Page 333 - ACCESS BANK ANNUAL REPORTS_eBook

i (a) Statutory reserves SMEEIS Reserves Total
In thousands of Naira December December December December December December
2017 2016 2017 2016 2017 2016
Opening 61,788,644 49,271,343 826,568 826,568 62,615,212 50,097,911
Transfes during the year 7,946,944 12,517,301 - - 7,946,944 12,517,301
Closing 69,735,588 61,788,644 826,568 826,568 70,562,156 62,615,212

Bank
In thousand of Naira

Opening 52,174,504 42,570,584 826,568 826,568 53,001,072 43,397,152
Transfes during the year 7,985,824 9,603,920 - - 7,985,824 9,603,920
Closing 60,160,328 52,174,504 826,568 826,568 60,986,896 53,001,072

(ii) Share scheme reserve
This represents the total expenses incurred in providing the Bank’s shares to its qualifying staff members under
the RSPP scheme.

(iii) Treasury shares
This represents the shares held by the new RSPP scheme which have not yet been allocated to staff based on
the pre-determined vesting conditions.

(iv) Capital reserve
This balance represents the surplus nominal value of the reconstructed shares of the Bank which was
transferred from the share capital account to the capital reserve account after the share capital reconstruction
in October 2006. The Shareholders approved the reconstruction of 13,956,321,723 ordinary shares of 50 kobo
each of the Bank in issue to 6,978,160,860 ordinary shares of 50 kobo each by the creation of 1 ordinary shares
previously held.
(v) Fair value reserve
The fair value reserve comprises the net cumulative change in the fair value of available-for-sale investments
until the investment is derecognised or impaired.

(vi) Foreign currency translation reserve
This balance appears only in the Group accounts and represents the foreign currency exchange difference
arising from translating the results and financial position of all the group entities (none of which has the currency
of a hyper-inflationary economy) that have a functional currency different from the presentation currency.

(vii) Regulatory risk reserve
The regulatory risk reserves warehouses the difference between the allowance for impairment losses on
balance on loans and advances based on Central Bank of Nigeria prudential guidelines and Central Bank of the
foreign subsidiaries regulations, compared with the loss incurred model used in calculating the impairment
under IFRSs.

(viii) Retained earnings
Retained earnings are the carried forward recognised income net of expenses plus current year profit
attributable to shareholders.

E Non-controlling interest
This represents the Non-controlling interest’s (NCI) portion of the net assets of the Group

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Annual Report & Accounts 2017