Note I: Contingent liabilities
Akzo Nobel N.V. is parent of the group’s fiscal unit in the Netherlands, and is therefore liable for the liabilities of said fiscal unit as a whole.
Akzo Nobel N.V. has declared in writing that it accepts joint and several liability for contractual debts of certain Dutch consolidated companies (Article 403 of Book 2 of the Dutch Civil Code). These debts, at year-end 2016, aggregating €0.7 billion (2015: €0.8 billion), are included in the Consolidated balance sheet. Additionally, at year-end 2016, guarantees were issued on behalf of consolidated companies for an amount of €1.2 billion (2015: €1.2 billion).
The debts and liabilities of the consolidated companies underlying these guarantees are included in the Consolidated balance sheet or in the amount of commitments in respect of operational lease contracts as disclosed in Note 20 of the Consolidated financial statements. Guarantees relating to associates and joint ventures amounted to €5 million (2015: €5 million).