Statement of Receipts and Payments of the Consolidated Fund and ...

TABLE B.7 (Cont.)
CONTINGENT LIABILITY IN RESPECT OF GUARANTEES AND INDEMNITIES
PROVIDED BY THE GOVERNMENT
Outstanding Balances in Relation to Guarantees and Indemnities
Other Organisations -
Accelerated Infrastructure Program
Commonwealth Bank Indemnity/Farrow (0
Co-operative Housing Societies Guarantees
Co-operative Housing Societies Indemnities (g)
Co-operatives (General)
Education
Hospitals and other Medical Institutions
Industry Assistance
Recreation and Tourism
Others Qi)
Contingent
Liability as at
30 June 1991
($•000)
368 656
422 136
35 425
9 849
57 668
193 030
4 290
181 153
425 715
Comingem
Liability as at
30 June 1992
(preliminary)
($'000}
102 500
304 402
433 621
37 828
10 133
19 591
161 082
15 360
282 718
383 561
/ 697 922 1 750 797
TOTAL 28 201 556 22 554 968
Note: The material above has been compiled from a debt survey and information supplied by lenders and other parties
and is subject to audit.
Totals may not add due to rounding.
(a) Liabilities marked with * have statutory guarantees automatically provided for in their respective enabling
legislation. Liabilities of private organisations and the remaining public instrumentalities have specific guaranlee.s
executed by the Treasurer.
It should be noted that specific guarantees are generally provided as secondary securities. This requires [he
lenders to execute all means available to exhaust their claims against the borrowers in respect of primary securities
held prior to claiming the government guarantee.
(b) The Grain Elevators Board and Tricontinental have both statutory and specific guarantees.
(c) Melbourne Water includes their defeasance trust which is fully supported by asset backing.
(d) Every policy, contract or arrangement of insurance made by the State Insurance Office is guaranteed by the
Government of Victoria. There has never been a call on the Consolidated Fund to meet any contract of insurance
under this guarantee. The amount reported as at 30 June 1992 are the contingent liabilities of the SIO which if
called may require the support of Government. These contingent liabilities have been retained by the Stale
Insurance Office following the sale of the name and the businesses of the SIO.
(e) Liabilities of Victorian Public Authorities Finance Agency exclude funds provided to organisations with the
benefit of a Government guarantee, to avoid double counting.
(f) The Commonwealth Bank of Australia (Successor at law to State Bank Victoria) in relation to the August 1990
payment to depositors in the Farrow Group of Building Societies.
(g) The Treasurer has indemnified general guaranteed housing co-operatives for that proportion of a loan in excess of
a certain valuation of the residential property.
(h) Includes Aluvic as trustee for the Portland Smelter Unit Trust.
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