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Audit Surety and guarantee risks - Finance Delegation of the Federal Assembly

Audit number: 18574

The Finance Delegation of the Federal Assembly instructed the Swiss Federal Audit Office (SFAO) to assess the risks associated with sureties and guarantees. As at 1 January 2017, the recognised contingent liabilities and provisions associated with sureties and guarantees totalled CHF 20.1 billion. The audit showed that, in the current environment, there is a high likelihood that the Confederation will have to make payments of approximately CHF 1.1 billion (5%) associated with sureties and guarantees. In particular, federal sureties in connection with oceangoing vessels continue to be threatened by defaults. As at 31 December 2017, additional provisions were expected to be established for this purpose. Their amount cannot yet be reliably estimated.