IOOF  | Annual Report 2012 Tax consolidation 11 Cash and cash equivalents 12 Receivables IOOF Holdings Ltd and its wholly owned entities have implemented the tax consolidation legislation. The entities have entered into tax sharing and funding agreements. Under the terms of the tax funding agreement, the wholly owned  entities fund or are reimbursed by IOOF Holdings Ltd for their share of the income tax expense / benefit arising in respect of their  activities. This is recognised as a current tax related payable / receivable by IOOF Holdings Ltd and is either funded or reimbursed by  the wholly owned entities. In the opinion of the directors, the tax sharing agreement is also a valid agreement under the tax consolidation legislation and limits  the joint and several liability of the wholly owned entities in the case of a default by IOOF Holdings Ltd. Taxable income for the tax consolidated group includes the profit generated by IOOF Ltd benefit funds, which is distributable  to policyholders of the Benefit Fund. The profit of these funds forms part of the consolidated profit for the calculation of the tax  expense. The Group’s exposure to interest rate risk and a sensitivity analysis for financial assets and liabilities are disclosed in Note 4 Risk  management. The Group’s exposure to credit and currency risks, and impairment losses related to trade and other receivables, is disclosed in Note 4  Risk management. page 87 Consolidated Parent 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Bank balances 113, 3 4 4 152,999  1,912  45,959  Consolidated Parent 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Receivables 39,300  46,090  8,933  14,299  Provision for impairment of receivables - (32) - - Interest receivable - related parties 59  156  - - Security bond 5,069  4,500  - - Other debtors 274  374  - - Accrued income 20,803  21,980  6  43  65,505  73,068  8,939  14,342 