32. Commitments And Contingent Liabilities
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. The Group has no guarantees or letters of credit at the reporting date.
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 and therefore no legal provisions in respect of these cases are recognised by the Group at the reporting date.
The Group holds operating leases in respect of the third floor and first floor of its registered office, Treasury Building. At the reporting date the length of the lease until the first break clause is less than 1 year for the third floor, 3.5 years for the first floor annexe and 6 years for the first floor.
Operating lease amounts recognised in profit or loss for the year were €1.9m (2013: €1.2m).
The future minimum operating lease payments are set out in the following tables:
| Group | 2014 €’000 |
2013 €’000 |
|---|---|---|
| Less than one year | 1,992 | 1,154 |
| Between one and five years | 4,501 | 1,356 |
| More than five years | 830 | - |
| Total future minimum operating lease payments | 7,323 | 2,510 |