Bahamas - FirstCaribbean International Bank

FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITEDNotes to Consolidated Financial StatementsOctober 31, 2002(expressed in thousands of Bahamian dollars)2 Significant accounting policies...continuedFee and commission incomeFees and commissions are recognized on an accrual basis.Foreign exchange incomeForeign exchange income relates to income earned from exchanging foreign currencies and is recognisedon the accrual basis.Segment reportingA segment is a distinguishable component of the Bank that is engaged in providing products or serviceswithin a particular economic environment, which is subject to risks and rewards that are different fromthose of other segments. Segments with a majority of revenue earned from sales to external customersand whose revenue, result or assets are 10 per cent or more of all the segments are reported separately.3 Cash resourcesOctober 31,2002$December 31,2001$Cash 19,764 15,496Deposits with Central Bank – non-interest bearing 48,019 19,223Due from other banks 1,009,899 935,2551,077,682 969,974The Bank is required to maintain a percentage of deposit liabilities as cash or deposits with The CentralBank of The Bahamas. These funds are not available to finance the Bank’s day-to-day operations. AtOctober 31, 2002 the reserve requirement amounted to $37,283 (2001 – $14,660).The effective yield on cash resources during the period was 2.1% (2001- 4.55 %).60