Page 144 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2014
20. Financial instruments, continued
(b) Liquidity risk, continued
Consequently, NIB may not be able to quickly liquidate some of its investments in these instruments in order to meet its liquidity requirements.
NIB’s U.S. equity securities are considered to be readily realisable as they are listed on United States stock exchanges.
NIB’s overall liquidity risks are monitored on a regular basis by the Investment Committee.
At the reporting date there were no significant concentrations of liquidity risk. NIB ensures that it has sufficient liquid financial assets comprising cash and cash equivalents and short-term investments to meet its current financial liabilities.
NIB’s management believe the placing of TCI Bank into liquidation has not affected NIB’s ability to meet its current financial liabilities.
The following are the contractual maturities of non-derivative financial instruments, including estimated interest payments and the impact of netting agreements:
(1,171,423) 201,271,082
Carrying Amount
Cash and cash equivalents
Contributions and other receivables 4,418,472
– 51,230,408 106,566,927
– 13,670,908
2-4 years
– – –
8,632,456 1,434,443 –
– 10,066,899
– 83,929,186
More than 4 years
– – –
48,824,791 1,918,208 4,164,598
– 54,907,597
expenses
(1,171,423) (1,171,423) 255,397,429
Carrying Amount
Contractual cash flows
Under 1 year
44,906,634 2,790,567 863,679 3,840,951 – –
1-2 years
– – –
105,847,268 719,659 –
2-4 years
– – –
12,376,296 1,294,612
More than 4 years
– – –
2014 (in US$)
Cash and cash equivalents
Contributions and other receivables
Current portion of long-term receivables
Available-for-sale financial assets
Long-term receivables
Long-termdeposits 4,164,5984,164,598 Accounts payable and accrued
44,905,495 2,790,567 643,082 147,024,963 2,913,800
44,906,634 2,790,567 863,679 200,529,549 3,313,825
78,465,034 1,299,554 –4,164,598
Current portion of long-term receivables Available-for-sale financial assets Long-term receivables
Long-term deposits
Accounts payable and accrued expenses
623,909 133,870,860 3,480,997 4,164,598
(1,472,113) 179,402,560
– 197,978,549 41,341,354 91,662,699
(1,472,113) (1,472,113)
2013 (in US$)
34,315,837
Contractual cash flows
34,317,821 4,437,974 853,866 151,581,218 4,095,185 4,164,598
Under 1 year
34,317,821 4,437,974 853,866 3,203,806 – –
1-2 years
– – –
90,920,165 742,534 –
Due to the uncertainties regarding the status of NIB’s assets held at TCI Bank, NIB
management consider it appropriate to recognise the maturity period of assets held at
TCI Bank as greater than four years for liquidity disclosure purposes.
140| The National Insurance Board of The Turks and Caicos Islands
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