Annual Report 2012 - National Savings Bank

242THE RESULTS OF A CHALLENGING YEARNOTES TO THE FINANCIAL STATEMENTS39. Related Party Disclosures39. a Transactions with State and State Controlled EntitiesBankFor the year ended 31st December 2012 2011Rs. ‘000 Rs. ‘000AssetsLoans to Government 13,199,713 9,168,000Investments made on Government Securities 315,966,000 304,955,942Investments on State and State Controlled Entities 18,115,000 16,144,008Security bought under Resale Agreements 980,506 3,794,296Tax Receivable 1,469,022 128,137Postmaster-General’s Current Account 155,990 253,075349,886,231 334,443,458LiabilitiesSecurities sold under Repurchase Agreements 22,620,945 16,042,215Taxes paidIncome Tax 1,837,917 3,192,819Value Added Tax 1,239,069 1,564,481Contribution to Consolidated Fund 2,823,245 3,212,6715,900,231 7,969,97139. b Transactions with Subsidiary Company (NSB Fund Management Company Ltd.)The Bank has contributed Rs.150 Mn towards the share capital of the Company. The Company invested its funds in Treasury Bills, Bonds andRepo during the year on a regular basis. All investment in Treasury Bills and Treasury Bonds of the Bank are being made through the NSBFund Management Co. Ltd. on which a service charge of Rs. 40 Mn has been made (Rs. 33 Mn. in 2011).39. c Transactions with Key Managerial Persons(i) Key managerial persons include members of the Board of Directors of the Bank and key employees of the Bank holding directorships insubsidiary, NSB Fund Management Company of the Bank.(ii) Loans and advances in the names of key managerial persons are given below:For the year ended 31st December 2012 2011Rs. ‘000 Rs. ‘000Loans & Advances 204 468(iii) Chairman’s, Directors’ and G.M.’s /CEO’s emoluments and fees amounted to Rs. 7.965 Mn in 2012 (Rs.8.092 Mn in 2011).NATIONAL SAVINGS BANK . ANNUAL REPORT 2012