Page 64 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2013
11. Long-term deposits – net Current account
Certificates of deposit
Less: interim distribution Current account Certificates of deposit
Balance
Current account Certificates of deposit
.
Less: reductions in fair value Current account
Certificates of deposit
US$
2013
53,849 17,298,642 17,352,491
(10,770) (3,459,728) (3,470,498)
43,079 13,838,914
13,881,993
(30,155) (9,687,240)
2012
53,849 17,298,642 17,352,491
–
– 17,352,491
53,849 17,298,642
17,352,491
(30,155) (9,687,240)
(9,717,395)
7,635,096
. (9,717,395) US$ 4,164,598
All long-term deposits are held with TCI Bank. TCI Bank was placed into provisional liquidation on April 9, 2010 and liquidation on October 29, 2010. NIB management estimated a 56% reduction in fair value of NIB’s deposits with TCI Bank as being appropriate at March 31, 2013 and March 31, 2012, representing NIB management’s best estimate of an appropriate fair value adjustment in the circumstances.
Due to the uncertainty regarding when, and how much, of NIB’s deposits with TCI Bank will be repaid, NIB’s management determined it appropriate to classify the current account and certificates of deposit held with TCI Bank as non-current assets for financial reporting purposes.
On September 10, 2012 NIB received a first interim distribution of US$3,511,002 from the liquidator of TCI Bank representing 20 cents on the dollar for NIB’s current account (US$10,770), certificates of deposit (US$3,459,728) and interest receivable (US$40,504) held with TCI Bank.
12. Investment property – net Fair value
Change in fair value Fair value
60 | The National Insurance Board of The Turks and Caicos Islands
2013 2012
US$ – 6,000,000 – (100,000)
US$ – 5,900,000 39