ICICI Bank 2014 Annual Report Download - page 136

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Insurance Company Limited amounting to ` 2.2 million (March 31, 2013: ` 0.1 million), ICICI Securities Limited amounting
to Nil (March 31, 2013: ` 1.9 million) and with K. Ramkumar amounting to Nil (March 31, 2013: ` 0.7 million).
Purchase of fixed assets
During the year ended March 31, 2014, the Bank purchased fixed assets from its subsidiaries amounting to ` 4.2 million
(March 31, 2013: ` 2.6 million). The material transactions for the year ended March 31, 2014 were with ICICI Prudential Life
Insurance Company Limited amounting to ` 4.2 million (March 31, 2013: Nil), ICICI Venture Funds Management Company
Limited amounting to Nil (March 31, 2013: ` 1.8 million) and with ICICI Prudential Asset Management Company Limited
amounting to Nil (March 31, 2013: ` 0.8 million).
Sale of gold coins
During the year ended March 31, 2014, the Bank sold gold coins to ICICI Prudential Life Insurance Company Limited
amounting to Nil (March 31, 2013: ` 1.7 million).
Donation
During the year ended March 31, 2014, the Bank has given donation to ICICI Foundation for Inclusive Growth amounting
to ` 125.0 million (March 31, 2013: ` 80.0 million).
Purchase of loan
During the year ended March 31, 2014, the Bank purchased loans from ICICI Bank UK PLC amounting to ` 3,820.4 million
(March 31, 2013: Nil).
Sale of loan
During the year ended March 31, 2014, the Bank sold loan (including undisbursed loan commitment) to ICICI Bank UK
PLC amounting to ` 2,696.2 million (March 31, 2013: ` 1,357.1 million).
Purchase of bank guarantees
Bank guarantees issued by ICICI Bank UK Plc on behalf of its clients amounting to Nil were transferred to the bank during
the year ended March 31, 2014 (March 31, 2013: ` 12,221.2 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 ` 475.8 million) to the Monetary Authority of Singapore (MAS) and 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 ` 135.7 million) each, aggregating to Canadian dollar 17.5 million (currently equivalent to ` 949.8 million). The Bank has
furnished an undertaking on behalf of ICICI Bank Eurasia Limited Liability Company, for an amount of USD 19.0 million
(currently equivalent to ` 1,138.4 million) in relation to its borrowing. The aggregate amount of ` 2,564.0 million at March
31, 2014 (March 31, 2013: ` 2,270.2 million) is included in the contingent liabilities.
During the year, the Bank has issued an indemnity letter to one independent director on behalf of ICICI Bank Canada.
In addition to the above, the Bank has also issued letters of comfort in the nature of letters of awareness on behalf of its
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, 2014 issued by the Bank
on behalf of its subsidiaries, aggregate to ` 14,530.2 million (March 31, 2013: ` 18,640.5 million). During the year ended
March 31, 2014, borrowings pertaining to letters of comfort aggregating ` 4,110.3 million were repaid.
forming part of the Accounts (Contd.)
schedules