Page 126 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2014
8. Long-term receivables
Loans to TCI Investment Agency Ltd. TCIG bonds
Less current portion
(a) Loans to TCI Investment Agency Ltd.
Loan one Loan two Loan three
Less current portion
(i) Loan one
US$ US$
US$
US$
2014
2,346,893 1,209,989
3,556,882 (643,082)
2,913,800
2014
187,500
562,500 1,596,893
2,346,893 (493,082)
1,853,811
2013
2,724,141 1,380,765
4,104,906 (623,909)
3,480,997
2013
237,500
612,500 1,874,141
2,724,141 (473,909)
2,250,232
On September 20, 1997, NIB entered into a US$1 million loan agreement with TCI Investment Agency Ltd., an inward investment agency in TCI with a mandate to attract new inward investment, encourage entrepreneurship amongst residents and provide financing to the local population.
The remaining outstanding balance of US$187,500 at March 31, 2014 (2013 – US$237,500) bears interest at a rate of 4.75% per annum. The maturity date of the loan is September 30, 2017 and it is being repaid in equal quarterly instalments of US$12,500 of principal and related interest.
During the year ended March 31, 2014, NIB collected US$50,000 (2013 – US$50,000) in principal and recognised US$9,799 (2013 – US$12,174) in interest income. The loan is guaranteed by TCIG.
(ii) Loan two
On February 24, 2005, NIB entered into a second US$1 million loan agreement with TCI Investment Agency Ltd.
The remaining outstanding balance of US$562,500 at March 31, 2014 (2013 – US$612,500) bears interest at a rate of 5.00% per annum. The maturity date of the loan is March 31, 2025 and it is being repaid in equal quarterly instalments of US$12,500 of principal and related interest.
30
During the year ended March 31, 2014, NIB collected US$50,000 (2013 – US$50,000) in principal and recognised US$29,065 (2013 – US$31,565) in
122| The National Insurance Board of The Turks and Caicos Islands
interest income. The loan is guaranteed by TCIG.