The data on contingent liabilities and potential obligations of government are collected in the context of the Enhanced Economic Governance package (the "six-pack") adopted in 2011. In particular, Council Directive 2011/85 on requirements for budgetary frameworks of the Member States requires the Member States to publish relevant information on contingent liabilities with potentially large impacts on public budgets, including government guarantees, non-performing loans, and liabilities stemming from the operation of public corporations, including the extent thereof. The liabilities are called “contingent” in the sense that they are by nature only potential and not actual liabilities. Non-performing loans could imply a potential loss for government if these loans were not repaid. This new data collection represents a step towards further transparency of public finances in the EU by giving a more comprehensive picture of EU Member States’ financial positions3 It is to be underlined that contingent liabilities are not part of the general government (Maastricht) debt as defined in the Council Regulation (EC) No 479/2009 of 25 May 2009 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community. Eurostat collects and publishes the following indicators: government guarantees, liabilities related to public-private partnerships recorded off-balance sheet of government, liabilities of government controlled entities classified outside general government (public corporations) and non-performing loans. Regarding government controlled entities, it should be mentioned that this refers to government controlled units, not classified in general government, and which are controlled, directly or indirectly (through other public units), by government. In cases when the government share in a corporation is lower than 50% and government does not have control over an entity, the corporation is not considered as controlled by government. Regarding the control criteria, according to ESA 2010 paragraph 20.18: “Control over an entity is the ability to determine the general policy or programme of that entity (…)”. The criteria to be used for corporations are indicated in ESA 2010 paragraphs 2.38 and further detailed in paragraph 20.309. ESA 2010 paragraph 2.38 specifies that: “General government secures control over a corporation as a result of special legislation, decree or regulation which empowers the government to determine corporate policy. The following indicators are the main factors to consider in deciding whether a corporation is controlled by government:(a) government ownership of the majority of the voting interest; (b) government control of the board or governing body; (c) government control of the appointment and removal of key personnel;(d) government control of key committees in the entity; (e) government possession of a golden share; (f) special regulations; (g) government as a dominant customer; (h) borrowing from government. A single indicator may be sufficient to establish control, but, in other cases, a number of separate indicators may collectively indicate control.”
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