Bahamas - FirstCaribbean International Bank

FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITEDNotes to Consolidated Financial StatementsOctober 31, 2002(expressed in thousands of Bahamian dollars)12 Assigned capitalAs at December 31, 2001, the assigned capital was $158.Under the relevant financial legislations, the previously unincorporated branches in The Bahamas wererequired to maintain assigned capital of $158.13 Capital and reservesOctober 31,2002$December 31,2001$Share capital (note 11) 472,828 1,000Assigned capital (note 12) – 158Reverse acquisition reserve (63,566) –Total capital and reserves at end of period 409,262 1,158Reverse acquisition reserveAt beginning of period – –Arising from the reverse acquisition accounting (63,566) –At end of period (63,566) –In accordance with IAS, the equity of the Bank at October 11, 2002 comprised the equity of BarclaysBahamas together with the fair value of the consideration given to acquire CIBC Bahamas. However,legally the share capital of the Bank comprise the issued share capital of CIBC Bahamas plus the sharesissued to effect the combination, recorded at fair value. The reverse acquisition reserve is therefore thedifference between the legally required share capital together with the retained earnings of BarclaysBahamas, and the equity of the Bank presented in accordance with IAS.66