Home' Trinidad and Tobago Guardian : December 17th 2013 Contents A47
Tuesday, December 17, 2013 www.guardian.co.tt Guardian
First Citizens Asset Management Limited
30 September 2013
22 Related Party Transactions
Parties are considered to be related if one party has the ability to control the other party or exercise
significant influence over the other party in making financial or operational decisions. The ultimate parent
of the Company is First Citizens Holdings Limited and the immediate parent is First Citizens Bank Limited.
A number of transactions are entered into with related parties in the normal course of business.
(i) Outstanding balances and related income and expense
Cash And Due From Banks
Due From Related Parties
Fees, Commissions And Other Income
Other Operating Expenses
Key Management Compensation
Salaries and other short term benefits
(ii) Directors' fees
Fees paid to directors by the Company for the year ended 30 September 2013 totaled $295,350
(iii) Government of the Republic of Trinidad and Tobago (GORTT)
The Company in its ordinary course of business enters into lending, deposit and investment transac-
tions with the GORTT, other state owned institutions, state agencies and local government bodies.
Transactions and balances between the Company and these related parties are as follows:
Financial assets available for sale
23 Deposit Insurance
The Central Bank and Financial Institutions (Non-Banking) (Amendment) Act, 1986 established a
Deposit Insurance Fund for the protection of depositors. By the Central Bank (Deposit Insurance) Order
1986, dated 17 September, 1986, an annual premium of 0.2 percent of the average deposit liabilities
outstanding as at the end of each quarter of the preceding year is levied.
A dividend payment of $30,671,502 was approved by the Board of Directors in March 2013 and
subsequently paid. A further extraordinary dividend payment of $30,000,000 which was approved by
the Board of Directors in September 2013 was also paid.
25 Contingent Liabilities
The Company is involved in claims and counterclaims arising from the conduct of its business. Based on
the facts now known to the Company, the Directors believe that the outcome of these matters would
not have a material effect on the position of the Company.
26 Administered Funds
The assets and liabilities under administration by the Company on behalf of clients are not included in
these financial statements. The assets under administration at 30 September 2013 totaled $13.00 billion
(2012: $12.06 billion).
27 Subsequent Events
There were no events after the reporting period which were material to the financial statements and
should have resulted in adjustments to the financial statements or disclosures when the financial
statements were authorised for issue.
Notes to the Financial Statements (continued)
(Expressed in Trinidad and Tobago dollars)
Romanian actor Radu Beligan has
been declared the world s oldest
active actor at age 95.
After being presented with a cer-
tificate on Sunday confirming his entry
in Guinness World Records, he called
on theatregoers to stop applauding.
"I have no merits at all. I am the
result of the love you ve shown me
for so many, many years," he said.
Actor Ion Caramitru, director of
the National Theater, called him "the
greatest actor Romanian theatre
school has given us."
Sunday was another day at work
with Beligan making his 330th
appearance as the lead in Number
One by French playwright Jean
Anouilh, playing aging playwright
Beligan, whose career has spanned
76 years, debuted in a stage version
of Crime and Punishment in 1937.
Beloved by Romanians for his melo-
dious voice, aquiline features and stern
gaze, he has starred in 80 plays, acted
in 30 films and made numerous tel-
evision and radio performances.
He was born in 1918 in a village in
eastern Romania to an actor father
and a Greek mother who taught him
French and encouraged him to read.
To celebrate his 95th birthday on
Saturday, he played in The Cello Les-
son, a Romanian play which premiered
at the Metropolis Theater. (AP)
Romanian actor Radu Beliga, 95,
performs at the National Theatre in
Bucharest, Romania, Sunday night.
Romanian, 95, declared
world's oldest active actor
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