Page 62 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2013
10. Long-term receivables, continued
(a) Loans to TCI Investment Agency Ltd., continued
(iii)
Loan three, continued
The US$3 million loan 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, 2013, NIB collected US$263,078 (2012 – US$187,649) in principal and recognised US$105,200 (2012 – US$124,613) in interest income.
Principal payment
Interest earned
Low income support lending Educational lending Commercial lending
US$
2013
24,106 138,328 100,644
2012
17,309 99,327 71,013
2013
23,225 42,861 39,114
2012
24,408 49,650 50,555
US$ 263,078
105,200
Ltd. at year end were due as
187,649
124,613
The total outstanding loans to TCI Investment Agency 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
(b) TCIG bonds
Face value of TCIG bonds Repayment of face value
Premiums
Accumulated change in fair value
Fair value
US$ US$
US$
US$
2013
473,909 396,422 412,719 429,920
1,011,171 2,724,141
2013
1,500,000 (300,000)
1,200,000 250,000
(69,235) 1,380,765
2012
455,742 380,981 396,422 412,719
1,441,355 3,087,219
2012
1,500,000 (150,000)
1,350,000 250,000
(48,459) 1,551,541
During the year the change in fair value of TCIG bonds was US$20,776 (2012 – US$20,776).
58 | The National Insurance Board of The Turks and Caicos Islands
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