Notes to the Consolidated Financial Statements - Seylan Bank

North Bound > Seylan Bank Annual Report 2011
303
** The Bank has restructured its loan portfolio to Grameen Micro Credit Company Limited (Rs. 2.725 Bn.) by obtaining approval
from the Monetary Board and converted Rs. 1 Bn. of the outstanding loan to 15% Cumulative/Redeemable/Convertible/Preference
Shares. Further, Bank has converted the balance of Rs. 1.725 Bn. to Secured Debentures at an Interest Rate of Treasury Bills +
10% per annum which will mature from 2012 to 2019. (Refer Note 19.1.7)
*** Board of Directors decided to impair the total investment in Grameen Micro Credit Company Limited and the Bank has
provided Rs. 1,883.225 Mn. for the investment after discounting for the Securities available (Note 19.1.2 and 19.1.7).
Subsequently, the Central Bank of Sri Lanka has directed to convert the investments in Grameen Micro Credit Company Limited
to Rs. 665 Mn. debentures (redeemable from 2020 to 2040) and the balance Rs. 2,060 Mn. together with interest due amounting
to Rs. 272 Mn. to 233,200,000 non voting shares of Rs. 10/- each. This proposal is under discussion and no final agreement has
been reached.
19.1.3 Government of Sri Lanka Treasury Bills
Face
Value
Rs. ’000
Year of
Maturity
Discounted
Value
Rs. ’000
2011 2010
Cost Market Value Cost Market Value
Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000
– – 143,392 143,411
Total Treasury Bills - Bank – – 143,392 143,411
19.1.4 Government of Sri Lanka Treasury Bonds
Face
Value
Rs. ’000
Year of
Maturity
Discounted
Value
Rs. ’000
3,271,575 2012 3,242,412
1,996,000 2013 2,066,494
3,865,000 2014 3,772,627
10,020,000 2015 10,288,154
2,850,000 2016 2,574,276
2,550,000 2018 2,356,412
200,000 2020 164,605
24,464,980 24,464,980 17,026,300 17,276,300
CWE Bond 2016 250,000 250,000 250,000 250,000
Total Bonds - Bank 24,714,980 24,714,980 17,276,300 17,526,300
19.1.5 Foreign Currency Bonds
Face
Year of
Value Maturity
USD. ’000
Discounted
Value
USD. ’000
3,000 2012 3,000
9,000 2014 9,000
5,000 2015 5,000
5,000 2016 5,000
22,000 2,504,700 2,504,700 2,220,000 2,220,000
Total Foreign Currency Bonds - Bank 2,504,700 2,504,700 2,220,000 2,220,000
Total Bonds - Bank 27,219,680 27,219,680 19,496,300 19,746,300