Notes to the Financial Statements

for the year ended March 31, 2009

40. Off Balance Sheet Engagements

40.1

The Bank enters into various commitments in the normal course of business in respect of which there are corresponding obligations by customers. These are as follows:

	The Group		The Bank
	2009 N'million	2008 N'million	2009 N'million	2008 N'million
Acceptances, guarantees and indemnities	138,743	124,929	138,743	75,964
Bonds and performance guarantees	276,360	152,680	163,510	77,360
Treasury bills intermediation and others	281,275	267,350	12,720	44,915
	696,378	544,959	314,973	198,239

 

40.2

There were contingent liabilities in respect of legal actions for claims against the Bank for amounts totalling N259,450,780 (March 31, 2008 – N817,126,077) for which no provisions have been made. The actions are being contested and the Directors are of the opinion that no significant liabilities will arise therefrom.