Page 101 - Ecobank Gambia Annual Report 2020

Interest rates charged on balances outstanding are about management personnel, and no specific allowance has
a quarter of the rates that would be charged in an arm’s been made for impairment losses on balances with key
length transaction. The mortgages and secured loans management personnel and their immediate relatives at
granted are secured over property of the respective the year end.
borrowers. Other balances are not secured and no In addition to their salaries, the bank also provides non-
guarantees have been obtained. cash benefits to employees, and contributes to a defined
No impairment losses have been recorded against contribution plan (provident fund) on their behalf.
balances outstanding during the period with key
2020 2019

(a) Loans and advances to employees 65,971 72,816
Balance at 1 January (19) (6,845)
Loans advanced during the year

Balance at 31 December 65,990 65,971

(b) Loan and advances to directors and their associates 2020 2019
D’000 D’000
The bank has entered into transactions with its directors
and their associates as follows: - -

- -
Gross amount at 1 January
Interest charged - -
Loans disbursed
Cash received - -
Net movement in overdraft balances
- -

Net amount at 31 December - -

All the transactions with the related parties with the exception of employees are priced on arm’s length basis and have
been entered into in the normal course of business.

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