Page 240 - ACCESS BANK ANNUAL REPORTS_eBook

As at 31 December 2016

In thousands of Naira
The following financial assets are Gross amounts of Gross amounts of Net amounts of
subject to offsetting recognised financial recognised financial financial assets
assets liabilities offset in presented in the
the statement of statement of finan-
financial position cial position

Financial assets
Loans and advances to banks 45,954,156 751,154 45,203,002
Total 45,954,156 751,154 45,203,002

As at 31 December 2016

Financial liabilities
Interest bearing borrowing 300,294,861 751,154 299,543,707
Total 300,294,861 751,154 299,543,707

An obligation exists between the Bank and Access Finance B.V., for which Access Finance B.V. was expected to lend the
Bank the sum of USD 2,462,000 as a share premium loan. The loan agreement between both parties however permits
that the obligation of Access Finance B.V. to grant the loan, be set off against the obligation of the Bank to repay the loan
such that each party’s obligation either as a borrower or lender is discharged. In view of this, no loan payable has been
recognized in the Bank’s financial statements.

In line the IAS 32 with the group currently has the legally enforceable right to set-off the recognised amount and it also
intends to settle the borrowing on a net basis.

The gross amounts of financial assets and financial liabilities disclosed in the above tables have been measured in the
statement of financial position on the following bases:

(1) Loans and advances to customers – amortised cost; and

(2) Interest bearing borrowings – amortised cost.

240 Access BAnk Plc
Annual Report & Accounts 2017