The table below gives the contractual amounts of contingent liabilities. The maximum exposure to credit loss under contingent liabilities is the contractual amount of the instrument in the event of non-performance by the other party where all counter claims, collateral or security prove worthless.

Group	2013 Contractual amount €'000	2012 Contractual amount €'000
Contingent Liabilities
Guarantees and letters of credit	-	3,790

As part of the acquisition of loan assets, certain guarantees and letters of credit, previously provided by Participating Institutions, were acquired by the Group. The guarantees were acquired because they were connected to loan assets acquired by the Group. It is the general policy of the Group not to acquire guarantees.

As at year end, NAMA is party to a number of on-going legal cases, as part of its ordinary course of business. The possible outflow of economic resources cannot be reliably estimated, however, the Group does not believe that any such litigation will have a material effect on its income statement or statement of financial position. Cases are monitored on an on-going basis. No legal provisions are recognised by the Group at the reporting date.

The Group holds an operating lease in respect of the third floor and part of the first floor of its registered office, Treasury Building. At the reporting date the length of the lease until the first break clause is 2 years for the third floor and 4.5 years for the first floor.

Operating lease amounts expensed for the year were €1.2m (2012: €1.1m).

The future minimum lease payments are set out in the following tables:

Group 31 December 2013	Less than 1 year €'000	1 -5 years €'000	More than 5 years €'000	Total €'000
Operating leases	1,154	1,356	-	2,510

Group 31 December 2012	Less than 1 year €'000	1 -5 years €'000	More than 5 years €'000	Total €'000
Operating leases	997	1,806	-	2,803