Annual Report DEPOSIT INSURANCE BOARD - Annual Report 2013

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1 DEPOSIT INSURANCE BOARD Annual Report 2013 DEPOSIT INSURANCE BOARD - Annual Report 2013 Annual Report 2013

2 2 DEPOSIT INSURANCE BOARD - Annual Report 2013

3 TABLE OF CONTENTS PAGES Definition of Terms and Abbreviations 4 Chairman s Statement 5 Board of Directors Photos 6 Management Staff Photos 7 Report from the Director 8-10 The Role of the Office of the Controller and Auditor General Background Information: 1.1 Introduction Brief History of the DIB Establishment Audit Mandate Financing Management Structure Operational Objectives Audit Objectives Audit Scope Audit Methodology REPORT OF THE BOARD OF DIRECTORS REPORT OF THE CONTROLLER AND AUDITOR GENERAL ON THE FINANCIAL STATEMENTS FINANCIAL STATEMENTS Statement of Financial Position 24 Statement of Comprehensive Income 25 Statement of Changes in Equity 26 Statement of Cash Flows 27 Notes on the Financial statements DEPOSIT INSURANCE BOARD - Annual Report

4 DEFINITIONS OF TERMS AND ABBREVIATIONS Abbreviations: BFIA Banking and Financial Institutions Act No 5 of 2006 BOT Bank of Tanzania CAG Controller and Auditor General CMSA Capital Markets and Securities Authority DIB Deposit Insurance Board IAS International Accounting Standards IADI International Association of Deposit Insurers IFRS International Financial Reporting Standards INTOSAI International Organization of Supreme Audit Institutions ISA International Standards on Auditing NAOT National Audit Office of Tanzania PAA Public Audit Act No 11 of 2008 PFA Public Finance Act No 6 of 2001 (Revised 2004) PPA Public Procurement Act No 21 of 2004 RGZ Revolutionary Government of Zanzibar TRA Tanzania Revenue Authority TZS Tanzania Shilling URT United Republic of Tanzania 4 DEPOSIT INSURANCE BOARD - Annual Report 2013

5 CHAIRMAN S STATEMENT I am delighted to present Deposit Insurance Board (DIB) Annual Report and Financial Statements for the year ended 30th June, The report gives highlights on the DIB performance, a brief development in the banking industry during the year under review and DIB future development plan. During the financial year 2012/13 the DIB realized a net surplus of TZS 32,055.1 million. This is an increase of 42 percent as compared to a surplus of TZS 22,586.9 million recorded in the previous year. This impressive performance is explained by the increase in interest income received from DIB investments by 82.4 percent and the increase in the premium income by 19 percent. The Deposit Insurance Fund increased from TZS 98,185.8 million recorded in the financial year 2011/12 to TZS 130,240.9 million in the year 2012/13, thus recording an annual growth of 32.6 percent. During 2012/13 two new institutions namely Covenant Bank for Women Tanzania and Finca Tanzania (MFC) Ltd were issued with banking license and thus increased the number of members of Deposit Insurance Board to fifty one. Total deposits in banks and financial institutions grew by 19.8 percent from TZS 12,267,213.0 million recorded on 30th June 2012, to TZS 14,696,133.8 million as at 30th June Since its establishment in 1994, DIB has strived to contribute significantly in enhancing the confidence in the banking system and promoting financial stability in cooperation with other safety net players. DIB continued to conduct public awareness campaign to maintain confidence of depositors and educate the public on its existence and roles. Preparation of a Policy Paper, draft a new law for deposit insurance system in Tanzania and draft related regulations for the purpose of empowering the Deposit Insurance Board to be a more effective and contributing force in financial system growth and stability is in progress. This is to be accomplished through expanding DIB mandate in both liquidation and asserting DIBs operational independence through separate legal address. DIB has also continued to cooperate with other deposit insurance systems around the world by actively participating in various activities which are coordinated by the International Association of Deposit Insurers (IADI) so as to keep DIB abreast with global developments in deposit insurance systems. Further, DIB continued to enjoy technical support aimed at modernization of its operations from the Korea Deposit Insurance Corporation under the Knowledge Sharing Program (KSP) which is sponsored by the government of Korea. I wish to thank my fellow Board members for their continued support to DIB and for discharging their duties and responsibilities as required. On behalf of the Board, I would like to express our gratitude and appreciation to the Bank of Tanzania and all other stakeholders for their continued support to DIB. I wish to commend the DIB Management and staff for their dedicated service and commitment without which the DIB would not have recorded such a satisfactory performance. It is my sincere hope that this commitment will be sustained in the succeeding years so as to make the performance even better. Prof. Benno Ndulu CHAIRMAN DEPOSIT INSURANCE BOARD - Annual Report

6 BOARD OF DIRECTORS Prof. Benno Ndulu Governor of the Bank of Tanzania-Chairman Mr. Khamis M. Omar Principle Secretary Treasury Revolutionary Government of Zanzibar - Member Mr.Pius Aloysius Maneno Member Mr.Bakar Haji Bakar Member Mrs. Mameltha K. Mutagwaba Member Mr. Daniel Nsanzugwanko Member 6 DEPOSIT INSURANCE BOARD - Annual Report 2013

7 SENIOR MANAGEMENT STAFF Mr. Abraham M. Rasmini Director Mr. Richard J. Malisa Manager, Finance & Administration Mrs. Rosemary Tesha Tenga Manager Operations DEPOSIT INSURANCE BOARD - Annual Report

8 REPORT FROM THE DIRECTOR 1.0 Management of the Deposit Insurance Board The Management of the Deposit Insurance Board (DIB) is under the Director who is assisted by two Managers, namely; Manager, Operations and Manager, Finance and Administration. The Management is answerable to the Board of Directors. 2.0 Financial Performance The Deposit Insurance Board income is derived from three major sources, namely premium assessment from banks and financial institutions operating in Tanzania, interest on investments and contribution from the Bank of Tanzania (BOT). Total gross income for the year 2012/13 was TZS 34,256.7 million, which is an increase of 39.4 percent when compared to TZS 24,572.8 million recorded in the year 2011/12. The increase in total income was mainly attributed by the increase in both premium income and interest income by TZS 2,795.4 million and TZS 6,751.4 million respectively. 2.1 Premium Assessment Premium was assessed at the rate of 0.15 percent of the annual average total deposit liabilities of every bank and financial institution operating in Tanzania. The assessed premium increased by 19.0 percent from TZS 14,709.5 million during the financial year 2011/12 to TZS 17,504.9 million in the year 2012/13. This achievement is as a result of increase in average total deposit liabilities in member institutions. 2.2 Interest Income During the financial year 2012/13 interest income increased to TZS 14,946.5million from TZS 8,195.1 million recorded in the previous financial year. The increase in interest income by TZS 6,751.4 million for the year 2012/13 was mainly attributed by the increase in investible resources and a favourable market yield. 2.3 Net Surplus Net surplus recorded during the financial year 2012/13 was TZS 32,055.1 million as compared to TZS 22,586.9 million recorded in the previous year which is the same as 42 percent annual increase. 8 DEPOSIT INSURANCE BOARD - Annual Report 2013

9 The table below shows some selected financial highlights: (In Millions TZS) 2008/ / / / /13 SOURCE TZS TZS TZS TZS TZS Premium Assessment 5, , , , ,504.9 Interest Income from Treasury Bills/ Bonds 4, , , , ,946.5 Contribution from BOT 1, , , , ,805.2 Total Income 10, , , , ,256.7 Total Expenditure 1, , , , ,201.6 Net Surplus 9, , , , , Deposit Insurance Fund (DIF) Due to good DIB financial performance recorded in the financial year 2012/2013, the Deposit Insurance Fund continued to record a steady growth. As at 30th June 2013, the DIF increased by 32.7 percent to TZS 130,240.9 million from TZS 98,185.8 million recorded as at 30th June In line with the provision of the law DIB provide a deposit insurance cover up to the maximum of TZS 1.5 million per depositor per member institution. As of June 30th 2013 total insurable deposits in the banking system amounted to TZS 13,649,133.8 million consisting of TZS 5.5 million deposit accounts. In considering the coverage level percent of the accounts were fully covered by deposit insurance. Total insured deposit as at 30th June 2013 was TZS 1,267,295.3 million 4.0 Relationship with other safety net players and stakeholders. DIB continued to enjoy a cordial collaboration with the Bank of Tanzania (BOT), the Government, its member institutions and other stakeholders. DIB also continued with its interactions and co-operation with the other deposit insurance institutions in the world through its membership with the International Association of Deposit Insurers (IADI). During the period under review DIB in collaboration with Korea Deposit Insurance Corporation (KDIC) organized an international workshop on information technology (IT) which was held in Dare s Salaam Tanzania in September Further, a workshop on the modernization of Deposit Insurance System in Tanzania was held in January 2013 under the joint organization of KDIC and DIB under the knowledge Sharing Program (KSP). 5.0 Public Awareness Campaign In fulfilling its responsibilities of raising public awareness on its existence, roles and limitations, DIB participated in the SABASABA Trade Fair at national level and NANENANE Agricultural exhibitions both at national and zonal levels. DIB also issued various educational DEPOSIT INSURANCE BOARD - Annual Report

10 materials to its stakeholders. Further, DIB participated in 2012 Financial Services week organized in Dar es Salaam and conducted public education. DIB had also opportunity to educate participants of various seminars and workshops organized by the BOT Training Institute. 6.0 Liquidation and other Recovery Activities DIB is appointed liquidator of two banks namely, Greenland Bank (T) Ltd which was placed under liquidation in 2000 and Delphis bank (T) Ltd which was placed under liquidation in Liquidation of these banks is still going on. 7.0 Concluding Remarks I would like to take this opportunity to pay tribute to the co-operation extended to DIB by the Bank of Tanzania, member institutions, and all other stakeholders during the year. Furthermore, I wish to express my gratitude and acknowledgement to the guidance and support we continue to receive from the Chairman and the entire Board of Directors. Finally, I am also grateful to all staff of the Deposit Insurance Board for their continued efforts, dedication, and commitment to the work. A.M. Rasmini DIRECTOR, DEPOSIT INSURANCE BOARD 10 DEPOSIT INSURANCE BOARD - Annual Report 2013

11 Office of the Controller and Auditor General, The National Audit Office, United Republic of Tanzania (Established under Article 143 of the Constitution of the URT) The statutory duties and responsibilities of the Controller and Auditor General are given under Article 143 of the Constitution of the URT of 1977 (revised 2005) and further elaborated under Section 10(1) of the Public Audit Act No 11 of Vision To be a centre of excellence in public sector auditing. Mission To provide efficient audit services in order to enhance accountability and value for money in the collection and use of public resources. In providing quality services, NAOT is guided by the following Core Values: Objectivity: We are an impartial organization, offering services to our clients in an objective and unbiased manner; Excellence: We are professionals providing high quality audit services based on best practices; Integrity: We observe and maintain high standards of ethical behaviour and the rule of law; People Focus: We focus on stakeholders needs by building a culture of good customer care and having competent and motivated work force; Innovation: We are a creative organization that constantly promotes a culture of developing and accepting new ideas from inside and outside the organization; and Best Resource Utilization: We are an organisation that values and uses public resources entrusted to it in efficient, economic and effective manner. We do this by:- Contributing to better stewardship of public funds by ensuring that our clients are accountable for the resources entrusted to them; Helping to improve the quality of public services by supporting innovation on the use of public resources; Providing technical advice to our clients on operational gaps in their operating systems; Systematically involve our clients in the audit process and audit cycles; and Providing audit staff with adequate working tools and facilities that promote independence. This audit report is intended to be used by Deposit Insurance Board. However, upon receipt and adoption by the DIB Board of Directors, this report becomes a matter of public record and its distribution may not be limited. DEPOSIT INSURANCE BOARD - Annual Report

12 1.0 BACKGROUND INFORMATION 1.1 Introduction We have completed the audit of the Financial Statements of the Deposit Insurance Board (DIB) for the year ended 30th June, Audit findings arising from the examination of accounting records, appraisal of the DIB activities as well as an evaluation of the internal control systems which require management attention and action is set out in the audit management letter issued separately to management of DIB. 1.2 Brief History of Client Establishment The Deposit Insurance Board (DIB) which came into being on 1st July, 1994 was established under section 23(1) of the Banking and Financial Institutions Act, 1991, an Act which was repealed and replaced by the Banking and Financial Institutions Act No.5 of 2006 under which section 37(1) provides for the continued existence of the Board. The Board as provided under section 37 of the BFIA is responsible for policy formulation in connection to the Deposit Insurance Fund and for the management and control of the Fund. The Deposit Insurance Fund is a Fund established under section 36 of the BFIA. 1.3 Audit Mandate The Controller and Auditor General is the statutory auditor of the Deposit Insurance Board (DIB) by virtue of Article 143 of the Constitution of the United Republic of Tanzania, amplified in section 30(1) of the Public Audit Act No.11 of However, in accordance to section 33(1) of the Public Audit Act (PAA), the Controller and Auditor General authorized SBC Consultancy Services carry out the audit of DIB for the year 2012/ Financing Under the provisions of section 36 of the BFIA, a fund, known as the Deposit Insurance Fund, has been established. The Fund is financed through: (i) (ii) (iii) (iv) Moneys contributed to the Fund by licenced banks and financial institutions as provided for under section 38 of the BFIA. Income from investments credited to the Fund under the provisions of section 36(6) of the BFIA. Money borrowed for the purposes of the Fund as provided for under section 36(2) of the BFIA. Moneys received as subventions, grants, donation or from any other source as may be aproved by the DIB Board. 12 DEPOSIT INSURANCE BOARD - Annual Report 2013

13 1.5 Management Structure In accordance with section 37 of the BFIA the Board of Directors of the DIB are responsible for policy formulation in connection with the Fund and the overall management and control of the Fund, while the day to day activities of DIB are managed by the Bank of Tanzania (BOT) as provided under section 37(11). The Bank of Tanzania makes available to DIB such facilities and services of such officers as are necessary for the proper and efficient exercise of the functions of DIB. In compliance to section 37(11) of the BFIA, the BOT has made available to DIB staff composed of a Director who is assisted by two managers, namely Manager- Finance and Administrative Services and Manager-Operations and 9 staff of other categories. The BOT is also responsible for the provision of procurement services, internal audit services and other services. 1.6 Operational Objectives The main objectives of the DIB include: Creation of confidence in the banking system Protection of the interest of depositors to the extent determined by the Minister for Finance and Economic Affairs. 1.7 Audit Objectives Opinion The overall purpose of the audit engagement is to express an opinion whether proper books of account were maintained, and the financial statements of DIB present fairly the state of affairs in accordance with IFRS, Public Procurement Act, 2004 and Banking and Financial Institutions Act, Management Audit Report The second objective of the audit is to isssue a management letter to the Board of Directors of DIB highlighting significant shortcomings that came to our notice as a result of our audit and make appropriate recommendations for improvement. 1.8 Audit Scope We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and records are free from material misstatement. DEPOSIT INSURANCE BOARD - Annual Report

14 The audit was carried out on a test check basis, therefore, the audit findings are confined to the extent that records, documents and information requested for the purpose of the audit were made available to us. As auditors we are not required to search specifically for fraud, therefore, our audit cannot be relied upon to disclose all such matters, however, we wish to assure that our audit was planned in a way that we would have a reasonable expectation of detecting material misstatements/irregularities. The responsibility for prevention and detection of irregularities of fraud rests with the management who are responsible for the maintenance of an adequate system of internal control. 1.9 Audit Methodology In the performance of the audit we conducted compliance tests, substantive analysis and other substantive procedures on the financial statements and records. The tests carried out were specified in the audit programmes designed for the audit. Vouching of income and expenditure was carried out on a sample basis, to supporting documents and records. Interviews and discussions were carried out. We reviewed the DIB s internal control structure, periodical financial statements, progress reports, statements of reconciliations and as well as legal documents. We carried out physical checks/ verifications of the existence of tangible assets. Accounting entries were traced to source documents and the completeness of the accounting information was evaluated. Verifications of assets and liabilities were carried out and confirmations of balances were also carried out. 14 DEPOSIT INSURANCE BOARD - Annual Report 2013

15 REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30TH JUNE, 2013 The Directors present this report and the audited financial statements for the financial year ended 30th June, 2013 which disclose the state of affairs of the Deposit Insurance Board. ESTABLISHMENT Deposit Insurance Board is a body corporate whose establishment and existence have been provided for under section 37 of Banking and Financial Institutions Act, ( BFIA) According to this legislation, the Deposit Insurance Board formulates policy and manages a Deposit Insurance Fund. Vision Mission To be financially, operationally independent. To be operationally responsive to depositors, banks and non banks in Tanzania. To be professionally managed while maintaining the concern to the welfare of its officers and staff. To effectively contribute to the country s financial stability by maintaining public confidence in the financial system through prompt payment of protected deposits to depositors of a failed member bank or financial institutions. MAIN ACTIVITIES The Deposit Insurance Board as required under Section 39 (1) and (2) of the Banking and Financial Institutions Act, 2006 provides protection to depositors money so as to maintain the depositors confidence in the banking system. The Minister for Finance determines the maximum amount of protected deposits from time to time by an order published in Government Gazette. In order to facilitate the protection of deposits, the Deposit Insurance Board is responsible for the levying and collection of premium from banks and financial institutions and investing available resources in the Government securities. Other activities of the Board include settlement of depositors claims and, when appointed by BOT, carry out liquidations of failed banks and financial institutions. DEPOSIT INSURANCE BOARD - Annual Report

16 COMPOSITION OF BOARD OF DIRECTORS The Members of the DIB Board of Directors during the financial year 2012/2013 are as follows : Name Position Qualification/ Discipline Nationality Date of Appointment Prof. Benno J. Ndulu Mr. Khamis M. Omar Mr. Pius A. Maneno Mr. Daniel Nsanzugwanko Mrs. Mameltha K. Mutagwaba Mr. Bakar H. Bakar Chairman Member Member Professor of Economics/ Governor -BOT Principal Secretary -Ministry of Finance- RGoZ Certified Public Accountant/ Executive Director - NBAA Tanzanian Tanzanian Tanzanian Member Economist Tanzanian Member CORPORATE GOVERNANCE Assistant Commissioner- External Finance, MOF Tanzanian Member Finance Tanzanian The Board of Directors consists of six directors. There is no director who holds executive position in the Deposit Insurance Board. The Board of directors takes overall responsibility for the Deposit Insurance Board including responsibility for identifying key risk areas, considering and monitoring investment decisions, considering significant financial matters, and reviewing the performance of management business plans and budgets. The Board is also responsible for insuring that a comprehensive system of internal control policies and procedures is operative, and for compliance with sound corporate governance principles. The Board is required to meet at least four times a year. The Board delegates the day to day management of the business to Director assisted by two managers. Management and senior officers are invited to attend board meetings and facilitate the effective control of all the Deposit Insurance Board s operational activities, acting as a medium of communications and coordination between all the various business units. The Board during the year held two ordinary and five extra-ordinary meetings. The Deposit Insurance Board is committed to the principles of effective corporate governance.the directors also recognize the importance of integrity, transparency and accountability. 16 DEPOSIT INSURANCE BOARD - Annual Report 2013

17 AUDIT COMMITTEE Members of Audit Committee of the DIB Board of Directors during the financial year 2012/2013 are as follows- Name Position Qualifications/ Discipline Nationality Date of Appointment Mr. Pius A. Maneno Chairman Certified Public Accountant- Executive Director NBAA Tanzanian Mr. Khamis M. Omar Member Principal Secretary -Ministry of Finance -RGoZ Tanzanian Mr. Daniel Nsanzugwanko Member Economist Tanzanian During the year under review the Audit Committee held eight meetings. MANAGEMENT The management of the Deposit Insurance Board is under the Director and is organized in the following departments. Finance and Administration Department Operations Department PERFORMANCE FOR THE YEAR During the financial year 2012/2013 total assets increased by 29.7 percent. Specifically total assets increased from TZS 115,616.2 million recorded in 2011/2012 to 149,962.2 million as at 30th June, The increase was mainly attributed to the increase in investments in treasury bills and bonds. Premium amounting to TZS 19,598.6 million in respect of the financial year 2013/2014 were received in advance in May and June, The Deposit Insurance Fund increased by 32.7 percent. Specifically the Fund increased from TZS 98,185.8 million to TZS 130,240.9 million. The increase was attributed to net surplus transferred to the Deposit Insurance Fund. Net surplus during the year 2012/2013 increased by TZS 9,468.2 million representing 42.0 percent. The increase was mainly attributed to increase of premium income as results of increase of total deposits in member institutions and increases in interest income from government securities. DEPOSIT INSURANCE BOARD - Annual Report

18 RISK MANAGEMENT AND INTERNAL CONTROL The Board of Directors assumes final responsibility for risk management and internal control systems of the Deposit Insurance Board. It is the task of management to ensure that adequate internal financial and operational control systems are developed and maintained on an ongoing basis in order to provide reasonable assurance regarding: The effectiveness and efficiency of operations; The safeguarding of the DIB s assets; Compliance with applicable laws and regulations; The reliability of accounting records; Business sustainability under normal as well as adverse conditions; and Responsible behaviors towards all stakeholders. The efficiency of any internal control system is dependent on the strict observance of prescribed measures. There is always a risk of non-compliance of such measures by staff. Whilst no system, of internal control can provide absolute assurance against misstatement or losses, the DIB system is designed to provide the Board with reasonable assurance that the procedures in place are operating effectively. The Board of Directors assessed the internal control systems throughout the financial year ended 30th June, 2013 and is of the opinion that they are adequate. STATEMENT OF SOLVENCY The Board of Directors confirms that applicable accounting standards have been followed and that the financial statements have been prepared on a going concern basis. The Board of Directors has reasonable expectation that Deposit Insurance Board has adequate resources to continue in operational existence for the foreseable future. DECLARATION OF INTERESTS The Directors do not hold any interest in the Deposit Insurance Fund (DIF). Further,the Directors have not entered into related party transactions requiring disclosure during the year. EMPLOYEES WELFARE Section 37 (11) of the Banking and Financial Institutions Act, 2006 provides that the Bank of Tanzania shall make available to the Deposit Insurance Board such facilities and services of such officers as are necessary for proper and efficient exercise of the functions of DIB. In compliance to this requirement the Bank of Tanzania allocated to DIB twelve (12) of its employees as at 30th June, Management and Employees Relationship Relation between employees and management for the year 2012/2013 were good. There were no unresolved complaints received by Management from the employees during the year. 18 DEPOSIT INSURANCE BOARD - Annual Report 2013

19 Training Facilities During the year 2012/13 the sum of TZS million was utilized for staff training, workshops, seminar and conferences in order to improve employee s technical skills and hence effectiveness. Training programs have been and are continually being developed to ensure employees are adequately trained at all levels. Employees have some form of annual training to upgrade skills and enhance development. During the year DIB staff participated both local and international training including professional seminars and workshops. Medical Assistance All members of staff with a maximum number of four beneficiaries (dependents) for each employee were availed medical insurance guaranteed by the Bank of Tanzania. During the year under review these services were provided by Jubilee Insurance Company of Tanzania Limited. Health and Safety Under the current structure Bank of Tanzania provides health and safety services on behalf of Deposit Insurance Board. To this extent BOT has a strong health and safety department which ensure that a strong culture of safety prevails at all times. A safe working environment is ensured for all employees by providing adequate and proper personnel protective equipment, training and supervision as necessary. Financial Assistances Loans are available to all confirmed Bank of Tanzania employees depending on the assessment of and the discretion of Bank of Tanzania Staff by laws and Financial Regulations in force. Persons with Disabilities Currently all DIB staff are BOT employees. It is the BOT policy that applications for employment by disabled persons always be considered, bearing in mind the aptitude of the applicant concerned. In the event of member of staff becoming disabled, every effort is made to ensure that their employment continues and appropriate training is arranged. It is the policy that training, career development and promotion of disabled persons should, as far as possible, be identified to that of other employees. Employees Benefit Plan The Bank of Tanzania on behalf of Deposit Insurance Board pays contributions a publicly administered pension plans on mandatory basis which qualifies to be a defined benefit plan. Deposit Insurance Board staff are members of Parastatal Pension Fund (PPF). GENDER PARITY The Deposit Insurance Board had twelve employees, out of whom six were female and six were male. DEPOSIT INSURANCE BOARD - Annual Report

20 RELATED PARTY TRANSACTIONS The Board Members do not own shares of any class to DIB. All business transactions are conducted in line with the provisions of the Banking and Financial Institutions Act, In accordance with the International Financial Reporting Standards emoluments for directors and members of management were as follows: TZS Emoluments for Directors 12,000,000 Emoluments for key Management Personnel-Salaries 282,685,020 POLITICAL AND CHARITABLE DONATIONS Deposit Insurance Board did not make any donations during the year. FUTURE DEVELOPMENT PLANS The Deposit Insurance Board will continue to improve its profitability through premium assessment from member institutions and interest from investments. The growth rate of the Fund for the year 2012/2013 was 32.7 percent. Specifically the Fund increased from TZS 98,185.8 million in previous financial year to TZS 130,240.9 million in this financial year. The Fund is forecasted to grow by 27.7 percent in the financial year 2013/14 and reach a net worth value of TZS 166,378.6 million by 30th June, Amendment of Regulatory framework to make the DIB operate as an independent body is in progress. It is expected that the DIB shall have its own law and shall physically be separated from the Bank of Tanzania. Furthermore,the government of South Korea through its Ministry of Finance under the Knowledge Sharing Program (KSP) has agreed to support the Government of Tanzania to modernise the Deposit Insurance System in Tanzania. The implementing Agent, the Korea Deposit Insurance Corporation (KDIC) will carry out phase three of the demand survey (2013 KSP) in order to confirm DIB needs and provide support, under this arragement, the Deposit Insurance Board of Tanzania expects to receive technical assistance, among others, in the area of capacity building. 20 DEPOSIT INSURANCE BOARD - Annual Report 2013

21 STATEMENT OF DIRECTORS RESPONSIBILITIES Section 42 of the Banking and Financial Institutions Act, 2006 requires the Board of Directors of the Fund to prepare financial statements for each financial year showing the financial position of the Fund and the surplus for the year. These financial statements prepared by the Board of Directors are based on the accounting policies approved by the Board and in compliance with International Financial Reporting Standards (IFRS). The Directors confirm that suitable accounting policies have been used and prudent judgments and estimates have been made in the preparation of the financial statements for the year ended 30th June, The Directors also confirm that applicable accounting standards and International Financial Reporting Standards have been followed and that the financial statements have been prepared on the going concern basis. Directors are responsible for keeping proper accounting records, which fairly disclose at any time the financial position of the Fund. They are also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud, errors and other irregularities. The Directors are also responsible for the maintenance of an adequate system of internal control in the Fund. INDEPENDENT AUDITORS The Controller and Auditor General is the statutory Auditors of the Deposit Insurance Board (DIB) by virtue of Article 143 of the Constitution of the United Republic of Tanzania, amplified in Section 30(1) of the Public Audit Act No. 11 of However, in accordance to Section 33(1) of the Public Audit Act, the Controller and Auditor General authorized M/S SBC Consultancy Services to carry out the audit of DIB for the year 2012/2013 on his behalf. Approved by the Board of Directors on 13..., th December 2013 and signed on behalf by:-.. CHAIRMAN 13 / 12 / DATE.. DIRECTOR 13 / 12 / 2013 DATE DEPOSIT INSURANCE BOARD - Annual Report

22 2.0: AUDIT REPORT ON THE FINANCIAL STATEMENTS To: RE: The Chairman of the Board, Deposit Insurance Board, 10 Mirambo Street, P. O. Box 2939, DAR ES SALAAM REPORT OF THE CONTROLLER AND AUDITOR GENERAL ON THE FINANCIAL STATEMENTS OF DEPOSIT INSURANCE BOARD FOR THE YEAR ENDED 30TH JUNE, 2013 Introduction I have audited the accompanying financial statements of Deposit Insurance Board, which comprise the Statement of Financial Position as at 30th June, 2013, and the Statement of Comprehensive Income, the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and the notes to the financial statements which include a summary of significant accounting policies and other explanatory notes set out on pages 28 to 39 of this report. Directors Responsibility for the Financial Statements The Board of Directors of the Deposit Insurance Board is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of the financial statements that are free from material misstatement whether due to fraud or error, selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. Responsibilities of the Controller and Auditor General My responsibility as an auditor, is to express an independent opinion on the financial statements based on the audit. The audit was conducted in accordance with International Standards on Auditing (ISA), and such other audit procedures I considered necessary in the circumstances. These standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Deposit Insurance Board s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the 22 DEPOSIT INSURANCE BOARD - Annual Report 2013

23 purpose of expressing an opinion on the effectiveness of the Deposit Insurance Board internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. In addition, section 10(2) of the Public Audit Act No 11of 2008 require me to satify myself that the accounts have been prepared in accordance with appropriate accounting standards and that; reasonable precautions have been taken to safeguard the collection of revenue, receipt, custody, disposal, issue and proper use of public property, and that the law, directions and instructions applicable thereto have been duly observed and expenditures of public monies have been properly authorized. Furthermore, Section 44(2) of the Public Procurement Act No. 21 of 2004 and Regulation 31 of the Public Procurement (Goods, Works, Non-Consultant Services and Disposal of Public Assets by Tender) Regulations, 2005 require me to state in my annual audit report whether or not the auditee has complied with the provisions of the Law and its Regulations. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Unqualified Opinion In my opinion, the financial statements present fairly, in all material respects, the financial position of Deposit Insurance Board as at 30th June, 2013 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards and the Banking and Financial Institutions Act No. 5 of Report on Compliance with the Procurement Legislation In view of my responsility on the procurement legislation, and taking into consideration the procurement transaction and process I reviewed as part of this Audit, I state that the Deposit Insurance Board procument has generally complied with the Public procurement Act, 2004 and its related Regulations of 2005 Ludovick S. L. Utouh Controller and Auditor General National Audit Office Dar es Salaam, Tanzania DATE: 31 st December, 2013 DEPOSIT INSURANCE BOARD - Annual Report

24 STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE, 2013 NOTE TZS TZS NON CURRENT ASSETS Property, Plant and Equipment 3 29,478,527 41,162,953 Investment in Treasury Bonds- Long Term Maturities 4 32,805,800,876 26,200,987,193 CURRENT ASSETS Other Assets 5 76,733,948 73,196,270 Investment in Treasury Bills/Bonds Short Term Maturities 6 69,751,599,162 48,659,192,856 Cash and Cash Equivalents 7 47,298,602,280 40,641,695, ,126,935,390 89,374,085,074 TOTAL ASSETS 149,962,214, ,616,235,220 FUND AND LIABILITIES Deposit Insurance Fund 8 130,240,878,137 98,185,820,255 Capital Grant 26,132,198 35,499,935 TOTAL 130,267,010,335 98,221,320,190 CURRENT LIABILITIES Prepaid Premium Assessment 9 19,598,564,800 17,245,481,814 Other Liabilities 10 96,639, ,433,216 19,695,204,458 17,394,915,030 TOTAL FUND AND LIABILITIES 149,962,214, ,616,235,220 NOTES 1 TO 20 FORM PART OF THESE FINANCIAL STATEMENTS.. CHAIRMAN 13 / 12 / 2013 DATE..... DIRECTOR 24 DEPOSIT INSURANCE BOARD - Annual Report 2013

25 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30TH JUNE, / /2012 NOTE TZS TZS REVENUE Premium Income 9 17,504,918,314 14,709,507,065 Interest on Treasury Bills/Bonds 11 14,946,545,743 8,195,143,058 Contribution from BOT 1,797,818,400 1,656,293,208 Amortization of Capital Grant 7,418,212 11,885,612 TOTAL INCOME 34,256,700,669 24,572,828,943 OPERATING EXPENSES Personnel Expenses 12 1,401,113,913 1,234,464,262 Administrative Expenses ,261, ,985,102 Subscriptions 14 19,532,541 21,493,417 Depreciation 9,734,901 7,993,694 TOTAL EXPENSES 2,201,642,787 1,985,936,475 NET SURPLUS FOR THE YEAR TRANSFERRED TO DEPOSIT INSURANCE FUND 32,055,057,882 22,586,892,468 NOTE 1 TO 20 FORM PART OF THESE FINANCIAL STATEMENTS.. CHAIRMAN. DIRECTOR 13 / 12 / 2013 DATE... DEPOSIT INSURANCE BOARD - Annual Report

26 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30TH JUNE, 2013 DESCRIPTION DEPOSIT INSURANCE FUND CAPITALGRANT TOTAL TZS TZS TZS Balance as at ,598,927,787 14,741,718 75,613,669,505 ADD: Capital Grant Received 32,643,829 32,643,829 LESS: Adjustments for Unamortized Capital Grants (6,208,607) (6,208,607) LESS: Amortization of Capital Grant 0 (5,677,005) (5,677,005) ADD: Surplus for the Year 22,586,892,468 22,586,892,468 BALANCE AS AT ,185,820,255 35,499,935 98,221,320,190 Balance as at ,185,820,255 35,499,935 98,221,320,190 ADD: Capital Grant Received ADD: Surplus for the Year 32,055,057,882-32,055,057,882 LESS: Amortization of Capital Grant 0 (7,418,212) (7,418,212) LESS : Disposal 0 (1,949,525) (1,949,525) BALANCE AS AT ,240,878,137 26,132, ,267,010,335 NOTE 1 TO 20 FORM PART OF THESE FINANCIAL STATEMENTS.. CHAIRMAN. D I R E C T O R DATE / 12 / DEPOSIT INSURANCE BOARD - Annual Report 2013

27 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30TH JUNE, 2013 CASH FLOW FROM OPERATING ACTIVITIES 2012/ /2012 Net Income for the Year 32,055,057,882 22,590,292,468 Adjustment for Non - Cash Items Depreciation 9,734,901 7,993,694 Amortization of Capital Grant (7,418,212) (11,885,612) Accrued Interest (2,746,042,821) (2,486,449,235) Cash Flow After Non Cash Adjustment 29,311,331,750 20,099,951,315 WORKING CAPITAL MOVEMENTS (Increase)/Decrease in Treasury Bills (14,336,037,650) (135,370,011) (Increase)/Decrease in Treasury Bonds (6,496,775,070) (2,133,221,943) Interest Received 2,486,449,235 1,564,205,053 (Increase)/Decrease in other Assets (3,537,678) (14,676,496) Increase/(Decrease) in Other Liabilities (52,793,558) (40,630,308) Increase/(Decrease) in Prepaid Premium Assessments 2,353,082,986 2,548,765,249 Net Cash Flow From Working Capital Items (16,049,611,735) 1,789,071,544 NET CASH FLOW FROM OPERATIONS (A) 13,261,720,015 21,889,022,859 CASH FLOW FROM INVESTING ACTIVITIES Investments in Treasury Bonds (6,604,813,683) 0 NET CASH FLOW FROM INVESTING ACTIVITIES (B) (6,604,813,683) 0 TZS TZS NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B) 6,656,906,332 21,889,022,859 Cash and Cash Equivalents at Beginning of Period 40,641,695,948 18,752,673,089 CASH AND CASH EQUIVALENTS AT END OF PERIOD 47,298,602,280 40,641,695,948 NOTE 1 TO 20 FORM PART OF THESE FINANCIAL STATEMENTS.. CHAIRMAN DATE / 12 / DIRECTOR DEPOSIT INSURANCE BOARD - Annual Report

28 NOTES ON THE FINANCIAL STATEMENTS NOTE 1.0: ESTABLISHMENT AND OBJECTIVES The Deposit Insurance Board (DIB) existence is provided for under Section 37(1) of the Banking and Financial Institutions Act (BFIA) 2006.The Board is responsible for policy formulation, management and control of a Deposit Insurance Fund. The objectives of the Board include: To provide insurance against the loss of part or all of the deposits in member institutions To promote and otherwise contribute to the stability of financial system in Tanzania. To provide protection of depositors money To maintain depositors confidence in the banking system To settle depositors claims To liquidate failed banks and financial institutions. In fulfilling these objectives, the Minister for Finance determines the maximum amount of protected deposits from time to time by an order published in the Government Gazette. In order to facilitate the protection of deposits, the Deposit Insurance Board is responsible for levying and collection of premiums from banks and financial institutions and investing available resources in available investment avenues in line with requirements of the law. NOTE 2.0: PRINCIPAL ACCOUNTING POLICIES 2.1 Basis of Accounting The financial statements have been prepared on historical cost basis. 2.2 Accrual Accounting Revenue and expenditure are recognized in the income statement as they accrue, taking into account the amortization of any discount or premium or other differences between the initial carrying amount of an interest bearing instrument and its amount at maturity calculated on an effective interest rate basis. 2.3 Financial Instruments Deposit Insurance Board financial instruments have been categorized as held to maturity. Instruments that do not have a quoted market price in an active market and whose value cannot be reliably measured are stated at cost, including transaction cost less impairment losses. The Board recognizes financial assets held at fair value through surplus and deficit, held to maturity and available for sale on settlement date. The financial assets or the portion thereof is de-recognized on trade date that is when the Board 28 DEPOSIT INSURANCE BOARD - Annual Report 2013

29 loses control of the contractual rights that comprise the financial asset through realization, expiry or surrender of those rights. A financial liability is de-recognized when it is extinguished. 2.4 Premium Assessment Section 38 (5) of the Banking and Financial Institutions Act, 2006 requires all banks and financial institutions to contribute to the Deposit Insurance Fund such annual amount and at such times, as DIB may determine, that is one tenth of one percent of their average deposit liabilities for twelve months. With effect from May, 2010 the assessment rate was amended to one tenth of one and half percent of average total deposit liabilities. The contributions are accounted for on accrual basis. Yearly premium assessments are raised and collected in advance with income recognized in the related year. 2.5 Revenue and Expenses Recognition Interest Income and Expenses are recognized on time proportion basis, taking into account of the principal outstanding and the effective rate of the period to maturity. Interest Income and Expense are recognized in the Income Statement for all interest bearing instruments on accrual basis using the effective rate of interest method. Where financial assets have been impaired, interest income continues to be recognized on the impaired value, based on the original effective rate. Interest income and expenses include the amortization of any discount or premium or other differences between the initial carrying amount of an interest-bearing instrument and its amount at maturity calculated on an effective interest rate basis. 2.6 Foreign Currency Translations Transactions in foreign currencies are translated into Tanzanian shillings based on exchange rates ruling at the dates of respective transactions. Exchange gains/ losses thereon are taken into account in the determination of the results from operations. Assets and liabilities expressed in foreign currencies as at the balance sheet date are translated into Tanzanian shillings at the rates of exchange ruling at the end of the financial year. Differences in exchange rates fluctuations are booked in the statement of comprehensive income. As at the end of the year there were neither assets nor liabilities denominated in foreign currency. 2.7 Property, Plant and Equipment (PPE) Recognition Property, plant and equipment are initially recorded at historical cost which includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefits associated with the item will flow to the DIB and the cost of the item can be measured reliably. All other repairs and maintenance are charges to the income statement during the financial period in which they are incurred. DEPOSIT INSURANCE BOARD - Annual Report

30 Depreciation Depreciation on property, plant and equipment (PPE) is calculated to write off the cost to their residual values over their estimated useful lives on a straightline basis. These residual values and expected useful lives are reassessed on an annual basis. PPE acquired during the year are depreciated from the date when they are available for use and cease to be depreciated at earlier of the date that the asset is classified as held for sale and the date that the asset is de-recognized. Asset Category Annual Depreciation Rate Office Furniture and Equipment 20% Computers 25% Motor Vehicles 25% 2.8 Grants (i) (ii) Grants received in the form of fixed assets are credited to capital grants account and released to Income Statement over the expected useful lives of relevant fixed assets. Grants received in the form of revenue are credited to revenue grant account and debited to their respective expenditure account. 2.9 Cash and Cash Equivalents Cash and Cash Equivalents comprises cash on hand and cash at bank, fixed deposits and treasury bills that mature within three months of the date of maturity which are subject to insignificant risk of changes in value Impairment of Assets The carrying amounts of the assets other than accounts receivable are reviewed at every balance sheet date to determine if there is an indication of impairment to which case the recoverable amounts are estimated. An impairment loss is charged to Income Statement when the carrying amount of an asset exceeds the recoverable amount. Impairment of account receivable is established at the rate of 50% and 100% for debts which have been outstanding for one year and more than one year respectively Taxation In acordance with section 36(8) of the BFIA, DIB is exempted from payment of any taxes, levies or duties in respect of its profits, transactions and operations, thus in the preparation of these accounts no provisions have been made for taxation. 30 DEPOSIT INSURANCE BOARD - Annual Report 2013

31 NOTE 3.0: PROPERTY, PLANT AND EQUIPMENT PARTICULARS YEAR ENDED COST/VALUATION OFFICE FURNITURE AND EQUIPMENT COMPUTERS TOTAL TZS TZS TZS Cost/Valuation as at ,253,112 56,304,632 75,557,744 Additions during the Year 5,770,000 26,873,829 32,643,829 Cost/Valuation as at ,023,112 83,178, ,201,573 DEPRECIATION Accumulated as at ,074,554 43,970,372 59,044,926 Adjustment for Disposals Depreciation Charge for the Year 1,910,466 6,083,228 7,993,694 Accumulated Depreciation as at ,985,020 50,053,600 67,038,620 NET BOOK VALUE AS AT ,038,092 33,124,861 41,162,953 YEAR ENDED COST/VALUATION Cost/Valuation as at ,023,112 83,178, ,201,573 Additions during the Year Adjustment for Disposals 0 (21,957,967) (21,957,967) Cost/Valuation as at ,023,112 61,220,494 86,243,606 DEPRECIATION Accumulated as at ,985,020 50,053,600 67,038,620 Depreciation Charge for the Year 1,371,600 8,363,301 9,734,901 Disposal Adjusted - (20,008,442) (20,008,442) Accumulated Depreciation as at ,356,620 38,408,459 56,765,079 NET BOOK VALUE AS AT ,666,492 22,812,035 29,478,527 DEPOSIT INSURANCE BOARD - Annual Report

32 NOTE 4.0: INVESTMENT IN TREASURY BONDS - LONG TERM MATURITIES TZS TZS Treasury Bonds Maturing after 12 Months of the end of the Financial Year 32,805,800,876 26,200,987,193 NOTE 5.0: OTHER ASSETS Employees Earned Leave Receivable 61,200,758 58,519,774 Prepayment - IADI 14,568,136 14,676,496 Account Receivable 965,054 0 TOTAL 76,733,948 73,196,270 NOTE 6.0: INVESTMENT IN TREASURY BILLS AND BONDS - SHORT TERM MATURITIES TZS TZS Maturity No. of Days Days 0 6,946,095,288 Maturity No. of Days Days 57,359,910,131 36,077,777,193 Treasury Bonds Maturing after 91 Days but within 1 Year of end of Financial Year 8,833,920,000 2,882,748,300 Total Treasury Bills 66,193,830,131 45,906,620,781 Accretion - Bonds 811,726, ,122,840 Accrued Interest 2,746,042,821 2,486,449,235 TOTAL 69,751,599,162 48,659,192, DEPOSIT INSURANCE BOARD - Annual Report 2013

33 NOTE 7.0: CASH AND CASH EQUIVALENTS Bank Balances 186,389,953 11,933,647, Days Treasury Bills 42,616,738,615 27,116,930,468 Accrued Interest 4,495,473,712 1,591,117,615 TOTAL 47,298,602,280 40,641,695,948 NOTE 8.0: NOTE 9.0: DEPOSIT INSURANCE FUND All funds accruing to the Deposit Insurance Board as provided for under the BFIA are credited to the Deposit Insurance Fund out of which expenditures relating to the operations of the Fund are charged. The position of the Fund as at 30thJune, 2013 was TZS 130,240,878,137 which comprised TZS 1,500,000,000 being the amount contributed by the Government in order to support the establishment of the Fund in 1994 and accumulated surplus to 30th June, 2013 amounting to TZS 128,740,878,137. PRE-PAID PREMIUM ASSESSMENTS Balance Brought Forward as at 1st July 17,245,481,814 14,696,716,565 Assessment during the Year 19,858,001,300 17,258,272,314 37,103,483,114 31,954,988,879 Less: Amount Transferred to Income 17,504,918,314 14,709,507,065 BALANCE CARRIED FORWARD AS AT ,598,564,800 17,245,481,814 NOTE 10.0: OTHER LIABILITIES TZS TZS Provision for Earned Leave 61,200,758 58,519,774 Account Payable 3,905,200 67,913,442 Provision for Audit Fees 31,533,700 23,000,000 TOTAL 96,639, ,433,216 DEPOSIT INSURANCE BOARD - Annual Report

34 NOTE 11.0: INTEREST ON TREASURY BILLS AND BONDS 2012/ /2012 ACTUAL ACCRUED TOTAL TOTAL TZS TZS TZS TZS Treasury Bills 91 Days ,912,170 Treasury Bills 182 Days 1,114,565, ,950,549 1,996,516,404 25,573,885 Treasury Bills 364 Days 3,463,265,528 5,910,135,524 9,373,401,052 5,523,707,726 Treasury Bonds 2,288,392, ,430,461 2,737,823,396 2,435,284,134 Accretion - Bonds 793,608, ,608, ,665,143 Penalty interest 44,486, ,054 45,196,181 0 TOTAL 6,910,710,445 8,035,835,298 14,946,545,743 8,195,143,058 NOTE 12.0: PERSONNEL EXPENSES 2012/ /2012 TZS TZS Salaries 717,199, ,808,676 Housing Allowance 98,704,696 86,795,309 PPF/NSSF Board s Contributions 126,785, ,991,820 Medical Expenses 27,757,777 30,120,141 Seminars and Conference 196,449,039 98,731,701 Staff Training 112,512,780 92,806,336 Leave Passage 60,504,445 56,690,505 Employees Earned Leave 61,200,758 58,519,774 TOTAL 1,401,113,913 1,234,464, DEPOSIT INSURANCE BOARD - Annual Report 2013

35 NOTE 13.0: ADMINISTRATIVE EXPENSES 2012/ /2012 TZS TZS Board Expenses 122,308, ,103,931 Action Plan & Review of Policies 22,572,800 0 Legal Fees 0 18,787,164 Refreshments 7,464,000 6,395,200 Transport and Traveling Expenses 82,201,670 83,079,390 Utility and Telephone Charges 68,858,987 52,912,257 Office Rent and Maintenances 254,121, ,968,320 Printing Expenses 3,500,000 3,500,000 Publicity Expenses 49,770, ,807,000 Stationery 7,268,740 6,318,078 Newspapers and Magazine 4,176,000 3,744,000 Provision for Audit Fees 33,603,790 23,000,000 KSP - Korea 115,414,379 46,369,762 TOTAL 771,261, ,985,102 NOTE 14.0: SUBSCRIPTIONS IADI Annual Subscription 19,532,541 21,493,417 TOTAL 19,532,541 21,493,417 NOTE 15.0: RECEIVABLE FROM BANK RESOLUTION The Board in February, 2000 made an advance to the Statutory Manager of the defunct Greenland Bank (T) Limited amounting to TZS 2,400,000,000 to pay off its depositors. The recoverability of the amount is remote; accordingly a full provision for impairment has been made on this debt. The impaired receivable is maintained in the Board s accounts on a memorandum basis to be brought up the books if realised. NOTE 16.0: RISK MANAGEMENT The DIB is exposed to various risks in its operations. Main risks include credit risks, liquidity risks, and interest rate risks. The management of these risks and operational risks is carried out as stated below. DEPOSIT INSURANCE BOARD - Annual Report

36 16.1 Credit Risk This is the risk of loss attributable to counter parties failing to honour their obligations and causes the other party to incur a financial loss. Deposit Insurance Board manages the risk as follows: All investments are in Government Securities All deposits of the DIB are maintained with the Bank of Tanzania Insurance Risk This relates to the risk of loss associated with insuring deposits. The current premium assessment rate had been set to minimize this risk. Deposit Insurance Board reviews the rate on regular basis to make sure that no subsidy is conveyed to the banks and financial institutions. 36 DEPOSIT INSURANCE BOARD - Annual Report 2013

37 NOTE 16.3 LIQUIDITY RISK This is a risk that funds will not be available to honour cash obligations as they arise. The risk is managed by maintaining maturity ladding of assets and liabilities. Particulars Up to 1 month From 1 Month to 3 Months From 3 Months to 1 Year From1 year to 5 Yeasr Over 5 Years TOTAL AS AT TOTAL AS AT TZS TZS TZS TZS TZS TZS TZS ASSETS Cash & cash Equivalents 32,077,450,645 15,221,151,636 47,298,602,281 40,641,695,949 Treasury Bills 57,359,910,131 57,359,910,131 43,023,872,481 Treasury Bonds 8,833,920,000 32,805,800,876 41,639,720,876 29,083,735,493 Accrued Interest 2,746,042,820 2,746,042,820 2,486,449,235 Accreation Bonds 811,726, ,726, ,122,840 Receivables 76,023,894 76,023,894 14,676,496 Property, Plant and Equipment 29,478,527 29,478,527 39,213,428 TOTAL ASSETS 32,077,450,645 15,221,151,636 69,015,896,845 33,617,527,086 29,478, ,961,504, ,555,765,922 LIABILITIES Prepaid Premium Assessment 1,633,213,733 3,266,427,467 14,698,923,600 19,598,564,800 17,245,481,815 Other Liabilities 88,105,958 88,105,958 87,513,442 TOTAL LIABILITIES 1,633,213,733 3,354,533,425 14,698,923, ,686,670,758 17,332,995,257 MATURITY SURPLUS/ (SHORTFALL) 30,444,236,912 11,866,618,211 54,316,973,245 33,617,527,086 29,478, ,274,833,981 98,222,770,665 DEPOSIT INSURANCE BOARD - Annual Report

38 NOTE 16:4 INTEREST RATE RISK The Board is exposed to various risks associated with the effect of fluctuations in the prevailing levels of market interest rates on its financial position cash flows. The table below summarizes the exposure to interest rate risks. Included in the table are the Board s assets and liabilities at carrying amount Particulars Money market Instrument Less than 1 month Between 1 month and 3 months Between 3 months and 1 year Over 1 year Others Total as at Total as at ASSETS Cash and Cash Equivalents 42,616,738,615 28,940,239,762 13,676,498,853 42,616,738,615 17,816,213,598 Investments in Treasury bills/bonds 99,811,357,217 66,193,830,131 33,617,527,086 99,811,357,217 70,020,754,443 Accrued Interests 2,746,042,821 2,746,042,821 2,746,042,821 2,500,664,544 Accreation bonds 811,726, ,726, ,726,428 84,384,417 Non interest bearing Assets 29,478,527 29,478,527 51,544,594 Total 145,985,865,081 28,940,239,762 13,676,498,853 68,939,872,952 33,617,527, ,204, ,015,343,608 90,473,561,596 LIABILITIES Prepaid Premium Assessment ,598,564,800 19,598,564,800 14,696,716,565 Non interest bearing Liabilities 0 88,105,958 88,105, ,175,526 TOTAL LIABILITIES ,686,670,758 19,686,670,758 14,859,892,091 ASSET - LIABILITIES GAP 145,985,865,081 28,940,239,762 13,676,498,853 68,939,872,952 33,617,527,086-18,845,465, ,328,672,850 75,613,669,505 NOTE 17.0: CAPITAL COMMITMENTS The Board had no capital commitments as at the close of the financial year. 38 DEPOSIT INSURANCE BOARD - Annual Report 2013

39 NOTE 18.0: NOTE 19.0: NOTE 20.0: CONTINGENT LIABILITIES As at the close of the financial year the Board had no contingent liabilities. RETIREMENT/PENSION FUNDS ARRANGEMENTS Staff of the Board are members of PPF Pension Fund. Contributions from employer and employees are remitted on montly basis. COMPARATIVE FIGURES Comparative figures are regrouped whenever considered necessary in order to make them comparable with the current reporting date DEPOSIT INSURANCE BOARD - Annual Report

40 ANNEXTURE I LIST OF OFFICERS 1. Abraham M. Rasmini Director 2. Richard Malisa Manager, Finance and Administration 3. Rosemary Tesha Tenga Manager Operations 4. Rashid S. Mrutu Senior Principal Legal Officer 5. Balthazar K. Laurent Senior Principal Accountant 6. Reynalda J. Kaisi Senior Principal Bank Officer 7. Ester Kyomwenge Senior Principal Human Resources Officer 8. Mutachumwa Mukandala Senior Principal Accountant 9. Mariam Jurango Senior Principal Bank Officer 10. Rukia O. Muhaji Bank Officer ANNEXTURE II 2013 MEMBER INSTITUTIONS 1 ACCESSBANK (TANZANIA) LIMITED 2 ADVANS BANK TANZANIA LIMITED 3 AKIBA COMMERCIAL BANK LTD 4 AMANA BANK LIMITED 5 AZANIA BANK LIMITED 6 BANC ABC 7 BANK M (TANZANIA) LIMITED 8 BANK OF AFRICA TANZANIA LIMITED 9 BANK OF BARODA TANZANIA LIMITED 10 BANK OF INDIA (TANZANIA) LIMITED 11 BARCLAYS BANK (T) LIMITED 12 CITIBANK TANZANIA LIMITED 13 COMMERCIAL BANK OF AFRICA (T) LIMITED 14 COVENANT BANK FOR WOMEN TANZANIA LIMITED 15 CRDB BANK PLC 16 DCB COMMERCIAL BANK PLC 17 DIAMOND TRUST BANK (T) LTD. 18 ECOBANK TANZANIA LTD 19 EFATHA BANK LIMITED 20 EFC TANZANIA M.F.C LIMITED 21 EQUITY BANK TANZANIA LIMITED 22 EXIM BANK TANZANIA LIMITED 23 FBME BANK TANZANIA LIMITED 24 FINCA (T) M.F.C LIMITED 25 FIRST NATIONAL BANK TANZANIA LIMITED 26 HABIB AFRICAN BANK 27 I & M BANK TANZANIA LIMITED 28 INTERNATIONAL COMMERCIAL BANK (T) LTD. 29 KAGERA FARMERS COOPERATIVE BANK LTD 30 KCB BANK TANZANIA LIMITED 31 KILIMANJARO COOPERATIVE BANK 32 MAENDELEO BANK PLC 33 MBINGA COMMUNITY BANK LIMITED 34 MERU COMMUNITY BANK LIMITED 35 MKOMBOZI COMMERCIAL BANK PLC 36 MUFINDI COMMUNITY BANK LTD 37 MWANGA RURAL COMMUNITY BANK 38 NATIONAL MICROFINANCE BANK (T) PLC. 39 NBC LIMITED 40 NIC BANK TANZANIA LIMITED 41 NJOMBE COMMUNITY BANK LTD 42 PEOPLES BANK OF ZANZIBAR 43 STANBIC BANK (T) LTD 44 STANDARD CHARTERED BANK (T) LTD 45 TANDAHIMBA COMMUNITY BANK LTD 46 TANZANIA INVESTMENT BANK 47 TANZANIA POSTAL BANK 48 TANZANIA WOMEN S BANK PUBLIC LIMITED COMPANY 49 TWIGA BANCORP LIMITED 50 UBL BANK TANZANIA LTD 51 UCHUMI COMMERCIAL BANK LIMITED 52 UNITED BANK FOR AFRICA TANZANIA LIMITED 40 DEPOSIT INSURANCE BOARD - Annual Report 2013

41 ANNEXURE III RECEIVERSHIP AND LIQUIDATION DIVISION RECEIVERSHIP AND LIQUIDATION SECTION DEPOSIT INSURANCE BOARD ORGANIZATIONAL CHART BOARD OF DIRECTORS DIRECTOR OR MANAGER, OPERATIONS DEPARTMENT MANAGER, FINANCE AND ADMINISTRATION BANK PERFORMANCE MONITORING DIVISION PERSONNEL & ADMINISTRATION DIVISION LEGAL SERVICES DIVISION RISK MONITORING SECTION FAILURE RESOLUTION SECTION ADMINISTRATIVE SERVICES SECTION PERSONNEL SECTION LEGAL ADVICE & LITIGATION SECTION TREASURY MANAGEMENT SECTION FINANCE DIVISION ACCOUNTING SECTION DEPOSIT INSURANCE BOARD - Annual Report

42 Notes 42 DEPOSIT INSURANCE BOARD - Annual Report 2013

43 DEPOSIT INSURANCE BOARD - Annual Report

44 DEPOSIT INSURANCE BOARD - Annual Report 2013

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