BANK OF CREDIT AND COMMERCE
HONG KONG LIMITED
NOTES TO THE ACCOUNTS
(continued)
11. Capital Commitmer ts
Authorised and
contracted for
12..
Other Commitments
The Group
The Bank
1990
HK$000
·1989 HK$000
1990
HK$000
1989
HK$000
5,961
5,961
forward foreign
At 31 December 1990 group companies were committed to exchange contracts arising in the normal course of business.
13. Taxation
the
The bank and its subsidiaries provide for Hong Kong profits tax at rate of 16.5% (1989: 16.5%) on any assessable profit for the year. The bank has incurred a taxation loss for the year and consequently no profits tax has been providec.
14. Customer Loans and Advarces
Included in "Customer loans and advances" is an amount of HK$25.2 million which is secured by ceposits. These deposits are restrained under a court order. The bank has applied to the courts for release of these deposits. The directors have taken legal advice and are confident that the courts will release the said deposits from the restraint order. Accordingly, no provision has been made in these accounts.
15.
Loans to officers
The
aggregate amount of loans made by the bank to officers of the bank amounted to HK$11,776,414 (1939 HK$11,054,153).
-
The maximum aggregate of such loans granted to officers during the was RK$13,163,639 (1989 HK$ 15,116,468).
-
year
13
I..
M
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