ICICI Bank 2013 Annual Report Download - page 124

F46
Sale of gold coins
During the year ended March 31, 2013, the Bank sold gold coins to ICICI Prudential Life Insurance Company Limited
amounting to ` 1.7 million (March 31, 2012: ` 45.4 million).
Donation
During the year ended March 31, 2013, the Bank has given donation to ICICI Foundation for Inclusive Growth amounting
to ` 80.0 million (March 31, 2012: ` 239.7 million).
Purchase of loan
During the year ended March 31, 2013, the Bank purchased loans from ICICI Bank UK PLC amounting to Nil (March 31,
2012: ` 12,870.5 million).
Sale of loan
During the year ended March 31, 2013, the Bank sold a loan to ICICI Bank UK PLC amounting to ` 1,357.1 million (March
31, 2012: ` 2,543.8 million).
Purchase of bank guarantees
Bank guarantees issued by ICICI Bank UK PLC on behalf of its clients were transferred to the Bank amounting to
` 12,221.2 million during the year ended March 31, 2013 (March 31, 2012: ` 1,279.2 million).
Letters of Comfort
The Bank has issued letters of comfort on behalf of its banking subsidiaries. The details of the letters are given below.
On behalf of To Purpose
ICICI Bank UK PLC Financial Services
Authority, UK (‘FSA’)
Financially support ICICI Bank UK PLC to ensure that it
meets all of its obligations as they fall due.
ICICI Bank Canada Canada Deposit
Insurance Corporation
(‘CDIC’)
To comply with the Bank Act and the CDIC regulations
or by-laws thereunder and to indemnify CDIC against
all losses, damages, reasonable costs and expenses
arising from failure of ICICI Bank Canada in performing
the same.
The Bank has issued an undertaking on behalf of ICICI Securities Inc. for Singapore dollar 10.0 million (currently equivalent
to ` 437.2 million) to the Monetary Authority of Singapore (MAS), has executed indemnity agreement on behalf of ICICI
Bank Canada to its independent directors for a sum not exceeding Canadian dollar 2.5 million (currently equivalent to
` 133.6 million) each, aggregating to Canadian dollar 15.0 million (currently equivalent to ` 801.6 million). The Bank has
furnished an undertaking on behalf of ICICI Bank Eurasia Limited Liability Company, for an amount of US$ 19.0 million
(currently equivalent to ` 1,031.4 million) in relation to its borrowing. The aggregate amount of ` 2,270.2 million at March
31, 2013 (March 31, 2012: ` 915.2 million) is included in the contingent liabilities.
During the year, the Bank has issued an undertaking on behalf of ICICI Bank Eurasia LLC and to two independent directors
on behalf of ICICI Bank Canada.
As per the assessment done, there is no likely financial impact of the above letters issued to overseas regulators or of
the indemnity agreements at March 31, 2013.
In addition to the above, the Bank has also issued letters of comfort in the nature of letters of awareness on behalf
of banking and non-banking subsidiaries in respect of their borrowings made or proposed to be made and for other
incidental business purposes. As they are in the nature of factual statements or confirmation of facts, they do not create
any financial impact on the Bank.
The letters of comfort in the nature of letters of awareness that are outstanding at March 31, 2013 issued by the Bank
on behalf of its subsidiaries, aggregate to ` 18,640.5 million (March 31, 2012: ` 24,238.9 million). During the year ended
March 31, 2013, borrowings pertaining to letters of comfort aggregating ` 5,598.4 million were repaid.
Related party balances
The following table sets forth, the balance payable to/receivable from subsidiaries/joint ventures/associates/other related
entities/key management personnel and relatives of key management personnel at March 31, 2013.
forming part of the Accounts (Contd.)
schedules