Page 55 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2013
5. Cash and cash equivalents
Cash on hand
Cash at investment managers
Cash at banks – saving and current accounts
US$
US$
2013
3,588 5,490,239 28,822,010
34,315,837
2012
3,330 8,093,944 11,324,630
19,421,904
The US$5,490,239 cash held with investment managers at March 31, 2013 (2012 – US$8,093,944) was held as follows:
UBS Financial Services Inc. Merrill Lynch, Pierce
Fenner & Smith Incorporated Morgan Stanley Smith Barney LLC Wells Fargo Advisors, LLC
Bordier International Bank & Trust Ltd.
2013
3,403,283
826,594 815,746 444,616
– US$ 5,490,239
2012 3,281,514
1,287,067 712,942 448,135
2,364,286 8,093,944
US$
During the year, cash held with investment managers earned interest at rates of 0.01% to 0.05% (2012 – 0.01% to 0.07%).
In compliance with NIB’s internal investment guidelines cash held by investment managers is considered to be part of available-for-sale financial assets.
The US$28,822,010 cash at banks – savings and current accounts at March 31, 2013 (2012 – US$11,324,630) were held as follows:
First Caribbean International Bank (TCI) Ltd. (FCIB) Interest bearing account
Non-interest bearing account
Scotiabank (Turks and Caicos) Ltd. (Scotiabank) Interest bearing account
Non-interest bearing account
2013
US$ 20,974,930 714,345
7,131,890 845
US$ 28,822,010
2012
9,699,575 593,031
1,031,179 845
11,324,630
During the year, interest bearing accounts with FCIB and Scotiabank earned interest at rates of 0.40% to 0.45% (2012 – 0.15% to 0.45%).
2013 & 2014 ANNUAL REPORT | 51 30