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Statement of Contingent Liabilities and Contingent Assets

as at 30 June 2011

Unquantifiable Contingent Liabilities

The Treasury has the following unquantifiable contingent liabilities:

  • Car park licence (Pastoral House) - In relation to the one car park leased by the Treasury at Pastoral House, the Crown indemnified AMP NZ Office Pastoral Ltd against certain damages or loss caused by our use of that car park.
  • Car park licence (No 3 The Terrace) - In relation to the eight car parks leased by the Treasury at No 3 The Terrace, the Crown indemnified AMP NZ Office 1 The Terrace Ltd against certain damages or loss caused by our use of those car parks.
  • Deed of Lease (No 1 The Terrace) - In relation to the lease by the Treasury of levels 5-14, the basement and the sub-basement of the building at No 1 The Terrace, the Crown indemnified AMP NZ Office 1 The Terrace Ltd against certain damages or loss in relation to our lease of the premises.
  • Research in Motion Limited - In accordance with a delegation from the Minister of Finance dated 23 May 2005, the Treasury has granted an indemnity to Research in Motion Limited under a licence agreement for software used in conjunction with Blackberry mobile email devices, covering breach of the licence agreement, intellectual property rights, claims arising from incorrect use of the software, defamation-type actions and breach of export restrictions.
  • Reuters Services Contract - The Treasury has indemnified Reuters Group PLC and its subsidiaries against any losses arising from the Treasury's use of certain Reuters services or arising from a breach of the Services Contract relating to the provision of financial information services. Further, the Treasury indemnified Lipper (a Reuters company) in respect of third party copyright and intellectual property rights.
  • The Treasury has indemnified First NZ Capital against any claims arising from third parties as a result of contract consultancy work undertaken by the company.

Quantifiable Contingent Liabilities and Assets

As at 30 June 2011, the Treasury had no quantifiable departmental contingent assets and liabilities (30 June 2010: nil).

The accompanying accounting policies and notes form part of these financial statements.

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