REPUBLIC BANK LIMITED
84
Notes to theConsolidatedFinancial Statements
For the year ended September 30, 2014. Expressed in thousands of Trinidad and Tobago dollars ($’000), except where otherwise stated
14 Debt securities in issue
2014
2013
Unsecured
a) Fixed rate bonds
799,260
798,930
Secured
a) Floating rate bonds
250,582
409,493
b) Fixed rate bonds
16,852
19,989
c) Mortgage pass-through certificates
108
646
267,542
430,128
Total debt securities in issue
1,066,802
1,229,058
Unsecured obligations
a) Fixed rate bonds are denominated in Trinidad and Tobago dollars and includes an unsubordinated bond issued by the Parent Company,
Republic Bank Limited in 2008 for a term of ten years at a fixed rate of interest of 8.55%.
Secured obligations
a) For Republic Bank Limited, the floating rate bonds are denominated in Trinidad and Tobago dollars and are unconditional secured obligations
of the Bank. The Bank has pledged a portfolio of liquid debt securities issued or guaranteed by the Government of Trinidad and Tobago
together with high-grade corporate bonds and debentures in an aggregate amount equal to the bonds issued as collateral security for the
bondholders. Other floating rate bonds are also denominated in Trinidad and Tobago dollars and are secured by property and equipment
under investments in leased assets.
b) Fixed rate bonds for one of the subsidiaries are denominated in Trinidad and Tobago dollars and are secured by property and equipment
under investments in leased assets.
c) Mortgage pass-through certificates are secured on a portfolio of mortgage loans, net of the related loan loss provisions to the extent that the
Bank has recourse to the note holders.
15 Other liabilities
2014
2013
Accounts payable and accruals
1,083,307
1,044,366
Unearned loan origination fees
130,729
110,267
Deferred income
1,413
5,251
Other
81,945
70,352
1,297,394
1,230,236
