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Last December, in a report, the IMF flagged India's "elevated public debt levels and contingent liability risks".

In 2010, after panic about rising deficits served to trigger a world-wide shift away from economic expansion and toward austerity economics, Roosevelt Institute fellows Thomas Ferguson and Robert Johnson wrote a paper, "A World Upside Down? Deficit Fantasies in the Great Recession," in which they wrote, "Our analysis of threats to the budget finds that not entitlement spending or Social Security, but the excessive costs of oligopoly in health care and defense spending play a large role in current concerns. So does the contingent liability of another financial crisis."

Enfield £2.2m and Kensington and Chelsea a contingent liability of £1.5m.

Each breach carries a maximum penalty of A$18 million, and Mayne said it would be appropriate for the bank to note a contingent liability for a potential fine in the financial accounts to be released this week.

Each breach carries a maximum penalty of A$18 million, and Mayne said it would be appropriate for the bank to note a contingent liability for a potential fine in the financial accounts to be released this week.