External Debt Statistics Survey (EDSS)

Transcription

1 CENTRALE BANK VAN ARUBA Balance of Payments Notes to the Annual External Debt Statistics Survey (EDSS) June 2013 Prepared by the Statistics Department Centrale Bank van Aruba J.E. Irausquin Boulevard 8 P.O. Box 18 Oranjestad ARUBA 1

2 Table of contents 1. Purpose of the survey 2. Legal basis 3. Submission period 4. Reporting process 5. Residents and nonresidents 6. Who has to submit reports? 7. Appointing a representative 8. Reporting periods 9. What kind of external debt instruments should be reported? 10. Affiliated companies 11. Valuation 12. Structure of the reporting forms 13. Debt reorganization 14. Grace periods 15. Further information Annexes 1. Glossary of external debt terms 2. EDSS company register form 3. EDSS debt related forms 2

3 1. Purpose of the survey The Centrale Bank van Aruba (CBA), through the External Debt Statistics Survey (EDSS), annually collects information on the gross external debt of Aruban residents. The information is used in compiling the total Gross External Debt Position (GEDP) statistics, the Balance of Payments (BOP) statistics, and the International Investment Position (IIP) of Aruba. These statistics are distributed to the public through publications of the CBA, among which the Annual Statistical Digest. According to the EDSS, Gross external debt, at any given time, is the outstanding amount of those actual current, and not contingent, liabilities that require payments of principal and/or interest by the debtor at some point(s) in the future and that are owed to nonresidents by residents of Aruba. The need has long been recognized for comprehensive, comparable, and reliable information on external debt to inform data analysts, policymakers, and other users of statistics. Because of obligations to make future payments, external debt liabilities have the potential to create circumstances that make an economy vulnerable to solvency and liquidity problems. Therefore, external debt needs to be measured and monitored. 2. Legal basis Pursuant to article 8 of the State Ordinance Foreign Exchange Transactions (SOFET) and the Decree on Balance of Payments Reporting Instructions 2013 (Decree RI 2013) and in accordance with the relevant regulations and procedures of the CBA, a resident entity is obligated to truthfully submit all information and data the CBA requests to prepare the Balance of Payments. The regulations of the SOFET and the Decree RI 2013 are available on the CBA website 3. Submission period The completed EDSS reporting forms must in principle be in the CBA s possession within six months after the end of the relevant calendar year. If definite figures are not available for the reporting year as well as the year before, provisional figures must be reported to meet the due date. In the case of significant changes in any annual reports data, a revised report for the relevant period must be submitted. If the required information is not available at that time, a written request for postponement should be submitted to the CBA no later than one working day before the submission period expires. 4. Reporting process To facilitate the reporting processes, the CBA has developed electronic reporting forms in Excel format, named FormsEDSS.xls, which are available on the website of the CBA. The reporting forms should be submitted by to: statistics.department@cbaruba.org. 3

4 5. Residents and nonresidents The Balance of Payments and International Investment Position includes, respectively, transactions (flows) and positions between residents and nonresidents. In accordance with the definitions of the International Monetary Fund, residents of a certain country are the group of natural persons and legal entities whose center of economic interest lies in the country concerned. In Aruba, this definition of residents is elaborated further in the SOFET. Article 1 of the SOFET defines residents as: a. Natural persons residing in Aruba and registered in the population register of the Civil Registry, or those who actually have been living in Aruba for a period exceeding one year after the date of their arrival in Aruba, as soon as that year has lapsed; b. Legal entities, partnerships, and limited partnerships domiciled in Aruba; c. Branches, branch offices, enterprises and agencies domiciled in Aruba, as far as not covered under b; and d. Persons, legal entities and other institutions designated by the CBA, as far as not covered under a, b and c. Nonresidents are: natural persons, legal entities, partnerships, branches, agencies and enterprises not covered by the definition of residents. 6. Who has to submit reports? The CBA determines the population that is required to report and informs those involved in reporting how the reporting should take place. The population in question consists of residents who were granted a foreign exchange license to borrow funds from abroad (the resident borrowers) and residents who may have liabilities to nonresidents according to information available to the CBA. 7. Appointing a representative A resident company usually reports independently to the CBA, i.e., without the intervention of a third party. However, a reporting resident company may have its reporting, whether centralized or not, done by an external party (a representative). The reporting resident company shall remain responsible at all times for compliance with its reporting obligations. 8. Reporting periods Stock and flow data on the relevant debt instrument should be reported for the following years; The reporting year; The year prior to the reporting year; and The next three years covering a forecast of the debt-instrument transactions. 4

5 9. What kind of external debt instruments should be reported? The EDSS measures debt owed to nonresidents, subdivided in the following instruments: debt securities, loans, trade credits and advances, and other debt liabilities. Debt securities: bonds and notes and money market instruments. Loans: liabilities created through the direct borrowing of funds by a debtor (borrower) from a creditor (lender) through an arrangement. Included as loans are mortgages, overdrafts, installment loans, and financial leases. Trade credit and advances: liabilities arising from: credit received from suppliers for the import of goods and/or services, and advance payments received from buyers for the export of goods and/or services or work in progress. Other debt liabilities: items other than those included under debt securities, loans, and trade credits and advances. Such liabilities include liabilities of pension funds and life insurance companies to their nonresident participants and policyholders, wages and salaries, taxes, and dividends. 10. Affiliated companies A distinction is made with respect to borrowings between affiliated companies because the nature of the relationship between debtor and creditor is different. Affiliated companies are related through direct investment ownership structures, such as branches, subsidiaries, associates, and joint ventures. Affiliated companies include those in a direct ownership relationship but also those that are related through a third company and/or a chain of direct investment relationships. 11. Valuation Debt instruments are valued at the nominal value with the exception of traded debt instruments, which can be valued at market value as well. The nominal value of the loan is a measure of value from the viewpoint of the debtor because at any moment in time, the nominal value is the amount that the debtor owes to the creditor. The market value of a traded debt instrument is determined by its market price, which provides a measure of the opportunity costs to both the debtor and the creditor. All values should be reported in thousands of the original currency denomination of the debt. 5

6 12. Structure of the reporting forms The reporting forms consist of a company register form and debt-related forms. The company register form (attachment 1) covers general information on the resident company: - The name of the reporting company /debtor and the unique reporter code - Mailing and visiting address - Contact person at the reporting company and representative for completing the form The debt-related reporting forms (attachment 2) cover: (a) General information on the nonresident lender and the underlying debt and include inter alia, the following: - The name and residency of the foreign lender/creditor - The original debt amount and currency denomination of the debt - The original maturity of the debt (b): Information on the debt (excluding accrued interest): b1. Opening balance: the outstanding amount of the debt instrument at the beginning of the year. b2. Transactions: disbursements and principal payments. b3. Other changes: e.g., debt reorganization, write-offs, exchange rate changes, and valuation changes. b4. Closing balance: the amount of the debt instrument outstanding at the end of the year. b5. Arrears: principal amounts that were due for payment but are unpaid. Arrears are presented as a separate item and should be filled out only if principal payments should have been made but were not. (c) Information on accrued interest c1. Opening balance: outstanding amount of interest at the beginning of the year. c2. Transactions: accrual/recording of interest over the year and payments of interest during the year. c3. Other changes: e.g., debt reorganization, write-offs, exchange rate changes, and valuation changes. c4. Closing balance: the amount of interest outstanding at the end of the year (accrued interest). 6

7 13. Debt reorganization Debt reorganization is included in other changes (c3). Debt reorganization is defined as bilateral arrangements involving both the creditor and the debtor that alter the terms established for the servicing of a debt. Debt reorganization consists of debt rescheduling, debt forgiveness, and debt conversion. If debt rescheduling takes place, a new debt-related form should be completed. 14. Grace period Some debt instrument loans may have a grace period during which no principal and/or interest payments are made. Provided that the debtor can repay, without penalty, the same amount of principal should be reported at the end of the grace period as at the beginning, while no interest costs are accrued during the grace period. 15. Further information Please direct questions regarding the reporting instructions or the EDSS reporting forms to Mrs. Omaira Franken- Figaroa of the Statistics Department of the CBA at telephone or via o.figaroa@cbaruba.org. 7

8 Annexes Glossary of external debt terms EDSS company register form EDSS debt-related forms JUNE

9 Glossary of external debt terms Balance of payments (BOP) The balance of payments is a statistical statement that systematically summarizes, for a specific period of time, the economic transactions of an economy with the rest of the world. These transactions involve goods, services, income, and current transfers (such as gifts) as well as changes in financial claims and liabilities. International investment position (IIP) The IIP is the stock of external financial assets and liabilities on a specified reference, usually the end of a quarter or year. The change in position between two end-periods reflects financial transactions, valuation changes, and other adjustments occurring during the period. Accrued interest Accrued interest costs are those that have accrued and are outstanding. Amortization schedule The amortization schedule is a schedule for the repayment of principal and payment of interest on an ongoing basis. Arrears Arrears are principal amounts that were due for payment but are unpaid. Bonds and notes Bonds and notes are debt securities with an original maturity of over one year. They are usually traded (or tradable) in organized and other financial markets. Bonds and notes usually give the holder the unconditional right to fixed money income or contractually determined variable money income. With the exception of perpetual bonds, bonds and notes also provide the holder with an unconditional right to a fixed sum as repayment of principal on a specified date or dates. Bullet repayment Bullet repayment refers to the repayment of principal in a single payment at the maturity of the debt. Date of commitment This is the date on which the commitment is made. Debt conversion The exchange of debt for a non debt liability, such as debt-for-equity swaps, debt-for-real estate swaps, or debt-for nature swaps. Debt forgiveness Debt forgiveness refers to the voluntary cancellation of all or part of a debt within a contractual arrangement between a creditor in an economy and a debtor in another economy. 9

10 Debt instrument(s) Debt instruments typically arise out of contractual relationships under which an institutional unit (the debtor) has an unconditional liability to another institutional unit (the creditor) to repay principal, with or without interest, or to pay interest without principal. These instruments may also be created by the force of law - in particular, obligations to pay taxes or to make other compulsory payments - or through rights or obligations that result in a debtor accepting an obligation to make future payment(s) to a creditor. Examples of debt instruments are debt securities, loans, and trade credits. Debt refinancing Debt refinancing refers to the conversion of the original debt instrument into a new debt instrument. In other words, overdue payments or future debt-service obligations are paid off using a new debt obligation. Debt rescheduling Debt rescheduling refers to the formal deferment of debt-service payments and the application of new and extended maturities to the deferred amount. Rescheduling debt is one means of providing a debtor with debt relief through a delay. Disbursements Disbursements refer to the transactions of providing financial resources. The two counterparties must record the transaction simultaneously. In practice, disbursements are recorded at one of several stages: provisions of goods and services (where trade credits are involved); placing of funds at the disposal of the recipient in an earmarked fund or account; withdrawal of funds by the recipient from an earmarked fund or account; or payment by the lender of invoices on behalf of the borrower. Gross external debt Gross external debt, at any given time, is the outstanding amount of those actual current, and not contingent, liabilities that require payments of principal and/or interest by the debtor at some point(s) in the future and that are owed to nonresidents by residents of Aruba. Financial lease A financial lease is a contract under which a lessee commits to pay rentals for the use of a good for most or all of its expected economic life. While no legal change of ownership of the good takes place, under a financial lease the risks and rewards of ownerships are, de facto, transferred from the legal owner of the good, the lessor, to the user of the good, the lessee. The debt liability at the inception of the lease is defined as the value of the good and is financed by a loan of the same value, a liability of the lessee. The loan is repaid through the payment of rentals (which comprise both interest and principal payment elements) and any residual payment at the end of the contract (or alternatively, by return of the good to the lessor). Interest For the use of principal, interest can, and usually does, accrue on the principal amount, resulting in an interest cost for the debtor. 10

11 Maturity date The maturity date is the date on which a debt obligation is contracted to be extinguished. Money market instruments Money market instruments are debt securities that generally give the owner the unconditional right to receive a stated, fixed sum of money on a specified date. These instruments usually are traded, at a discount, in organized markets. Included are such instruments as treasury bills, commercial and financial papers, banker s acceptances, negotiable certificates of deposit (with original maturities of one year or less), and short-term notes issued under note issuance facilities. Original maturity The period of time from when the financial liability was created to its final maturity date is the original maturity. On the basis of the original maturity a distinction is made between long term (>1year) and short term ( 1 year). Prepayment Prepayment is defined as the partial or full repayment by the borrower, perhaps at a discount, of an outstanding debt obligation in advance of the maturity date. The prepayment may be at a discount from the current outstanding principal amount. Principal payment Principal payments are payments of economic value by the debtor to the creditor that reduce the principal amount outstanding. Repayment period The repayment period is the length of time during which the debt obligation is to be repaid. Way of settlements Way of settlements is how the financial flows take place, e.g., through a Local Commercial Bank (LCB), Foreign Account (FA), or Other (OTH). 11

12 Attachment 1: Company register form (yr= reporting year) Balance of Payments - (yr) External Debt Statistics Survey (EDSS) Name Mailing address Visiting address Contact person 1 Contact person at the reporting company Contact person 2 Representative assigned by the reporting company for the completion of this form. Name of the reporting company/ debtor Unique reporter code Address Postal code City Country Address Postal code City Country Name Telephone Fax address Language Name Telephone Fax address Language EDSS company register form - Respondent identification 12

13 Attachment 2: EDSS debt related forms (yr= reporting year) Debt securities /1 (affiliated) Balance of Payments - (yr) External Debt Statistics Survey (EDSS) Name of the reporting company/ debtor: A. General 1. Name of foreign lender / agent 2. Residency of foreign lender 3. Purpose of debt 4. Original debt amount (in thousands) /2 5. Currency denomination of the debt (AWG/ USD/ EUR/ ) 6. Licence # (if applicable) 7. Date of commitment 8. Interest rate composition 9. Original maturity of the debt (in years) 10. Grace period 11. Due date of principal payment 12. Due date of interest payment 13. Way of settlement 3/ 14. Type of debt instrument 4/ B. Debt (excluding accrued interest) yr-1 yr yr+1 yr+2 yr+3 B1. Opening balance B2. Transactions 1. Disbursements 2. Principal payments B3. Other changes B4. Closing balance ( B1 + B2.1 - B2.2 + B3) B5. Arrears 5/ C. Accrued interest 6/ C1. Opening Balance C2. Transactions 1. Interest accrued in the course of the year 2. Interest paid in the course of the year C3. Other changes C4. Closing balance (C1 + C2.1 - C2.2 + C3) 1/ A complete amortization and/or interest schedule (in the currency denomination) of the underlying debt should also be included if available. 2/ All amounts in part B and C are also filled out in thousands 3/ Through Local Commercial Bank (LCB), Foreign Account (FA), and Other (OTH), please specify. 4/ Bonds/ notes/ money market instruments/ certificates/ bills. 5/ Arrears are principal amounts that were due for the period but that are unpaid. 6/ Even if interest is paid according to schedule (closing balance = 0), both C2.1 and C2.2 should be filled out. 13

14 Debt securities /1 (not-affiliated) Balance of Payments - (yr) External Debt Statistics Survey (EDSS) Name of the reporting company/ debtor: A. General 1. Name of foreign lender / agent 2. Residency of foreign lender 3. Purpose of debt 4. Original debt amount (in thousands) /2 5. Currency denomination of the debt (AWG/ USD/ EUR/ ) 6. Licence # (if applicable) 7. Date of commitment 8. Interest rate composition 9. Original maturity of the debt (in years) 10. Grace period 11. Due date of principal payment 12. Due date of interest payment 13. Way of settlement 3/ 14. Type of debt instrument 4/ B. Debt (excluding accrued interest) yr-1 yr yr+1 yr+2 yr+3 B1. Opening balance B2. Transactions 1. Disbursements 2. Principal payments B3. Other changes B4. Closing balance ( B1 + B2.1 - B2.2 + B3) B5. Arrears 5/ C. Accrued interest 6/ C1. Opening Balance C2. Transactions 1. Interest accrued in the course of the year 2. Interest paid in the course of the year C3. Other changes C4. Closing balance (C1 + C2.1 - C2.2 + C3) 1/ A complete amortization and/or interest schedule (in the currency denomination) of the underlying debt should also be included if available. 2/ All amounts in part B and C are also filled out in thousands 3/ Through Local Commercial Bank (LCB), Foreign Account (FA), and Other (OTH), please specify. 4/ Bonds/ notes/ money market instruments/ certificates/ bills. 5/ Arrears are principal amounts that were due for the period but that are unpaid. 6/ Even if interest is paid according to schedule (closing balance = 0), both C2.1 and C2.2 should be filled out. 14

15 Loans 1/ (affiliated) Balance of Payments - (yr) External Debt Statistics Survey (EDSS) Name of the reporting company/ debtor: A. General 1. Name of foreign lender / creditor 2. Residency of foreign lender 3. Purpose of debt 4. Original debt amount (in thousands) /2 5. Currency denomination of the debt (AWG/ USD/ EUR/ ) 6. Licence # (if applicable) 7. Date of commitment 8. Interest rate composition 9. Original maturity of the debt (in years) 10. Grace period 11. Due date of principal payment 12. Due date of interest payment 13. Way of settlement 3/ 14. Type of debt instrument 4/ B. Debt (excluding accrued interest) yr-1 yr yr+1 yr+2 yr+3 B1. Opening balance B2. Transactions 1. Disbursements 2. Principal payments B3. Other changes B4. Closing balance ( B1 + B2.1 - B2.2 + B3) B5. Arrears 5/ C. Accrued interest 6/ C1. Opening Balance C2. Transactions 1. Interest accrued in the course of the year 2. Interest paid in the course of the year C3. Other changes C4. Closing balance (C1 + C2.1 - C2.2 + C3) 1/ A complete amortization and/or interest schedule (in the currency denomination) of the underlying debt should also be included if available. If it concerns a syndicated loan, please also fill out tab Annex. 2/ All amounts in part B and C are also filled out in thousands 3/ Through Local Commercial Bank (LCB), Foreign Account (FA), and Other (OTH), please specify. 4/ Mortgages/ overdraft/ installment loans/ financial lease. 5/ Arrears are principal amounts that were due for the period but that are unpaid. 6/ Even if interest is paid according to schedule (closing balance = 0), both C2.1 and C2.2 should be filled out. 15

16 Loans 1/ (not- affiliated) Balance of Payments - (yr) External Debt Statistics Survey (EDSS) Name of the reporting company/ debtor: A. General 1. Name of foreign lender / creditor 2. Residency of foreign lender 3. Purpose of debt 4. Original debt amount (in thousands) /2 5. Currency denomination of the debt (AWG/ USD/ EUR/ ) 6. Licence # (if applicable) 7. Date of commitment 8. Interest rate composition 9. Original maturity of the debt (in years) 10. Grace period 11. Due date of principal payment 12. Due date of interest payment 13. Way of settlement 3/ 14. Type of debt instrument 4/ B. Debt (excluding accrued interest) yr-1 yr yr+1 yr+2 yr+3 B1. Opening balance B2. Transactions 1. Disbursements 2. Principal payments B3. Other changes B4. Closing balance ( B1 + B2.1 - B2.2 + B3) B5. Arrears 5/ C. Accrued interest 6/ C1. Opening Balance C2. Transactions 1. Interest accrued in the course of the year 2. Interest paid in the course of the year C3. Other changes C4. Closing balance (C1 + C2.1 - C2.2 + C3) 1/ A complete amortization and/or interest schedule (in the currency denomination) of the underlying debt should also be included if available. If it concerns a syndicated loan, please also fill out tab Annex. 2/ All amounts in part B and C are also filled out in thousands 3/ Through Local Commercial Bank (LCB), Foreign Account (FA), and Other (OTH), please specify. 4/ Mortgages/ overdraft/ installment loans/ financial lease. 5/ Arrears are principal amounts that were due for the period but that are unpaid. 6/ Even if interest is paid according to schedule (closing balance = 0), both C2.1 and C2.2 should be filled out. 16

17 Balance of Payments - (yr) External Debt Statistics Survey (EDSS) Trade Credit & Advances 1/ (affiliated) Name of the reporting company/ debtor: A. General 1. Residency of foreign lender(s) 4. Interest rate composition 2. Purpose of debt (i.e. goods, services) 5. Original maturity of the debt (in years) 3. Currency denomination of the debt (AWG/ USD/ EUR/ ) /2 6. Way of settlement 3/ B. Debt (excluding accrued interest) yr-1 yr yr+1 yr+2 yr+3 B1. Opening balance B2. Transactions 1.1 Trade credit received 1.2 Advance payment received 2.1 Payment trade credit 2.2 Export goods/ services B3. Other changes B4. Closing balance ( B1 + B2.1 - B2.2 + B3) B5. Arrears 4/ C. Accrued interest 5/ C1. Opening Balance C2. Transactions 1. Interest accrued in the course of the year 2. Interest paid in the course of the year C3. Other changes C4. Closing balance (C1 + C2.1 - C2.2 + C3) 1/ A complete amortization and/or interest schedule (in the currency denomination) of the underlying debt should also be included if available. 2/ All amounts in part B and C are also filled out in thousands 3/ Through Local Commercial Bank (LCB), Foreign Account (FA), and Other (OTH), please specify. 4/ Arrears are principal amounts that were due for the period but that are unpaid. 5/ Even if interest is paid according to schedule (closing balance = 0), both C2.1 and C2.2 should be filled out. 17

18 Trade Credit & Advances 1/ (not-affiliated) Balance of Payments - (yr) External Debt Statistics Survey (EDSS) Name of the reporting company/ debtor: A. General 1. Residency of foreign lender(s) 4. Interest rate composition 2. Purpose of debt (i.e. goods, services) 5. Original maturity of the debt (in years) 3. Currency denomination of the debt (AWG/ USD/ EUR/ ) /2 6. Way of settlement 3/ B. Debt (excluding accrued interest) yr-1 yr yr+1 yr+2 yr+3 B1. Opening balance B2. Transactions 1.1 Trade credit received 1.2 Advance payment received 2.1 Payment trade credit 2.2 Export goods/ services B3. Other changes B4. Closing balance ( B1 + B2.1 - B2.2 + B3) B5. Arrears 4/ C. Accrued interest 5/ C1. Opening Balance C2. Transactions 1. Interest accrued in the course of the year 2. Interest paid in the course of the year C3. Other changes C4. Closing balance (C1 + C2.1 - C2.2 + C3) 1/ A complete amortization and/or interest schedule (in the currency denomination) of the underlying debt should also be included if available. 2/ All amounts in part B and C are also filled out in thousands 3/ Through Local Commercial Bank (LCB), Foreign Account (FA), and Other (OTH), please specify. 4/ Arrears are principal amounts that were due for the period but that are unpaid. 5/ Even if interest is paid according to schedule (closing balance = 0), both C2.1 and C2.2 should be filled out. 18

19 Other Debt Liabilities 1/ (affiliated) Balance of Payments - (yr) External Debt Statistics Survey (EDSS) Name of the reporting company/ debtor: A. General 1. Name of foreign lender / creditor 2. Residency of foreign lender 3. Purpose of debt 4. Original debt amount (in thousands) /2 5. Currency denomination of the debt (AWG/ USD/ EUR/ ) 6. Licence # (if applicable) 7. Date of commitment 8. Interest rate composition 9. Original maturity of the debt (in years) 10. Grace period 11. Due date of principal payment 12. Due date of interest payment 13. Way of settlement 3/ 14. Type of debt instrument 4/ B. Debt (excluding accrued interest) yr-1 yr yr+1 yr+2 yr+3 B1. Opening balance B2. Transactions 1. Increase other liabilities 2. Payment other liabilities B3. Other changes B4. Closing balance ( B1 + B2.1 - B2.2 + B3) B5. Arrears 5/ C. Accrued interest 6/ C1. Opening Balance C2. Transactions 1. Interest accrued in the course of the year 2. Interest paid in the course of the year C3. Other changes C4. Closing balance (C1 + C2.1 - C2.2 + C3) 1/ A complete amortization and/or interest schedule (in the currency denomination) of the underlying debt should also be included if available. 2/ All amounts in part B and C are also filled out in thousands 3/ Through Local Commercial Bank (LCB), Foreign Account (FA), and Other (OTH), please specify. 4/ Payables: Taxes/ dividend/ wages and salaries/ pension funds and life insurance related liabilities/ other (please specify). Accrued interest should be recorded with the liability on which it accrues, not as other accounts payable. 5/ Arrears are principal amounts that were due for the period but that are unpaid. 6/ Even if interest is paid according to schedule (closing balance = 0), both C2.1 and C2.2 should be filled out. 19

20 Other Debt Liabilities 1/ (not-affiliated) Balance of Payments - (yr) External Debt Statistics Survey (EDSS) Name of the reporting company/ debtor: A. General 1. Name of foreign lender / creditor 2. Residency of foreign lender 3. Purpose of debt 4. Original debt amount (in thousands) /2 5. Currency denomination of the debt (AWG/ USD/ EUR/ ) 6. Licence # (if applicable) 7. Date of commitment 8. Interest rate composition 9. Original maturity of the debt (in years) 10. Grace period 11. Due date of principal payment 12. Due date of interest payment 13. Way of settlement 3/ 14. Type of debt instrument 4/ B. Debt (excluding accrued interest) yr-1 yr yr+1 yr+2 yr+3 B1. Opening balance B2. Transactions 1. Increase other liabilities 2. Payment other liabilities B3. Other changes B4. Closing balance ( B1 + B2.1 - B2.2 + B3) B5. Arrears 5/ C. Accrued interest 6/ C1. Opening Balance C2. Transactions 1. Interest accrued in the course of the year 2. Interest paid in the course of the year C3. Other changes C4. Closing balance (C1 + C2.1 - C2.2 + C3) 1/ A complete amortization and/or interest schedule (in the currency denomination) of the underlying debt should also be included if available. 2/ All amounts in part B and C are also filled out in thousands 3/ Through Local Commercial Bank (LCB), Foreign Account (FA), and Other (OTH), please specify. 4/ Payables: Taxes/ dividend/ wages and salaries/ pension funds and life insurance related liabilities/ other (please specify). Accrued interest should be recorded with the liability on which it accrues, not as other accounts payable. 5/ Arrears are principal amounts that were due for the period but that are unpaid. 6/ Even if interest is paid according to schedule (closing balance = 0), both C2.1 and C2.2 should be filled out. 20