Notes to the Financial Statements

Note 28: Contingent Liabilities

University Contingent Liabilities
A guarantee has been given to the Bank of New Zealand for an overdraft facility of $48,000 (2009 - $48,000) on a continuing basis to the Campus Creche Trust.

The University routinely monitors the financial performance of Campus Creche Trust. The likelihood of the guarantee being called upon is estimated to be very low.

The University is aware of potential payments to three staff members of approximately $16,000.

There are no other known contingent liabilities.

Share of Subsidiaries' and Associates' Contingent Liabilities
For the subsidiaries and associates included in the consolidated financial statements there are no other known contingent liabilities.

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