Page 122 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2014
5. Cash and cash equivalents, continued
The US$5,696,221 cash held with investment managers at March 31, 2014 (2013 – US$5,490,239) was held as follows:
UBS Financial Services Inc. Merrill Lynch, Pierce
Fenner & Smith Incorporated Morgan Stanley Smith Barney LLC Wells Fargo Advisors, LLC
2014 US$ 5,696,221 –
– –
US$ 5,696,221
2013
3,403,283
826,594 815,746 444,616
5,490,239
During the year, cash held with investment managers earned interest at rates of 0.01% to 0.02% (2013 – 0.01% to 0.05%).
For NIB’s internal investment guidelines cash held by investment managers is considered to be part of available-for-sale financial assets.
The US$39,205,846 cash at banks – savings and current accounts at March 31, 2014 (2013 – US$28,822,010) were held as follows:
2014
US$ 30,844,839 1,199,692
7,160,470 845
First Caribbean International Bank (TCI) Ltd. (FCIB) Interest bearing account
Non-interest bearing account
Scotiabank (Turks and Caicos) Ltd. (Scotiabank) Interest bearing account
Non-interest bearing account
During the year, interest bearing accounts with FCIB and rates of 0.40% to 0.45% (2013 – 0.40% to 0.45%).
2013
20,974,930 714,345
7,131,890 845
28,822,010 Scotiabank earned interest at
US$ 39,205,846
6. Contributions and other receivables
Contributions receivable Other receivables – net
Allowance for impairment
US$ US$
2014
3,144,005 553,163 3,697,168
2013
3,619,638 1,853,810 5,473,448 (1,054,876)
(906,601)
2,790,567 4,418,572
118 | The National Insurance Board of The Turks and Caicos Islands
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