BankVic Annual Report 2019
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Note 14: Payables<br />
<strong>2019</strong><br />
$’000<br />
2018<br />
$’000<br />
Accrued deposit interest 3,779 2,710<br />
Creditors and accrued expenses 6,890 6,796<br />
Note 15: Borrowings<br />
10,669 9,506<br />
Settlement Accounts 11,149 7,486<br />
Repurchase Agreements - 35,310<br />
Other loans 2,010 1,874<br />
Maturity Analysis<br />
Borrowings will be repaid under current repayment conditions over the following periods:<br />
13,159 44,670<br />
Up to 3 months 11,149 33,976<br />
From 3 months to 1 year - 8,820<br />
From 1 year to 5 years 2,010 1,874<br />
Later than 5 years - -<br />
13,159 44,670<br />
Note 16: Provisions<br />
Employee Entitlements 2,346 2,096<br />
Directors’ Severance Benefits 237 441<br />
At arriving at the Employee Entitlements the following variables were used:<br />
Long Service Leave<br />
2,583 2,537<br />
• Accrued at the rate of 13 weeks per 10 years of completed continuous service, and 1.3 weeks per year thereafter. Current<br />
$0.9m (2018: $0.9m), non current $0.4m (2018: $0.3m).<br />
• Probability factor of 30% in year 1 increasing to 100% from 7 years onwards.<br />
• Future increases in wage and salary rates including related on costs of 2.00% per annum.<br />
• Discounted using Commonwealth Government bond rates, which have maturity dates approximating the terms of the<br />
company obligations. Average rate of 1.19% p.a.<br />
<strong>Annual</strong> Leave Current $1.0m (2018: $0.8m)<br />
• <strong>Annual</strong> leave liabilities are expected to be settled within 12 months and are calculated at undiscounted amounts based on<br />
current wage and salary rates including related on costs at balance date.<br />
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