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Financial guarantee contracts are recognised at fair value on the date that the Group becomes a party to an irrevocable commitment. Financial guarantee contracts are subsequently stated at the higher of the amount determined by the expected credit loss (ECL) model and the amount initially recognised. Any difference between the redemption value guarantee obligation and the amount paid is recognised in the income statement.

Opening balance 201 474 243 492
Foreign exchange movement (9 113) 10 166
Additional liability raised during the year through profit or loss – continuing operations 671
Used during the year (53 285) (44 190)
Amounts released through profit or loss – continuing operations (33 455) (8 500)
Amounts released through profit or loss – discontinued operations (165)
Closing carrying amount 105 621 201 474

The financial guarantee contract obligation of USD5 million (R87.6 million) to RBL Bank Limited was affected favourably by the strengthening of the rand to the US dollar during the year, resulting in a foreign exchange gain of R9.1 million. USD3.25 million (R53.3 million) of this obligation was called upon by RBL Bank and settled in the current financial period. The balance of this obligation, amounting to USD1.75 million (R25.2 million), was released by RBL Bank Limited and thus, recognised in profit and loss. No further obligation remains.

An amount of R105 million (2020: R113.2 million) is owed to Investec Limited by Glocell Proprietary Limited, and has been guaranteed by Glocell Distribution Proprietary Limited should the former not be able to meet its obligations.

The Group has not raised a liability for its guarantee to the consortium of financial institutions in respect of Cell C's funding of R182 million (2020: R959 million) due to the fact that it holds sufficient collateral, which the Group expects to realise should the guarantee be called upon and the residual financial risk not be material. Refer to note on Cell C Limited.