26 Contingent liabilities
Snowy Hydro is involved in various legal proceedings arising out of the normal course of business. The Directors believe that the outcome of these proceedings will not have a material impact on Snowy Hydro’s financial position or results of operations. Contingent liabilities of the consolidated entity as at 30 June 2019 are:
(a) Ongoing contingent liabilities are represented by:
Snowy Hydro has entered into a number of bank guarantees in relation to operating within the national electricity and gas markets, and for rental properties in Sydney and Melbourne, to the value of $82.2 million (2018: $81.0 million).
(b) Liability for Former Scheme Sites has been extinguished except to the extent of any contaminated former sites. These contaminated sites are being rehabilitated as they are identified.
The consolidated entity does not believe that the contingent liability on any sites identified in the future would be material.