Overseas Territories: Debt

House of Lords written question – answered on 14th December 2010.

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Photo of Lord Ashcroft Lord Ashcroft Conservative

To ask Her Majesty's Government what is their definition of a contingent liability in the context of limits on the debt obligations of an Overseas Territory.

Photo of Lord Howell of Guildford Lord Howell of Guildford Minister of State (Foreign and Commonwealth Office) (International Energy Policy)

Contingent liabilities are defined as liabilities that may give rise to future financial commitments. For overseas territory Governments, these can include, but are not limited to, healthcare schemes, pension arrangements and national insurance schemes.

Overseas territory debts are actual liabilities of overseas territory Governments. The UK has agreed with certain overseas territory Governments that their debt obligations will be limited, in the interest of sustainable public financial management and good governance.

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