TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 230

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

62 9660 S8 S8

(3SMOH IN05) 301330 SWWOO ¿S:8T 60-80-1661

56

3