Annual Report 2015
145
29 CONTINGENT LIABILITIES
(continued)
d) Pledged assets
The table below illustrates the distribution of pledged assets in the Group’s statement of financial position:
Carrying amount
Related liability
2015
2014
2015
2014
Financial investments - available-for-sale
3,262,880
2,821,949
1,946,278
2,741,021
The assets pledged by the Group relate to a pool of securities held for the purpose of providing collateral for the counterparty.
Individual securities within the pool may be sold by the Group once the total value of the pool exceeds the value of the liability.
In the event of the Group’s default, the counterparty is entitled to apply the collateral in order to settle the liability.
30 SUBSIDIARY COMPANIES
Country of
Equity
Name of company
incorporation
interest
Republic Finance and Merchant Bank Limited
Trinidad and Tobago
100.00%
Merchant Bank
Republic Investments Limited
Trinidad and Tobago
100.00%
Investment Management Company
Republic Securities Limited
Trinidad and Tobago
100.00%
Securities Brokerage Company
Republic Wealth Management Limited
Trinidad and Tobago
100.00%
Investment Advisory Company
Republic Bank (Cayman) Limited
Cayman Islands
100.00%
Offshore Bank
Republic Insurance Company (Cayman) Limited
Cayman Islands
100.00%
Insurance Company
Republic Bank Trinidad and Tobago (Barbados) Limited
Barbados
100.00%
Offshore Bank
Republic Bank (Barbados) Limited
Barbados
100.00%
Commercial Bank
Republic Caribbean Investments Limited
St. Lucia
100.00%
Investment Company
