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Government: Guarantees

Volume 692: debated on Thursday 24 May 2007

asked Her Majesty's Government:

What current government guarantees there are; and what are the amounts involved in each. [HL3940]

Government guarantees and the amounts involved, where these are quantifiable, are recorded in audited annual departmental resource accounts that comply with generally accepted accounting practice (GAAP). Departmental resource accounts also include material guarantees that are not required to be disclosed under GAAP but are disclosed in accordance with the requirements of government accounting.

All guarantees are subject to approval by Parliament where required by statute or if they are in excess of £250,000, outside the course of departmental normal business or are of a sufficient size or risk.