1. The funding allocated to SAA was utilised to settle the obligations that arose from the business rescue processes. The settlement of the business rescue obligations is expected to be settled over several years.
2. One of the conditions attached to the funding provided to SAA was that government guarantees available to the airline would be reduced by the equivalent quantum. At present SAA does not have available government guarantees against which they can raise debt or other obligations. However, there is still a government guarantee exposure amounting to R91.5 million related to Unflown Ticket Liabilities and Letters of Credit. The airline is currently engaged in negotiations with lenders to provide a cash deposit in lieu of the guarantee. Once negotiations with lenders have been completed, these guarantees will then be cancelled, and government will therefore no longer have contingent liability exposure related to SAA.
3. SAA has and continues to submit monthly updates to National Treasury (NT) and the Department of Public Enterprises (DPE). Moreover, a Guarantee Monitoring Task Team comprising officials from the NT, DPE as well as SAA management meets monthly to discuss amongst other issues financial performance and forecasts, financial position and other developments. DPE, as convenors and secretariat of the monthly monitoring meeting and shareholder will be best placed to provide the monthly records.