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TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2014
19. Related party balances and transactions, continued TCIG balances
2014
2013
1,200,000 11,461
Treasury bonds – at par US$ 1,050,000 Interest receivable US$ 11,461
On November 5, 2012 NIB and TCIG signed an Omnibus Agreement (the Omnibus Agreement) to settle all outstanding issues.
Without admission of liability, NIB and TCIG agreed to make certain payments to one another in settlement of various disputes between the two parties, and to take certain other actions. Such payments and actions pursuant to the Omnibus Agreement included the following:
 NIB agreed to sell, and TCIG agreed to purchase, the property commonly known as the Honourable N.J.S. Francis Building, including furniture and fixtures together with all the land comprised in parcel 10305/37 Central, Grand Turk, TCI, for an amount of US$6.285 million, US$5.9 million of which was allocated to the building and US$385,000 to furniture and fixtures.
 Subject to the procedures set out in the Crown Land Ordinance 2012, TCIG agreed to grant NIB a licence to occupy the property known as the Honourable Headley Durham Building, and to use the fixtures and fittings therein together with all the land comprised in parcels 10404/161 & 187, East Suburbs, Grand Turk, TCI, for a period of 50 days for US$22,192. TCIG further agreed to grant NIB a lease for a term of 999 years at a total cost of US$1,327,808. The total agreed lease payment of US$1,327,808 was allocated US$1,257,808 (note 10) to the building and US$70,000 (note 10) to the leased land.
 NIB agreed to pay TCIG an amount of US$3.15 million in respect of interest accrued on the US$6.15 million paid to TCIG by NIB for medical treatment costs relating to employment injuries for the period from April 6, 1992 to March 31, 2010 (note 15).
 TCIG agreed to pay NIB US$900,410 in respect of interest accrued pursuant to its lease of the N.J.S. Francis Building (note 14).
Pursuant to the Omnibus Agreement TCIG agreed to pay US$2,685,410 to NIB on November 30, 2012, the settlement date, on a consolidated basis to settle all matters referred to in the Omnibus Agreement including those illustrated above.
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