Bahamas - FirstCaribbean International Bank

Notes to the Consolidated Financial Statements
October 31, 2007
(expressed in thousands of Bahamian dollars)
13. Customer deposits
Payable Payable Payable
on after at a 2007 2006
demand notice fixed date Total Total
$ $ $ $ $
Individuals 130,846 180,166 943,418 1,254,430 1,060,998
Business and
governments 712,115 29,892 997,229 1,739,236 1,887,731
Banks 2,636 — 641,720 644,356 535,471
845,597 210,058 2,582,367 3,638,022 3,484,200
Add: Interest payable 364 333 22,687 23,384 19,703
845,961 210,391 2,605,054 3,661,406 3,503,903
Included in deposits from banks are deposits from other FirstCaribbean Bank entities
of $600,452 (2006 — $484,877) and deposits from CIBC and Barclays Bank PLC
entities of $13,463 (2006 — $12,757).
The effective rate of interest on deposits during the year was 3.4% (2006 – 3.8 %).
14. Debt securities in issue
2007 2006
$ $
Notes payable 20,000 —
Add: Interest payable 620 —
20,620 —
During the year, the Bank issued $20 million in redeemable floating rate notes, with
interest payable at a rate of Bahamas Prime plus 0.75% per annum. The notes,
which are unsecured, will mature on November 3, 2011, but may be redeemed at
the option of the Bank.
15. Other borrowed funds
2007 2006
$ $
Repurchase agreements 273,544 280,692
Add: Interest payable 4,627 652
278,171 281,344
The Bank sold under repurchase agreements, investment securities having a fair
value of $271,837 (2006: $279,337) and maturities between November 2007
and February 2008 (2006 — January 2007). The effective rate of interest on these
borrowings during the year was 4.9% (2006 - 5.17%).
16. Other liabilities
2007 2006
$ $
(Restated)
Accounts payable and accruals 23,553 15,156
Due to brokers 4,835 —
Payroll liabilities 1,750 592
Amount due to related parties — 2,196
30,138 17,944
The amount due to related parties refers to balances due to other FirstCaribbean
Bank entities as well as CIBC and Barclays Bank PLC or their subsidiaries.
17. Share capital
The Bank’s authorised capital is $20 million, comprising 150 million ordinary shares
with a par value of $0.10 each and 50 million preference shares also having a par
value of $0.10 each. All issued shares are fully paid. At October 31, 2007 and 2006,
the issued share capital was as follows:
Number of Share Share
shares par value premium Total
$ $ $
Ordinary shares, voting 120,216,204 12,022 465,208 477,230
See Auditors’ Report Page 56.
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