UOB Annual Report 2002 - United Overseas Bank

Notes to the Financial Statements
for the financial year ended 31 December 2002
2 Significant Accounting Policies (continued)
(p) Repurchase and Reverse Repurchase Agreements
Repurchase agreements are treated as collateralised borrowings and the amounts borrowed are shown as liabilities, included in
deposits and balances of banks and agents (Note 21). The securities sold under repurchase agreements are treated as pledged
assets and remain on the balance sheets as assets, included in Singapore Government treasury bills and securities (Note 24) and
other government treasury bills and securities (Note 25).
Reverse repurchase agreements are treated as collateralised lending and the amounts lent are shown as assets, included in
placements and balances with banks and agents (Note 27).
The difference between the amount received and the amount paid under repurchase agreements and reverse repurchase
agreements is amortised as interest expense and interest income respectively.
(q)
Comparatives
Where necessary, comparative figures have been adjusted to conform with changes in the current presentation. Where applicable,
the comparatives have been adjusted or extended to take into account the requirements of the revised SAS 12 and INT 5 which
the Group and the Bank adopted in 2002.
3 Interest Income
The Group
The Bank
2002 2001 2002 2001
$'000 $'000 $'000 $'000
Government treasury bills and securities 239,966 194,894 192,661 104,213
Trade bills and advances to customers 2,810,875 2,183,795 2,164,769 1,296,157
Placements and balances with banks and agents 545,722 951,806 481,673 869,439
Dealing and investment securities 155,916 82,789 113,049 45,975
3,752,479 3,413,284 2,952,152 2,315,784
Received/receivable from:
Subsidiaries – – 28,724 45,141
Associates 11,718 21,129 11,678 20,811
Third parties 3,740,761 3,392,155 2,911,750 2,249,832
3,752,479 3,413,284 2,952,152 2,315,784
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