UNITY BANK LIMITED 2022 Financial Report UNITY BANK LIMITED 2022 Financial Report
UNITY BANK LIMITED 2022 Financial Report
ABN 11 087 650 315
ABN 11 087 650 315
ABN 11 087 650 315
37. CONTINGENT LIABILITIES Liquidity support scheme
37. CONTINGENT LIABILITIES Liquidity support scheme
The Bank is a member of the Credit Union Financial Support Scheme Limited (CUFSS) a Company limited by guarantee, established to provide financial support to member Banks in the event of a liquidity or capital problem. As a member, the Bank is committed to maintaining 3.0% of the total assets as deposits with an approved CUFSS financial institution. Under the terms of the Industry Support Contract (ISC), the maximum call for each participating Bank would be 3.0% of the Bank's total assets. This amount represents the participating Bank's irrevocable commitment under the ISC. At the balance date there were no loans issued under this arrangement. Reserve Bank Repurchase Obligations (REPO) Trust Under the terms of the Industry Support Contract (ISC), the maximum call for each participating Bank would be 3.0% of the Bank's total assets. This amount represents the participating Bank's irrevocable commitment under the ISC. At the balance date there were no loans issued under this arrangement. Reserve Bank Repurchase Obligations (REPO) Trust To support the liquidity management the Bank has entered into an agreement to maintain a portion of the mortgage backed loans as security against any future borrowings from the Reserve Bank as a part of the Bank ’s liquidity support arrangements. To support the liquidity management the Bank has entered into an agreement to maintain a portion of the mortgage backed loans as security against any future borrowings from the Reserve Bank as a part of the Bank ’s liquidity support arrangements. The Bank is a member of the Credit Union Financial Support Scheme Limited (CUFSS) a Company limited by guarantee, established to provide financial support to member Banks in the event of a liquidity or capital problem. As a member, the Bank is committed to maintaining 3.0% of the total assets as deposits with an approved CUFSS financial institution.
38. DISCLOSURES ON DIRECTORS AND OTHER KEY MANAGEMENT PERSONNEL (a) Remuneration of key management persons [KMP] 38. DISCLOSURES ON DIRECTORS AND OTHER KEY MANAGEMENT PERSONNEL (a) Remuneration of key management persons [KMP]
Key management persons are those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly or indirectly, including any Director (whether executive or otherwise) of that Bank. Control is the power to govern the financial and operating policies of a Bank so as to obtain benefits from its activities. Key management persons (KMP) have been taken to comprise the Directors and the 11 [2021: 11] members of the executive management responsible for the day to day financial and operational management of the Bank. The aggregate Compensation of key management persons during the year comprising amounts paid or payable or provided for was as follows: Key management persons (KMP) have been taken to comprise the Directors and the 11 [2021: 11] members of the executive management responsible for the day to day financial and operational management of the Bank. The aggregate Compensation of key management persons during the year comprising amounts paid or payable or provided for was as follows: Key management persons are those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly or indirectly, including any Director (whether executive or otherwise) of that Bank. Control is the power to govern the financial and operating policies of a Bank so as to obtain benefits from its activities.
(a) Remuneration of Key Management Personnel (a) Remuneration of Key Management Personnel
2022 $'000
2022 $'000
2021 $'000
2021 $'000
(i) Short term employee benefits
(i) Short term employee benefits
2,457
2,457
2,703
2,703
(ii) post-employment benefits - super contributions (iii) other long term benefits - net increase in LSL provision (iii) other long term benefits - net increase in LSL provision (ii) post-employment benefits - super contributions
227
227
248
248
62
62
56
56
(iv) termination benefits (v) shared-based payments
(iv) termination benefits (v) shared-based payments
- -
- -
427
427
-
-
Total
Total
2,746
2,746
3,434
3,434
In the above table, remuneration shown as short-term benefits means (where applicable) wages, salaries and social security contributions, paid annual leave and paid sick leave, profit-sharing and bonuses, value of fringe benefits received, but excludes out of pocket expense reimbursements. All remuneration to Directors was approved by the members at a previous Annual General Meeting of the Bank. In the above table, remuneration shown as short-term benefits means (where applicable) wages, salaries and social security contributions, paid annual leave and paid sick leave, profit-sharing and bonuses, value of fringe benefits received, but excludes out of pocket expense reimbursements. All remuneration to Directors was approved by the members at a previous Annual General Meeting of the Bank.
74
67
67
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