Territory Stories

Annual Report 2007 Territory Insurance Office



Annual Report 2007 Territory Insurance Office

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Tabled paper 1190


Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT






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91 Notes to the Financial Statements 30 June 2007 26. SECURITISATION LIABILITIES 2007 2006 TIO TIO MAC TIO TIO MAC Insurance Fund Insurance Fund & Banking & Banking $000 $000 $000 $000 $000 $000 Current 3,036 3,036 - - - Non Current 219,995 219,995 - - - Securitisation Liabilities 223,031 223,031 - - - Securitisation liabilities maturity analysis Not longer than three months 803 803 - - - Longer than three months and not longer than 12 months 2,233 2,233 - - - Longer than one year and not longer than five years 15,927 15,927 - - - Longer than five years 204,068 204,068 - - - No maturity specified - - - - 223,031 223,031 - - - 27. SUBORDINATED LOANS 2007 2006 TIO TIO MAC TIO TIO MAC Insurance Fund Insurance Fund & Banking & Banking $000 $000 $000 $000 $000 $000 Subordinated Loans 19,817 19,817 - 18,461 18,461 - The subordinated loan for TIO from the Northern Territory Government was varied on the 27th June 2006 and has a maturity date of 27th June 2016. The loan is subordinated to outstanding claim liabilities and other liability commitments. Interest on the TIO subordinated loan was capitalised to the loan from the 27th June 2006. Interest is charged at 7.215% (2006: 7.215%) on the loan. The MAC Fund has a subordinated loan agreement with the Northern Territory Government which has a maturity date of June 2013. The loan was subordinated to all outstanding claims liabilities and other liability commitments directly attributable to the MAC Scheme. TIO has the ability to redraw any repayments with the approval of the Minister if required to improve the solvency levels of MAC Fund, prior to the maturity date of the loan. There is no subordinated loan balance as at 30 June 2007 (2006: $nil). 28. BOARD MEMBER AND EXECUTIVE DISCLOSURES The following disclosures are for the TIO Board and TIO key management personnel. Details of key management personnel (a) Board members John Flynn Chairman John Messenger Deputy Chairman John Tsouroutis Chief Executive Officer Bruce Carter appointed 1 September 2006 Roger Davis appointed 1 September 2006 Denise Fincham John Hand MAC Fund representative appointed 25 September 2006 James Noonan retired 31 July 2007 Sheila OSullivan appointed 1 September 2006 Alison Payne retired 31 August 2006 Richard Ryan

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