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27. Contingent assets and liabilities

Aside from the unrecognised contingent asset referred to in note 5 in respect of Franked Investment Income, there were no other material contingent assets at 31 December 2008.

At 31 December 2008 the Group had contingent liabilities in respect of bank and other guarantees amounting to £13 million (2007 – £7 million). In the case of certain businesses performance bonds and customer finance obligations have been entered into in the normal course of business.