this purpose. This guarantee has never been utilised. Details of remote contingencies are shown in the following table. |
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
|
|
|
$’000 |
|
$’000 |
| Contracts of insurance and guarantees |
|
818,200 |
|
976,400 |
| Statement of financial position liabilities |
|
2,014,700 |
|
1,684,900 |
| NIA contracts of insurance, guarantees and statement of position liabilities |
|
684,900 |
|
658,600 |
| Total |
|
|
3,517,800 |
|
3,319,900 |