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111
Group
2003 2002
R000 R000
12. LOANS AND DEBENTURES (continued)
12.3 Unsecured long-term loans (continued)
Loan from the Saambou Receivership relating to the acquisition of the Saambou PLB.
Interest was capitalised monthly at 13,37% and together with the capital was paid on 31 July 2003 – 250 000
Loan bearing interest at 2% below prime, interest payable monthly with the capital payable on
31 December 2003. The loan was settled early with two equal payments on
18 July 2003 and 22 September 2003 – 505 986
Total unsecured long-term loans 211 218 952 633
12.4 Secured long-term loans
Hire purchase agreements, which bear interest at rates linked to prime and are repayable over
periods ranging from 36 to 53 months. The loans are secured by assets valued at
R9 363 106 (2002: R14 818 000) (refer note 2) 8 836 12 731
Loan secured over land and buildings (refer note 2), repayable in six-monthly instalments,
the last being 30 September 2009. The interest rate is an effective 16,45% per annum 19 324 –
Loan secured over land and buildings (refer note 2), repayable in one lump sum on
31 March 2010. Interest is payable six-monthly at an effective interest rate of 17,39% per annum 39 042 40 068
Total secured long-term loans 67 202 52 799
Total long-term loans and debentures 2 244 038 2 262 601
12.5 Secured short-term loans
Call loan bearing interest at prime less 1,75% and secured by advances of R20 million (refer note 7) – 1 107
Total secured short-term loans – 1 107
12.6 Unsecured short-term loans
This loan bears interest at prime less 2% 7 142 5 605
Total unsecured short-term loans 7 142 5 605
Total short-term loans 7 142 6 712
Total loans and debentures 2 251 180 2 269 313
13. LIABILITIES TO DEPOSITORS
Demand deposits 201 761 206 645
Savings deposits 18 935 24 736
Fixed and notice deposits 614 491 384 863
Negotiable certificates of deposit 49 298 74 088
884 485 690 332
African Bank Investments Limited