Q.4
CONFIDENTIAL
Other Liabilities contingency reserves been provided for bank rescue operations.
the fall in the level of Other Liabilities
since 1987 indicate what the cost to the Fund
of these operations has been?
The notes on the accounts reveal that under
have
Does
A. 4
These contingency provisions are a reflection of prudent accounting. They may or may not be utilized. If they are not utilized, they are
written back to: the Accumulated Investment
Surplus. The cost of bank rescue operations will be disclosed when the final figures are to
hand. As stated in the notes on the accounts, Other Liabilities include not only contingency
reserves but also expenses accrued at the year and any other borrowings. The most significant of the accrued expenses is interest due on transferred fiscal reserves. Prior to
1990, such interest was paid half-yearly on 31
March and 30 September. It is now settled on a
quarterly basis on 31 March, 30 June, 30 September and 31 December. Thus since 1990 no
provision for this expenditure has been
end
necessary.
Q.5
HOW
are
the
distributed?
foreign currency assets
CONFIDENTIAL
P20