Page 338 - ACCESS BANK ANNUAL REPORTS_eBook

(c ) Borrowings from related parties

In thousands of Naira Subsidiaries Total
Borrowings at 1 January 2017 74,425,046 74,425,046
Net movement during the year (74,425,046) (74,425,046)

Borrowings at 31 December 2017 - -

Interest expenses on borrowings 3,268,610 3,268,610

The borrowings from subsidiaries represent the borrowings of Access Bank Plc from Access Finance BV in respect of the
dollar guaranteed notes issued by Access Finance B.V, Netherlands which matured on 25 July 2017. The notes were is-
sued on 25 July 2012 for a year of 5 years with the principal amount repayable at the end of the tenor while interest on the
Notes is payable semi-annually at 7.34%, in arrears on 25 January and 25 July in each year. The annual effective interest
rate is 7.79%. In October 2016 , USD 112,997,000 out of USD 350,000,000 was exchanged at a premium for a new
note issued by Access Bank Plc.
The notes matured on 25 July 2017 and it was fully redeemed.

(d) Other balances and transactions with related parties

Directors (and
close family mem-
bers and related Total
In thousands of Naira entities) Subsidiaries

Cash and cash equivalent - 21,126,935 21,126,935
Deposit from financial institutions - 326,279 326,279
Receivables - 462,754 462,754
Other Liabilities - 347,385 347,385
Fee and commission expense - 716,978 716,978
Off balance sheet exposures - 850,714 850,714

(e) Key management personnel compensation for the year comprises:

Directors’ remuneration
Bank Bank
In thousands of Naira December 2017 December 2016
Non-executive Directors
Fees 58,125 51,875
Other emoluments:
Allowances 411,044 320,335
469,169 372,210

Executive directors
Short term employee’s benefit 237,820 264,220
Defined contribution plan 14,364 14,813
Share based payment 39,189 52,960
Long term incentive plan 707,744 -
999,117 331,993

338 Access BAnk Plc
Annual Report & Accounts 2017