contingent liabilities arising from public corporations or subnational governments as they are assessed under dimensions 10.1 and 10.2 respectively.

Implicit contingent liabilities such as bailouts, the failure of nonguaranteed pension funds, natural disasters, armed conflicts, and other possible events pose significant risks as well. They are not legally binding and are difficult to quantify. Nevertheless, any qualitative assessment of such risks should be reported as part of the narrative for this dimension.

Definition

Public corporations for the purpose of this indicator are defined in accordance with GFS 2014. In this regard it is possible that certain institutional units that are legally constituted as corporations may not be classified as corporations for statistical purposes if they do not charge economically significant prices. Assessors should refer to the GFS manual for further guidance and explanation.