$’000

$’000

BY TYPE

Commitments receivable

    Motor vehicle contributions

56

–

    Net GST recoverable on commitments

1,393

–

Total commitments receivable

1,449

–

Commitments payable

    Operating leases

(15,381)

–

Total commitments payable

(15,381)

–

Net commitments by type

(13,932)

–

BY MATURITY

Commitments receivable

    One year or less

455

–

    From one to five years

990

–

    Over five years

4

–

Total commitments receivable

1,449

–

Commitments payable

    One year or less

(4,484)

–

    From one to five years

(10,858)

–

    Over five years

(39)

–

Total commitments payable

(15,381)

–

Net commitments by maturity

(13,932)

–

Nature of lease

General description of leasing arrangement

Leases for office accommodation

Lease payments are subject to either increase in accordance with fixed amounts in the lease agreement or market rental reviews.
The FWBII may exercise option clauses in accordance with the terms of the lease.

Agreements for the provision of motor vehicles to senior executive officers and pool vehicles for general use by other officers

Leases are part of an operating lease and there are no purchase options available to the FWBII.