Page 127 - 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, continued
(a) Loans to TCI Investment Agency Ltd., continued
(iii)
Loan three
On January 30, 2006, NIB entered into a US$3 million loan agreement with TCI Investment Agency Ltd. as follows:
Interest rate Purpose of loan per annum
Maturity date
December 31, 2025 December 31, 2017 December 31, 2017
Loan granted
600,000 1,200,000 1,200,000
Low income support lending Educational lending Commercial lending
5.0% 5.0% 6.0%
US$
US$ 3,000,000
The remaining outstanding balance of US$1,596,893 at March 31, 2014 (2013 – US$1,874,141) is being repaid in equal quarterly instalments of principal and interest. Principal repayments for the educational loan commenced in March 2010. The loan is guaranteed by TCIG.
During the year ended March 31, 2014, NIB collected US$277,248 (2013 – US$263,078) in principal and recognised US$90,569 (2013 – US$105,200) in interest income.
Principal payment
Interest earned
Low income support lending Educational lending Commercial lending
US$
2014
25,334 145,374 106,540
2013
24,106 138,328 100,644
263,078
2014
21,981 35,726 32,862
90,569
2013
23,225 42,861 39,114
105,200
US$ 277,248
The contractual maturity of total outstanding loans to TCI Investment Agency Ltd. at year end were due as follows:
Within one year
More than one year, less than two years More than two years, less than three years More than three years, less than four years More than four years
US$
US$
2014
493,082 412,719 429,920 353,845 657,327
2,346,893
2013
473,909 396,422 412,719 429,920
1,011,171 2,724,141
2013 & 2014 ANNUAL REPORT |123 31