Page 144 - 2021 ANNUAL REPORT draft

the event of the customer’s default, the cash requirements of these instruments are expected to be
considerably below their nominal amounts.
Other contingent liabilities include transaction related customs and performances bond and are, generally,
commitments to third parties which are not directly dependent on the customer’s creditworthiness.
Documentary credits commit the Bank to make payments to third parties, are on production of documents,
which usually reimbursed immediately by customers. The following tables summarise the nominal principal
amount of contingent liabilities and commitments.

Acceptances, bonds, guarantees and other obligations for the account of customers:

In thousands of Dalasi Dec.-2021 Dec.-2020
Contingent liabilities:
Acceptances and guaranteed commercial papers - -
Transaction related bonds and guarantees 105,783 43,449
Customer Bonds - -
105,783 43,449
Commitments
short term foreign currency related transactions
Clean line facilities and letters of credit 464,459 295,598
Other commitments 300,394 413,910
870,636 752,957

30. Related parties

Related party transactions
Parties are considered to be related if one party has the ability to control the other party or exercise influence
over the other party in making financial and operational decisions, or one other party controls both. The
definition includes parent company, affiliates, subsidiaries, associates, and joint ventures as well as key
management personnel. Below are the transactions between the Bank and other subsidiaries in the Group
during 2021 All transactions were carried out at arm’s length.

Balan Balan Balan Balan Balan Balan Balan
ces ces ces ces ces ces ces Balan Time
ces
held held held held held held held held Depo Place Place Placem
with with with with with with with sit ment ment ent
other other other other other other other with
Banks Banks Banks Banks Banks Banks Banks other
Banks
Currencies USD GBP EUR CHF SEK DKK CAD CFA USD EUR USD GBP
2021 ‘000 ‘000 ‘000 ‘000 ‘000 ‘000 ‘000 ‘000 ‘000 ‘000 ‘000 ‘000
Subsidiary
GTB Sierra
Leone LTD
GTB Cote
D’Ivoire 1.729
Limited

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Guaranty Trust Bank (Gambia) Limited Financial Statements December 2021