Page 151 - ACCESS ANNUAL REPORT 2019

NOTES (continued)
A a o nts are in tho sands o hana edis n ess otherwise stated
Re ated parties contin ed
Transactions with key management personnel
he Ban ’s ey mana ement personnel, includes directors executive and non executive mem ers o the Executive Committee, the company secretary and the head o internal audit.
ey mana ement personnel and their immediate relatives have the ollowin outstandin loan alances with the Bank at the reporting period:
he ro p and the Ban 2019 2018
cers and emp oyees
nterest income on oans to o cers and emp oyees
662
808 40
Interest rates char ed on loans to mana ement personnel are at concessionary rates and lower than the rates that would e char ed in the normal course o usiness. he loans ranted are secured over real estate and other assets o the respective orrowers.
o impairment losses have een recorded a ainst alances outstandin durin the year with ey mana ement personnel, and no specific allowance has een made or impairment losses on alances with ey mana ement personnel at the year end. hese alances have, however, een collectively impaired as part o the port olio impairment assessment or unidentified loans and advances.
oans and advances to entities with common directorships, placements with related entities and orrowin s and placements rom related entities were entered into in the normal course o usiness.
on co p iance with a section o the Ban s and Specia ised Deposit a ing nstit tions Act, Act
Section 2 o the Ban s and Specialised Deposit a in Institutions Act, 201 Act 930 , prohi its a an , specialised deposit ta in institution or financial holdin company rom ta in an a re ate financial exposure in respect o its affiliates in excess o twenty five percent 25 o its net own unds. he Ban had placements with related parties exceedin the prescri ed exposure limit at the end o the year under review hence has contravened the provisions o the Act. he Ban has up until 30 April 2020 to correct the situation.
Events a ter the reporting period
here are no events a ter the alance sheet date that re uire ad ustments in the financial statements. ana ement has assessed the impact o the CO ID 19 on the oin concern o company and has concluded that the use o the oin concern is appropriate and that the company will e a le to recover its assets and dischar e its lia ilities in the oreseea le uture or at least the next 12 months.
Access an ein a commercial an , does usiness with various customers who trade and interact with counter parties across the world who may e affected y the coronavirus.
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