BANK OF BAKU
 AUDITORS REPORT AND
FINANCIAL STATEMENTS AT
31 DECEMBER 2001
Note 13 - Other borrowed funds
Treasury bills are short-term government securities issued by the Ministry of Finance of the Azerbaijan Republic and purchased at a discount.
|
|
|
2001
|
2000
|
|
|
|
Balance in Original
Currency
|
Balance in Manat
|
Balance in Original Currency
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Balance in Manat
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| Domestic banks
|
|
|
|
|
|
| - NBAR
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AZM
|
-
|
3,330,000
|
-
|
547,800
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| - Other banks
|
USD
|
200,000
|
955,000
|
120,000
|
-
|
|
|
AZM
|
-
|
30
|
-
|
-
|
| Foreign banks
|
USD
|
83,480
|
398,617
|
-
|
-
|
|
|
EUR
|
357,898
|
1,513,910
|
-
|
-
|
| Total amortized cost
|
|
|
6,197,557
|
|
547,800
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During 2001, the Bank received a loan from German-Azerbaijan Fund (GAF) amounting to EUR 357,898 as part of a program to finance loans to small and medium private enterprises. The GAF was established pursuant to the agreement on financial cooperation signed by the governments of the Azerbaijan Republic and the Federal Republic of Germany on 21 December 1998 and a subsequent loan and financing agreement between Kreditanstalt fur Wiederaufbau (KFW) and the Azerbaijan Republic dated 8 September 1999. Funds borrowed from GAF mature on 31 December 2003 and bear 8.054% interest per annum. Total loans extended under this facility amount to AZM 1,108,576 as of 31 December 2001.
Funds borrowed from the NBAR at 31 December 2001 consist of two tranches totalling AZM 3,300,000. Maturity dates of these tranches are between 31 May 2002 and 30 October 2002.
The currency analysis of term deposits and funds borrowed from banks and other institutions is provided in Note 3 and the maturity analysis is provided in
Note 3.
Note 1 Principal Activities
Note 2 Significant Accounting Policies
Note 3 Use of financial instruments
Note 4 Cash and short-term Funds
Note 5 Loans and Advances to Banks
Note 6 Loans and Advances to Customers
Note 7 Investment securities held-to-maturity
Note 8 Other Assets
Note 9 Intangible assets
Note 10 Premises and Equipment
Note 11 Due to Banks
Note 12 Customer Accounts
Note 13 Other Borrowed Funds
Note 14 Other Liabilities
Note 15 Paid-in Capital
Note 16 Retained earnings
Note 17 Dividends
Note 18 Fee and commission income
Note 19 Fee and commission expense
Note 20 General, administrative and other operating expenses
Note 21 Taxation
Note 22 Commitments and contingent liabilities
Note 23 Reconciliation of Azerbaijanian Accounting Rules to International Accounting
Standards
Note 24 Related party transactions
Note 25 Post balance sheet events
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