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CARIBBEAN DEVELOPMENT BANK ANNUAL REPORT 2017
CARIBBEAN DEVELOPMENT BANK
ORDINARY CAPITAL RESOURCES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017 (EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS, UNLESS OTHERWISE STATED)
NOTE 27 – RELATED PARTY TRANSACTIONS…continued
The composition of the balances as at December 31, 2017 and 2016 was as follows:
Included in “Receivables and prepaid assets”: 2017
2016
Due from SDF
$7,541
$3,840
Due from OSF
$1,574
$792
Due from/ (to) Pension schemes
$61
$(101)
Due to Others
$(61)
$(59)
$9,115
$4,472
2017
2016
$1,913 949
$1,934 993
$2,862
$2,927
(b) Key management compensation for the year ended December 31 was as follows:
Salaries and allowances Post-employment benefits
(c) Interest subsidy fund
In 2008, the interest subsidy fund was established by the Board of Directors of the Bank to subsidise part of the interest payments for which certain borrowers are liable on loans from the OCR. During the reporting period, $436 (2016: $479) was received from the OSF in interest on behalf of the borrowers. The fund balance is included in Receivable and prepaid assets in the statement of financial position.
NOTE 28 – COMMITMENTS AND GUARANTEES Legal claims are recognised when the Bank has a present legal or constructive obligation as a result of past events and it is more likely than not that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. The Bank recognises no provisions for future operating expenses. Commitments The Bank’s commitments are represented by loan disbursement obligations to its borrowers up to the approved amount of these loans (Refer to Note 10 – Loans outstanding) and OCR commitments to the operations of the SDF(U) (Refer to Note 3: Risk Management – Commitments, Guarantees and Contingent liabilities).