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International Bank for Reconstruction & Development – ‘QRTLYRPT’ for 12/31/14

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Quarterly Report by an International Development Bank
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Document Table of Contents

Page (sequential)   (alphabetic) Top
 
11st Page  –  Filing Submission
"I Ntroduction
"S Ummary of A Llocable I Ncome and I Ncome A Llocation
"B Alance S Heet A Nalysis
"F Inancial R Isk M Anagement
"S Ummary of F Air V Alue R Esults
"C Ondensed B Alance S Heet
"C Ondensed S Tatement of I Ncome
"C Ondensed S Tatement of C Omprehensive I Ncome
"C Ondensed S Tatement of C Hanges in R Etained E Arnings
"C Ondensed S Tatement of C Ash F Lows
"N Otes to C Ondensed Q Uarterly F Inancial S Tatements
"I Ndependent A Uditors ' R Eview R Eport

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  Quarterly Report  

International Bank for Reconstruction and Development

 

LOGO

Management’s Discussion & Analysis

and

Condensed Quarterly Financial Statements

December 31, 2014

(Unaudited)


INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (IBRD)

CONTENTS

DECEMBER 31, 2014

MANAGEMENTS DISCUSSION AND ANALYSIS

 

I. INTRODUCTION   3   
II. SUMMARY OF ALLOCABLE INCOME AND INCOME ALLOCATION   4   
III. BALANCE SHEET ANALYSIS   5   
IV. FINANCIAL RISK MANAGEMENT   7   
V. SUMMARY OF FAIR VALUE RESULTS   10   

CONDENSED QUARTERLY FINANCIAL STATEMENTS

 

CONDENSED BALANCE SHEET

  14   

CONDENSED STATEMENT OF INCOME

  16   

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

  17   

CONDENSED STATEMENT OF CHANGES IN RETAINED EARNINGS

  17   

CONDENSED STATEMENT OF CASH FLOWS

  18   

NOTES TO CONDENSED QUARTERLY FINANCIAL STATEMENTS

  19   

INDEPENDENT AUDITORS’ REVIEW REPORT

  47   

 

IBRD MANAGEMENTS DISCUSSION AND ANALYSIS: DECEMBER 31, 2014    1


Box 1: Selected Financial Data

 

In millions of U.S. dollars, except ratios which are in percentages

                  
     As of and for the six months ended     As of and for
full year
 
     December 31,
2014
    December 31,
2013
    June 30, 2014  

Lending Highlights (Section III)

                  

Commitmentsa

   $ 14,350      $ 6,942      $ 18,604   

Gross disbursementsb

     11,703        12,794        18,761   

Net disbursementsb

     7,144        8,135        8,948   

Reported Basis

                  

Income Statement (Section II)

      

Board of Governors-approved and other transfers

   $ 659      $ 621      $ 676   

Net loss

     1,514        69        978   

Balance Sheet (Section III)

      

Total assets

   $ 351,634      $ 328,836      $ 358,883   

Net investment portfolio

     41,761        30,624        42,708   

Net loans outstanding

     154,861        151,332        151,978   

Borrowing portfolioc

     155,548        139,837        152,643   

Key Management Indicators

                  

Allocable Income (Section II)

   $ 549      $ 673      $ 769   

Usable Equityd (Section IV)

   $ 39,862      $ 40,483      $ 40,467   

Equity-to-loans Ratioe (Section IV)

     24.9     25.8     25.7

 

a. Commitments include guarantee commitments and guarantee facilities that have been approved by the Executive Directors.
b. Amounts include transactions with the International Finance Corporation (IFC), and loan origination fees.
c. Net of borrowing derivatives.
d. Excluding amounts associated with unrealized mark-to-market gains/losses on non-trading portfolios, net and related cumulative translation adjustments.
e. Ratio is computed using usable equity and excludes the respective periods’ income.

 

2    IBRD MANAGEMENTS DISCUSSION AND ANALYSIS: DECEMBER 31, 2014


I. Introduction

 

This document should be read together with the International Bank for Reconstruction and Development’s (IBRD) Financial Statements and Management’s Discussion and Analysis (MD&A) for the fiscal year ended June 30, 2014 (FY14). IBRD undertakes no obligation to update any forward looking statements. Box 1 provides IBRD’s selected financial data as of, and for the six months ended, December 31, 2014 and 2013, as well as for the fiscal year ended June 30, 2014. Certain reclassifications of prior year’s information have been made to conform with the current year’s presentation. (For further details see Note A: Summary of Significant Accounting and Related Policies in the Notes to the Condensed Quarterly Financial Statements).

Business Model

IBRD, an international organization owned by its 188 member countries, is the largest multilateral development bank in the world and is one of the five institutions of the World Bank Group (WBG). The other institutions of the WBG are the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). Each of these organizations is legally and financially independent from IBRD, with separate assets and liabilities, and IBRD is not liable for their respective obligations. The WBG’s two main goals are to end extreme poverty and promote shared prosperity. To meet these goals, IBRD provides loans, guarantees, and technical assistance (including through reimbursable advisory services) for economic reform projects and programs. In addition, IBRD provides or facilitates financing through trust fund partnerships with bilateral and multilateral donors. IBRD’s ability to intermediate the funds it raises in international capital markets is important in helping it achieve the development goals of its member countries. IBRD’s financial goal is not to maximize profits, but to earn adequate income to ensure its financial strength and sustain its development activities.

IBRD derives its financial strength from its capital base, through the support of its shareholders as well as its financial and risk management policies and practices. Shareholder support takes the form of capital subscriptions from members and their strong record in servicing their debt to IBRD. IBRD’s sound financial and risk management policies and practices have enabled it to maintain its capital adequacy, diversify its funding sources, hold a portfolio of liquid investments to meet its financial commitments, and limit its risks – including credit and market risks.

Basis of Reporting

Financial Statements

IBRD’s financial statements conform with accounting principles generally accepted in the United States of America (U.S. GAAP), referred to in this document as the “reported basis.” All instruments in the investment and borrowing portfolios and all other derivatives are reported at fair value, with changes in fair value reported in the income statement. IBRD’s loans are reported at amortized cost, except for loans with embedded derivatives, which are reported at fair value. This results in an asymmetry in the reported financial statements, as not all instruments are reported on the same basis. The disclosure of the fair value amounts of all instruments in the MD&A attempts to address this asymmetry. Management uses the reported financial statements to derive allocable income.

Fair Value

IBRD makes extensive use of financial instruments, including derivatives in its operations. In an attempt to address the asymmetry in the reported financial statements, whereby not all financial instruments are reported on the same basis, IBRD reflects all financial instruments at fair value in the MD&A. The fair value of these instruments is affected by changes in market variables such as interest rates, exchange rates, and credit risk. Management uses fair value to assess the performance of the investment-trading portfolio; to manage certain market risks, including interest rate risk and commercial counterparty credit risk; and to monitor the results of the Equity Management Framework (EMF), where IBRD uses derivatives to reduce the sensitivity of allocable income to short-term interest rates. Since fair value results constantly change in response to changes in the market environment, given IBRD’s intention to hold its primary assets and related funding to maturity (in its loan and borrowing portfolios), Management does not use the fair value results as a basis to make decisions on income allocation.

 

IBRD MANAGEMENTS DISCUSSION AND ANALYSIS: DECEMBER 31, 2014    3


Allocable Income

When looking at the long-term financial sustainability of IBRD, Management monitors IBRD’s capital adequacy and uses allocable income as the basis for making allocations of net income. Allocable income is arrived at by excluding all unrealized mark-to-market gains and losses with the exception of those relating to the investment portfolio, which is a trading portfolio. In addition, allocable income also reflects adjustments such as pension, as well as adjustments to exclude Board of Governors-approved and other transfers from reported net income, since in the case of the Board of Governors-approved and other transfers, these amounts have been funded from prior year’s allocable income (Table 1).

 

II. Summary of Allocable Income and Income Allocation

 

Reported Net Income

For the first six months of the fiscal year ending June 30, 2015 (FY15), IBRD had a net loss of $1.5 billion, versus a net loss of $69 million during the same period in FY14. The major variance between the periods related to unrealized mark-to-market losses incurred on the non-trading portfolios, primarily due to the borrowings and loans related derivatives (See Tables 1 and 11).

Table 1: Condensed Statement of Net and Allocable Income

 

In millions of U.S. dollars

                    
For the six months ended December 31,    2014      2013      Variance  

Interest revenue, net of funding costs

        

Interest margin

   $ 423       $ 433       $ (10

Equity contributiona

     750         813         (63

Investments

     34         48         (14
  

 

 

    

 

 

    

 

 

 

Net interest revenue

$ 1,207    $ 1,294    $ (87
  

 

 

    

 

 

    

 

 

 

Provision for losses on loans and other exposures

  (70   (15   (55

Other income, net

  9      33      (24

Net non-interest expensesb

  (635   (662   27   

Board of Governors-approved and other transfers

  (659   (621   (38

Unrealized mark-to-market losses on non-trading portfolios, neta,c

  (1,366   (98   (1,268
  

 

 

    

 

 

    

 

 

 

Net loss

$ (1,514 $ (69 $ (1,445
  

 

 

    

 

 

    

 

 

 

Adjustments to reconcile net loss to allocable income:

Pension and other adjustments

  38      23      15   

Board of Governors-approved and other transfers

  659      621      38   

Unrealized mark-to-market losses on non-trading portfolios, neta,c

  1,366      98      1,268   
  

 

 

    

 

 

    

 

 

 

Allocable income

$ 549    $ 673    $ (124
  

 

 

    

 

 

    

 

 

 

 

a. This includes the reclassification of net realized mark-to-market gains of $581 million and $432 million for the first six months of FY15 and FY14, respectively, associated with the termination of certain positions under the EMF, from unrealized mark-to-market losses on non-trading portfolios, net, to equity contribution.
b. Primarily comprised of administrative expenses and reimbursable income.
c. See Table 11.

Allocable Income

The primary drivers of IBRD’s allocable income in FY15 were interest earned on the loans funded by debt and revenue generated from IBRD’s equity (equity contribution), partially offset by net non-interest expenses, and changes in the provision for losses on loans and other exposures1 (Table 1 summarizes IBRD’s net income and provides a reconciliation to allocable income).

IBRD’s loans are funded by debt and equity. Revenue generated from IBRD’s equity is primarily comprised of the following: a) interest earned from loans funded by equity; b) net interest income from EMF positions (See Section IV); and c) realized mark-to-market gains from the unwinding of certain EMF positions.

 

1  Other exposures include loans with a deferred drawdown option (DDO), irrevocable commitments, exposures to member countries’ derivatives, and guarantees.

 

4    IBRD MANAGEMENTS DISCUSSION AND ANALYSIS: DECEMBER 31, 2014


Allocable income was $549 million for the first six months of FY15, $124 million lower than the same period in FY14. The major variances between the periods are explained below:

Provision for losses on loans and other exposures:

 

For the first six months of FY15, there was a charge of $70 million, primarily reflecting the growth in net loans outstanding during the period. This compares with a charge of $15 million in the same period in FY14, reflecting the impact of loans to Iran being restored to accrual status.

 

Equity Contribution:

 

During the first six months of FY15, equity contribution was $750 million as compared with $813 million during the same period in FY14. The reduction in the equity contribution of $63 million, was in line with the rebalancing of the EMF strategy.

 

Figure 1: Net Interest Revenue for the first six months of FY

In billion of U.S. dollars

LOGO

Income Allocation

The allocable income for FY14 was $769 million. Of this amount, IBRD’s Board of Governors approved on October 10, 2014, the transfer of $635 million to IDA and $134 million to Surplus. The transfer to IDA was made on October 14, 2014. In addition, IBRD’s Board of Governors approved a transfer of $15 million to the Global Infrastructure Facility from Surplus, by way of grant.

III. Balance Sheet Analysis

 

Table 2: Condensed Balance Sheet

 

In millions of U.S. dollars

                    
As of   

December 31,

2014

     June 30,
2014
     Variance  

Investments and due from banks

   $ 48,745       $ 49,183       $ (438

Net loans outstanding

     154,861         151,978         2,883   

Receivable from derivatives

     144,679         154,070         (9,391

Other assets

     3,349         3,652         (303
  

 

 

    

 

 

    

 

 

 

Total assets

$ 351,634    $ 358,883    $ (7,249
  

 

 

    

 

 

    

 

 

 

Borrowings

$ 160,083    $ 161,026    $ (943

Payable for derivatives

  140,832      146,885      (6,053

Other liabilities

  13,641      11,987      1,654   

Equity

  37,078      38,985      (1,907
  

 

 

    

 

 

    

 

 

 

Total liabilities and equity

$ 351,634    $ 358,883    $ (7,249
  

 

 

    

 

 

    

 

 

 

Lending Highlights

 

IBRD’s principal assets are its loans to member countries.

 

For the first six months of FY15, loan commitments totaled $14.4 billion, $7.4 billion above the same period in FY14 (Table 3). Commitments during the period were exceptionally high due to a strong pipeline developed in the second half of FY14. This was attributed to the increase in the Single Borrower Limit (SBL), and the end of the transition period on September 30, 2014, for approving loans under the pricing terms that were in effect through June 30, 2014 (see the June 30, 2014, MD&A for a detailed discussion on the new pricing terms and the new measures implemented during FY14).

 

Gross disbursements during the first six months of FY15 were $11.7 billion, $1.1 billion below the same period in FY14 (Table 4).

  

Figure 2: Commitments and Gross Disbursements Trend

In billions of U.S. dollars

 

  

Figure 3: Net Loans Outstanding

In billions of U.S. dollars

 

   LOGO    LOGO

 

IBRD MANAGEMENTS DISCUSSION AND ANALYSIS: DECEMBER 31, 2014    5


As of December 31, 2014, IBRD’s net loans outstanding were $154.9 billion, an increase of $2.9 billion from June 30, 2014. The increase was mainly due to $7.1 billion in net loan disbursements made in the first six months of FY15, partially offset by currency translation losses of $4.2 billion, consistent with the 11% depreciation of the euro against the U.S. dollar.

Table 3: Commitments by Region – For the Fiscal Year-To-Date

 

In millions of U.S. dollars

                          
For the six months ended    December 31,
2014
     % of total     December 31,
2013
     % of total  

Africa

   $ 559         4   $ 7         0

East Asia and Pacific

     3,617         25        2,060         30   

Europe and Central Asia

     4,970         35        268         4   

Latin America and the Caribbean

     3,415         24        2,881         41   

Middle East and North Africa

     1,789         12        1,052         15   

South Asia

     —           —          675         10   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

$ 14,350      100 $ 6,942      100
  

 

 

    

 

 

   

 

 

    

 

 

 

Table 4: Gross Disbursements by Region - For the Fiscal Year-To-Date

 

In millions of U.S. dollars

                          
For the six months ended    December 31,
2014
     % of total     December 31,
2013
     % of total  

Africa

   $ 602         5   $ 103         1

East Asia and Pacific

     1,805         15        2,084         16   

Europe and Central Asia

     4,062         35        4,569         36   

Latin America and the Caribbean

     3,825         33        4,573         36   

Middle East and North Africa

     1,095         9        1,102         9   

South Asia

     313         3        363         2   
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

$ 11,703      100 $ 12,794      100
  

 

 

    

 

 

   

 

 

    

 

 

 

Investment Highlights

 

As of December 31, 2014, IBRD’s net investment portfolio totaled $41.8 billion, of which $40.7 billion represents the liquid asset portfolio (see Note C: Investments in the Notes to the Condensed Quarterly Financial Statements). The liquid asset portfolio was lower by $0.8 billion than on June 30, 2014, reflecting the impact of loan disbursements made during the first six months of FY15.

 

The objective of the liquid asset portfolio is to ensure the availability of sufficient cash flows, as reflected in the prudential minimum liquidity level, to meet all of IBRD’s financial commitments. The prudential minimum liquidity level has been set at $26 billion for FY15, and the liquid asset portfolio was at 157% of the prudential minimum liquidity levels as of December 31, 2014, slightly above the targeted range of 100%-150%.

  

Figure 4: Liquidity Asset Portfolio

In billions of U.S. dollars

   LOGO

 

Borrowing Highlights

 

IBRD issues debt securities to both institutional and retail investors in a variety of currencies. During the first six months of FY15, IBRD raised medium and long-term debt of $27.5 billion in 18 currencies.

 

As of December 31, 2014, the borrowing portfolio totaled $155.5 billion, an increase of $2.9 billion from June 30, 2014 (see Note E: Borrowings in the Notes to the Condensed Quarterly Financial Statements). This increase was mainly due to net new issuances of $5.3 billion to support the increase in loan disbursements, partially offset by currency translation gains of $3.1 billion, consistent with the depreciation of the euro against the U.S. dollar.

  

Figure 5: Borrowing Portfolio

In billions of U.S. dollars

   LOGO

 

6    IBRD MANAGEMENTS DISCUSSION AND ANALYSIS: DECEMBER 31, 2014


Capital Highlights

As a result of the General and Selective Capital Increase resolutions in the fiscal year ended June 30, 2011, subscribed capital is expected to increase by $87 billion over a five-year period, of which $5.1 billion will be paid-in. As of December 31, 2014, $51.3 billion was subscribed (including shares subscribed under the Voice Reform for which no paid-in capital was required), resulting in additional paid-in capital of $3.0 billion, of which $518 million was received during the first six months of FY15.

 

IV. Financial Risk Management

 

In an effort to maximize IBRD’s capacity to lend to member countries for development purposes, IBRD limits its exposure to market and counterparty credit risks. In addition, to ensure that the financial risks associated with its loans and other exposures do not exceed its risk-bearing capacity, IBRD uses a strategic capital adequacy framework as a key medium-term capital planning tool.

Capital Adequacy

 

IBRD’s capital adequacy is the degree to which its capital is sufficient to withstand unexpected shocks. IBRD’s Executive Directors monitor IBRD’s capital adequacy within a strategic capital adequacy framework and use the equity-to-loans ratio as a key indicator of capital adequacy.

 

At the beginning of the 2008 global financial crisis, the equity-to-loans ratio, at 38%, significantly exceeded the capital requirements of the Strategic Capital Adequacy Framework, allowing IBRD to respond effectively to the lending needs of its borrowing member countries and resulting in a decline in the ratio.

 

IBRD’s equity-to-loans ratio decreased to 24.9% at December 31, 2014 from 25.7% on June 30, 2014, and was above the minimum ratio of 20% (Table 5). The decrease in the ratio was mainly driven by the $7.1 billion in net loan disbursements. Since IBRD minimizes the exchange rate sensitivity of its balance sheet, the depreciation of the euro against the U.S. Dollar in the first six months of FY15 has not had an impact on the equity-to-loans ratio.

  

Figure 6: Equity-to-Loans Ratio Trend (%)

LOGO

Table 5: Equity-to-Loans Ratio

 

In millions of U.S. dollars, except ratio data in percentages

                  
As of    December 31,
2014
    June 30,
2014
    Variance  

Equity-to-loans ratio

     24.9     25.7     (0.8 )% 

Usable equity

   $ 39,862      $ 40,467      $ (605

Net loans outstanding and other exposures

   $ 160,150      $ 157,272      $ 2,878   

Management of Credit and Market Risks

Among the various types of market risks, interest rate risk is the most significant risk faced by IBRD. IBRD’s exposure to currency and liquidity risks is minimal as a result of its risk management policies. In addition, IBRD faces two types of credit risk: country credit risk and counterparty credit risk.

Country Credit Risk

Country credit risk reflects potential losses arising from protracted arrears on payments from borrowers on loans and other exposures. IBRD manages this risk by applying individual country exposure limits. These limits take into account the creditworthiness and performance of borrowers.

IBRD’s exposure to certain countries in the Europe and Central Asia Region experiencing geo-political tensions, was $5.6 billion as of December 31, 2014. This represents 3% of IBRD’s total loans outstanding and other exposures. At December 31, 2014, no amounts were overdue from these countries.

 

IBRD MANAGEMENTS DISCUSSION AND ANALYSIS: DECEMBER 31, 2014    7


Portfolio Concentration Risk

 

Portfolio concentration risk, which arises when a small group of borrowers account for a large share of loans outstanding, is a key concern for IBRD. It is carefully managed, in part, by applying an exposure limit for the aggregate balance of loans outstanding, the present value of guarantees, the undisbursed portion of DDOs, and other eligible exposures that have become effective, to a single borrowing country. Under the current guidelines, IBRD’s exposure to a single borrowing country is restricted to the lower of an Equitable Access Limit (EAL) and the SBL. The effective SBL on December 31, 2014 was $20 billion for India and $19 billion for the other four SBL-eligible borrowing countries, lower than the EAL of $27 billion at December 31, 2014.   

Figure 7: Country Exposures as of December 31, 2014

In billions of U.S. dollars

LOGO

The eight countries with the highest exposures accounted for about 61% of IBRD’s total exposure. In FY14, a surcharge of 50 basis points was introduced on balances above the previous SBL ($17.5 billion for India and $16.5 billion for the other four SBL eligible borrowing countries). As of December 31, 2014, no surcharge was applicable to any of the five countries.

Accumulated Provision on Loans and Other Exposures

As of December 31, 2014, only 0.3% of IBRD’s loans were in nonaccrual status and all were related to Zimbabwe. IBRD’s total provision for losses on loans was 1.1% of total loans outstanding (see Note D: Loans and Other Exposures in the Notes to the Condensed Quarterly Financial Statements).

Counterparty Credit Risk

Commercial Counterparty Credit Risk

Commercial counterparty credit risk is managed by applying eligibility criteria, volume limits for transactions with individual counterparties, and using mark-to-market collateral arrangements for swap transactions (Table 6). The effective management of this risk is vital to the success of IBRD’s funding, investment, and asset/liability management. The monitoring and managing of this risk is continuous, given the changing market environment.

IBRD’s overall commercial counterparty credit exposure increased by $747 million during the first six months of FY15. The credit quality of IBRD’s portfolio remains concentrated in the upper end of the credit spectrum, with 68% of the portfolio rated AA or above and the remaining portfolio primarily rated A. The reduction in AA rated exposure from June 30, 2014 to December 31, 2014 was primarily due to a rating downgrade of one country, to single A. IBRD continues to have a preference for highly rated securities and counterparties across all categories of financial instruments.

 

8    IBRD MANAGEMENTS DISCUSSION AND ANALYSIS: DECEMBER 31, 2014


Table 6: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating

 

In millions of U.S. dollars

 
     As of December 31, 2014  
     Investments      Net Swap
Exposure
     Total
Exposure
     % of Total  

Counterparty Rating

   Sovereigns      Agencies,
Commercial paper,
Asset-Backed
Securities,
Corporates and Time
Deposits
          

AAA

   $ 9,971       $ 8,973       $ —         $ 18,944         42

AA

     4,204         7,508         107         11,819         26   

A

     8,245         6,413         81         14,739         32   

BBB

     10         2         —           12             

BB or lower

     —           76         —           76             
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

$ 22,430    $ 22,972    $ 188    $ 45,590      100
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

     As of June 30, 2014  
     Investments      Net Swap
Exposure
     Total
Exposure
     % of Total  

Counterparty Rating

   Sovereigns      Agencies,
Commercial paper,
Asset-Backed
Securities,
Corporates and
Time Deposits
          

AAA

   $ 8,323       $ 8,191       $ —         $ 16,514         37

AA

     5,108         12,360         509         17,977         40   

A

     1,055         8,627         163         9,845         22   

BBB

     408         2         —           410         1   

BB or lower

     —           97         —           97             
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

$ 14,894    $ 29,277    $ 672    $ 44,843      100
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

* Indicates percentage less than 0.5%.

Non-Commercial Counterparty Credit Risk

In addition to the derivative transactions with commercial counterparties, IBRD also offers derivative-intermediation services to borrowing member countries, as well as affiliated and non-affiliated organizations, to help meet their development needs or to carry out their development mandates.

 

    Borrowing Member Countries: Currency and interest rate swap transactions are executed between IBRD and its borrowers under master derivative agreements. As of December 31, 2014, the notional amounts and net fair value exposures under these agreements were $10.2 billion and $1.4 billion, respectively. Probable losses inherent in these exposures due to country credit risk are incorporated in the fair value of these instruments.

 

    Affiliated Organizations: Derivative contracts are executed between IBRD and IDA, under an agreement allowing IBRD to intermediate derivative contracts on behalf of IDA. As of December 31, 2014, the notional amount under this agreement was $11.7 billion and IBRD had no net fair value exposure to IDA. Under its derivative agreement with IBRD, IDA is not required to post collateral as long as it maintains liquidity holdings at pre-determined levels that are a proxy for an AAA credit rating. As of December 31, 2014, IDA had not posted any collateral with IBRD.

 

    Non-Affiliated Organizations: IBRD has a master derivatives agreement with the International Finance Facility for Immunisation (IFFIm), under which several transactions have been executed. As of December 31, 2014, the notional amounts and net fair value exposures under this agreement were $6.7 billion and $1.1 billion, respectively. IBRD has the right to call for collateral above an agreed specified threshold. As of December 31, 2014, IBRD had not exercised this right, but it reserves the right under the existing terms of the agreement. Rather than calling for collateral, IBRD and IFFIm have agreed to manage IBRD’s exposure by applying a risk management buffer to the gearing ratio limit. The gearing ratio limit represents the maximum amount of net financial obligations of IFFIm less cash and liquid assets, as a percent of the net present value of IFFIm’s financial assets.

 

IBRD MANAGEMENTS DISCUSSION AND ANALYSIS: DECEMBER 31, 2014    9


Credit Valuation Adjustment (CVA)

IBRD calculates a CVA that represents the fair value of its commercial counterparty credit risk and non-commercial counterparty credit risks from IFFIm and IDA in connection with derivative-intermediation activities. The CVA is calculated using the fair value of the derivative contracts, net of collateral received under credit support agreements, and the probability of counterparty default based on the Credit Default Swaps (CDS) spread and, where applicable, proxy CDS spreads. As credit risk is an essential component of fair value, the CVA is included in the fair value of derivatives. The CVA on IBRD’s balance sheet was $29 million as of December 31, 2014, and $34 million as of June 30, 2014.

Interest Rate Risk

Under its current interest rate risk management strategy, IBRD seeks to match the interest rate sensitivity of its assets (loan and investment trading portfolios) with those of its liabilities (borrowing portfolio) by using derivatives, such as interest rate swaps. These derivatives effectively convert IBRD’s financial assets and liabilities into variable-rate instruments. This strategy helps IBRD to manage the interest margin on the proportion of loans funded by debt, against interest rate volatility. The interest revenue on the remaining proportion of loans funded by equity, if left unmanaged, would be highly sensitive to fluctuations in short-term interest rates. To manage this exposure, IBRD uses an EMF, which seeks to manage the sensitivity of IBRD’s revenue from loans funded by equity to fluctuations in short-term interest rates. In particular, the EMF allows the flexibility of managing the duration of IBRD’s invested equity within a range of zero to five years based on market and macroeconomic conditions. The strategy also allows IBRD to realize some of the unrealized mark-to-market gains from these positions. In line with this, during the six months ended December 31, 2014, certain derivatives were liquidated, resulting in realized mark-to-market gains of $581 million and a decline in the interest rate sensitivity of the position. As measured by duration, the interest rate sensitivity of IBRD’s equity declined to approximately 2 years as of December 31, 2014, from approximately 3 years as of June 30, 2014.

V. Summary of Fair Value Results

 

Fair Value Adjustments

An important element in achieving IBRD’s financial goals is its ability to minimize the cost of borrowing from capital markets for lending to member countries by using financial instruments, including derivatives. The fair value of these financial instruments is affected by changes in the market environment such as interest rates, exchange rates and credit risk.

Given IBRD’s intention to hold its primary assets and related funding to maturity (in its loan and borrowing portfolios), Management does not use fair value to reach decisions on income allocation. Rather, fair value is used mainly to assess the performance of the investment trading portfolio, to monitor the results of the EMF, and to manage certain market risks, including interest rate and commercial credit risk for derivative counterparties.

As shown in Table 7, on a fair value basis, if interest rates increase by one basis point, IBRD would experience a net unrealized mark-to-market loss of approximately $11 million on its non-trading portfolios as of December 31, 2014.

Table 7: Effect of Interest Rates and Credit on IBRD’s Fair Value Income

 

In millions of U.S. dollars

             
For the six months ended December 31, 2014    Interest Rate Effect
on Fair Value Incomea
     Credit Effect
on Fair Value Incomeb
 
     Sensitivityc      Sensitivityc  

Investment portfolio

   $          $ 3   

Borrowing portfolio

     4         47   

Loan portfolio

     (7      (43

EMF

     (8          
  

 

 

    

 

 

 

Total (loss)/gains

$ (11 $ 7   
  

 

 

    

 

 

 

 

a. After the effects of derivatives.
b. Excludes CVA adjustment on swaps.
c. Dollar change in fair value corresponding to a one basis-point parallel upward shift in interest rates.
* Sensitivity is marginal.

 

10    IBRD MANAGEMENTS DISCUSSION AND ANALYSIS: DECEMBER 31, 2014


Figure 8 below provides a further breakdown of how the use of derivatives affects the overall sensitivity of the loan and borrowing portfolios. For example, for the borrowing portfolio, a one basis point increase in interest rates would result in net unrealized mark-to-market gains of $47 million on the bonds. These would be significantly offset by the $43 million of net unrealized mark-to-market losses on the related swaps, resulting in net unrealized mark-to-market gains of $4 million for the portfolio.

Figure 8: Sensitivity to Interest Rates as of December 31, 2014

(Dollar change in fair value corresponding to a one-basis-point upward parallel shift in interest rates)

In millions of U.S. dollars

 

Borrowing Portfolio

Loan Portfolio EMF Investment Portfolio
LOGO LOGO LOGO LOGO

For the first six months of FY15, IBRD experienced net unrealized mark-to-market losses on a fair value basis of $1.9 billion on its non-trading portfolios. See Table 8 below for details.

Table 8: Summary of Fair Value Adjustments on Non-Trading Portfolios –

Fair Value Basisa

 

In millions of U.S. dollars

 
For the six months ended December 31,    2014      2013  

Borrowing portfolio

   $ (270    $ 287   

Loan portfolio

     (1,679      457   

EMF

     61         (563
  

 

 

    

 

 

 
$ (1,888 $ 181   
  

 

 

    

 

 

 

 

a. See Table 11 for reconciliation to the fair value comprehensive basis net income.

Effect of Credit

For the first six months of FY15, IBRD experienced $270 million of unrealized mark-to-market losses on the borrowing portfolio, of which $210 million was due to the tightening of its credit spreads. In addition, IBRD experienced $1.7 billion of unrealized mark-to-market losses on the loan portfolio, of which $1.6 billion was due to the net widening of CDS spreads for several of its borrowing member countries during the same period (see the June 30, 2014, MD&A for a detailed discussion on how the credit risk of each portfolio is managed).

Effect of Interest Rates

IBRD uses derivatives in its loan and borrowing portfolios to arrive at floating rate instruments, as part of its risk management strategies. The sensitivity of these portfolios to interest rate movements, after the effect of derivatives is therefore low, resulting in relatively small unrealized mark-to-market gains/losses in income (Figure 8).

Fair Value Results

As non-financial assets and liabilities are not reflected at fair value, IBRD’s equity is not intended to reflect fair value. Under the fair value basis, in addition to the instruments in the investment and borrowing portfolios, and all other derivatives, loans are reported at fair value and all changes in AOCI are also included in fair value net income. Tables 9 and 10 provide a reconciliation from the reported basis to the fair value basis for both the balance sheet and income statement.

 

IBRD MANAGEMENTS DISCUSSION AND ANALYSIS: DECEMBER 31, 2014    11


Table 9: Condensed Balance Sheet on a Fair Value Basis

 

In millions U.S. dollars

 
     As of December 31, 2014      As of June 30, 2014  
     Reported
Basis
     Adjustments     Fair Value
Basis
     Reported
Basis
     Adjustments     Fair Value
Basis
 

Due from banks

   $ 2,412       $ —        $ 2,412       $ 3,701       $ —        $ 3,701   

Investments

     46,333         —          46,333         45,482         —          45,482   

Net loans outstanding

     154,861         (3,146     151,715         151,978         (2,021     149,957   

Receivable from derivatives

     144,679         —          144,679         154,070         —          154,070   

Other assets

     3,349         —          3,349         3,652         —          3,652   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total assets

$ 351,634    $ (3,146 $ 348,488    $ 358,883    $ (2,021 $ 356,862   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Borrowings

$ 160,083    $ 5 a  $ 160,088    $ 161,026    $ 2 a  $ 161,028   

Payable for derivatives

  140,832      —        140,832      146,885      —        146,885   

Other liabilities

  13,641      —        13,641      11,987      —        11,987   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total liabilities

  314,556      5      314,561      319,898      2      319,900   

Paid in capital stock

  14,523      —        14,523      14,005      —        14,005   

Retained earnings and other equity

  22,555      (3,151   19,404      24,980      (2,023   22,957   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total equity

  37,078      (3,151   33,927      38,985      (2,023   36,962   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total liabilities and equity

$ 351,634    $ (3,146 $ 348,488    $ 358,883    $ (2,021 $ 356,862   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

 

a. Amount represents amortization of transition adjustment relating to the adoption of FASB’s guidance on derivatives and hedging on July 1, 2000.

Table 10: Reconciliation from Net Income to Income on a Fair Value Comprehensive Basis

 

In millions U.S. dollars

 
For the six months ended December 31,    2014      2013      Variance  

Net loss from Table 1

   $ (1,514    $ (69    $ (1,445

Fair value adjustment on loansa

     (1,116      (158      (958

Changes to AOCI (Table 12)

     (484      472         (956
  

 

 

    

 

 

    

 

 

 

Net loss income on fair value comprehensive basis

$ (3,114 $ 245    $ (3,359
  

 

 

    

 

 

    

 

 

 

 

a. Amount includes provision for losses on loans and other exposures: $70 million charge – December 31, 2014, and $15 million charge – December 31, 2013.

Table 11: Fair Value Adjustments, net

 

In millions of U.S. dollars

 
     For the six months ended December 31, 2014  
     Unrealized gains
(losses)a from
Table 1
    Realized
gains
(losses)
     Fair Value
Adjustment
from
Table 10
    Other
Adjustments
    Total
from
Table 8
 

Borrowing portfolio

   $ (279   $ 9       $ —        $   (*)b    $ (270

Loan portfolio

     (563 )c      —           (1,116     —          (1,679

EMFd

     (520     581         —          —          61   

Asset-liability management portfoliod

              —           —            (*)      —     

Client operations portfolio

     (4     —           —          4        —     
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total

$ (1,366 $ 590    $ (1,116 $ 4    $ (1,888
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

 

     For the six months ended December 31, 2013  
     Unrealized gains
(losses)a from
Table 1
    Realized
gains
(losses)
    Fair Value
Adjustment
from Table 10
    Other
Adjustments
    Total
from
Table 8
 

Borrowing portfolio

   $ 293      $ (6   $ —        $ * b    $ 287   

Loan portfolio

     615 c      —          (158       457   

EMFd

     (995     432        —            (563

Asset-liability management portfoliod

     (9     —          —          9        —     

Client operations portfolio

     (2     —          —          2        —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

$ (98 $ 426    $ (158 $ 11    $ 181   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

a. Includes amounts reclassified to realized mark-to-market gains (losses).
b. Amount represents amortization of transition adjustment relating to the adoption of FASB’s guidance on derivatives and hedging on July 1, 2000, included in AOCI.
c. Includes $558 million of unrealized mark-to-market losses related to derivatives associated with loans (unrealized mark-to-market gains of $617 million -December 31, 2013).
d. Included in other derivatives on the condensed Balance Sheet.
* Indicates amounts less than $0.5 million.

 

12    IBRD MANAGEMENTS DISCUSSION AND ANALYSIS: DECEMBER 31, 2014


Changes in Accumulated Other Comprehensive Income

In addition to the unrealized mark-to-market gains/losses on the non-trading portfolios, IBRD’s fair value net income also reflects changes in Accumulated Other Comprehensive Income (AOCI). The $956 million decrease in AOCI primarily relates to net negative currency-translation adjustments resulting from the 11% depreciation of the euro against the U.S. dollar during the period.

Table 12: Summary of Changes to AOCI (Fair Value Basis)

 

In millions of U.S. dollars

 
For the six months ended December 31,    2014     2013      Variance  

Unrecognized net actuarial gains on benefit plans, net

   $ 89      $ 82       $ 7   

Unrecognized net prior service credit on benefit plans, net

     12        12          

Derivatives and hedging transition adjustmenta

       (*)              

Currency translation adjustments

     (585     378         (963
  

 

 

   

 

 

    

 

 

 

Total

$ (484 $ 472    $ (956
  

 

 

   

 

 

    

 

 

 

 

a. Amount represents amortization of transition adjustment relating to the adoption of Financial Accounting Standards Board’s (FASB’s) guidance on derivatives and hedging on July 1, 2000.
* Indicates amounts less than $0.5 million.

 

IBRD MANAGEMENTS DISCUSSION AND ANALYSIS: DECEMBER 31, 2014    13


CONDENSED BALANCE SHEET

Expressed in millions of U.S. dollars

 

     December 31, 2014
(Unaudited)
     June 30, 2014
(Unaudited)
 

Assets

     

Due from banks—Note C

     

Unrestricted cash

   $ 2,321      $ 3,606  

Restricted cash

     91        95  
  

 

 

    

 

 

 
  2,412     3,701  
  

 

 

    

 

 

 

Investments-Trading (including securities transferred under repurchase agreements or securities lending agreements of $2,082 million— December 31, 2014; $155 million—June 30, 2014)—Note C

  43,859     42,412  

Securities purchased under resale agreements—Note C

  2,474     3,070  

Derivative assets

Investments—Notes C, F and K

  23,033     13,514  

Loans—Notes A, D, F and K

  3,359     2,784  

Client operations—Notes D, F, I and K

  34,279     36,517  

Borrowings—Notes A, E, F and K

  82,614     99,150  

Others—Notes F and K

  1,394     2,105  
  

 

 

    

 

 

 
  144,679     154,070  
  

 

 

    

 

 

 

Loans outstanding—Notes D, I and K

Total loans

  216,705     212,470  

Less undisbursed balance

  59,762     58,449  
  

 

 

    

 

 

 

Loans outstanding (including loans at fair value of $134 million— December 31, 2014; $141 million—June 30, 2014)

  156,943     154,021  

Less:

Accumulated provision for loan losses

  1,659     1,626  

Deferred loan income

  423     417  
  

 

 

    

 

 

 

Net loans outstanding

  154,861     151,978  

Other assets—Notes C and I

  3,349     3,652  
  

 

 

    

 

 

 

Total assets

$ 351,634   $ 358,883  
  

 

 

    

 

 

 

 

14    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


     December 31, 2014
(Unaudited)
    June 30, 2014
(Unaudited)
 

Liabilities

    

Borrowings—Note E

   $ 160,083     $ 161,026  

Securities sold under repurchase agreements, securities lent under securities lending agreements, and payable for cash collateral received—Note C

     5,470       3,390  

Derivative liabilities

    

Investments—Notes C, F and K

     22,058       13,820  

Loans—Notes A, D, F and K

     5,805       5,132  

Client operations—Notes D, F, I and K

     34,291       36,539  

Borrowings—Notes A, E, F and K

     78,079       90,767  

Others—Notes A, F and K

     599       627  
  

 

 

   

 

 

 
  140,832     146,885  
  

 

 

   

 

 

 

Other liabilities—Notes C, D and I

  8,171     8,597  
  

 

 

   

 

 

 

Total liabilities

  314,556     319,898  
  

 

 

   

 

 

 

Equity

Capital stock—Note B

Authorized (2,307,600 shares—December 31, 2014, and June 30, 2014)

Subscribed (2,001,841 shares—December 31, 2014, and 1,929,711 shares—June 30, 2014)

  241,492     232,791  

Less uncalled portion of subscriptions

  226,969     218,786  
  

 

 

   

 

 

 

Paid-in capital

  14,523     14,005  

Nonnegotiable, noninterest-bearing demand obligations on account of subscribed capital

  (344   (406

Receivable amounts to maintain value of currency holdings

  (204   (221

Deferred amounts to maintain value of currency holdings

  (137   382  

Retained earnings (see Condensed Statement of Changes in Retained Earnings; Note G)

  26,773     28,287  

Accumulated other comprehensive loss—Note J

  (3,533   (3,062
  

 

 

   

 

 

 

Total equity

  37,078     38,985  
  

 

 

   

 

 

 

Total liabilities and equity

$ 351,634   $ 358,883  
  

 

 

   

 

 

 

The Notes to Condensed Quarterly Financial Statements are an integral part of these Statements.

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    15


CONDENSED STATEMENT OF INCOME

Expressed in millions of U.S. dollars

 

     Three Months Ended
December 31,
(Unaudited)
    Six Months Ended
December 31,
(Unaudited)
 
     2014     2013     2014     2013  

Revenue

        

Loans, net—Notes A, D, F and K

        

Interest and commitment charges, net

   $ 293     $ 304     $ 587     $ 613  

Unrealized mark-to-market (losses) gains, net

     (574     472       (563     615  

Investments-Trading, net—Notes C and F

     30       27       52       83  

Equity management, net—Notes C, F and K

        

Interest, net

     79       153       172       404  

Unrealized mark-to-market gains (losses), net

     203       (125     61       (563

Other, net—Notes F, I and K

     176       146       288       257  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

  207     977     597     1,409  
  

 

 

   

 

 

   

 

 

   

 

 

 

Expenses

Borrowings, net—Notes A, E, F and K

Interest, net

  95     99     189     203  

Unrealized mark-to-market losses (gains), net

  32     (116   270     (287

Administrative—Notes H and I

  434     440     836     819  

Contributions to special programs

  54     50     87     107  

Provision for losses on loans and other exposures—Note D

  30     32     70     15  

Board of Governors-approved and other transfers—Note G

  659     621     659     621  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

  1,304     1,126     2,111     1,478  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

$ (1,097 $ (149 $ (1,514 $ (69
  

 

 

   

 

 

   

 

 

   

 

 

 

The Notes to the Condensed Quarterly Financial Statements are an integral part of these Statements.

 

16    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


CONDENSED STATEMENT OF COMPREHENSIVE INCOME

Expressed in millions of U.S. dollars

 

     Three Months Ended
December 31,
(Unaudited)
    Six Months Ended
December 31,
(Unaudited)
 
     2014     2013     2014     2013  

Net loss

   $ (1,097   $ (149   $ (1,514   $ (69

Other comprehensive income—Note J

        

Reclassification to net income:

        

Derivatives and hedging transition adjustment

     —         —         1       1  

Amortization of unrecognized net actuarial losses

     44       42       89       82  

Amortization of unrecognized prior service costs

     6       6       12       12  

Currency translation adjustment

     (135     212       (573     405  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other comprehensive income

  (85   260     (471   500  
  

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive (loss) income

$ (1,182 $ 111   $ (1,985 $ 431  
  

 

 

   

 

 

   

 

 

   

 

 

 

CONDENSED STATEMENT OF CHANGES IN RETAINED EARNINGS

Expressed in millions of U.S. dollars

 

     Six Months Ended December 31,
(Unaudited)
 
     2014     2013  

Retained earnings at beginning of the fiscal year

   $ 28,287     $ 29,265  

Net loss for the period

     (1,514     (69
  

 

 

   

 

 

 

Retained earnings at end of the period

$ 26,773   $ 29,196  
  

 

 

   

 

 

 

The Notes to Condensed Quarterly Financial Statements are an integral part of these Statements.

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    17


CONDENSED STATEMENT OF CASH FLOWS

Expressed in millions of U.S. dollars

 

     Six Months Ended December 31,
(Unaudited)
 
     2014     2013  

Cash flows from investing activities

    

Loans

    

Disbursements

   $ (11,681   $ (12,780

Principal repayments

     4,559       4,567  

Principal prepayments

     —         92  

Loan origination fees received

     12       18  

Net derivatives-loans

     5       (10

Sale of AFS securities

     —         2,484  

Other investing activities, net

     (64     (56
  

 

 

   

 

 

 

Net cash used in investing activities

  (7,169   (5,685
  

 

 

   

 

 

 

Cash flows from financing activities

Medium and long-term borrowings

New issues

  28,313     17,640  

Retirements

  (20,682   (24,827

Net short-term borrowings

  (1,825   8,329  

Net derivatives-borrowings

  (259   36  

Capital subscriptions

  518     312  

Other capital transactions, net

  27     59  
  

 

 

   

 

 

 

Net cash provided by financing activities

  6,092     1,549  
  

 

 

   

 

 

 

Cash flows from operating activities

Net loss

  (1,514   (69

Adjustments to reconcile net loss to net cash (used in) provided by operating activities

Unrealized mark-to-market losses (gains) on non-trading portfolios, net

  776     (328

Change in fair value of AFS securities sold

  —       80  

Depreciation and amortization

  396     371  

Provision for losses on loans and other exposures

  70     15  

Changes in:

Investments-Trading, net

  (498   1,962  

Other assets and liabilities

  665     894  
  

 

 

   

 

 

 

Net cash (used in) provided by operating activities

  (105   2,925  
  

 

 

   

 

 

 

Effect of exchange rate changes on unrestricted cash

  (103   119  
  

 

 

   

 

 

 

Net decrease in unrestricted cash

  (1,285   (1,092

Unrestricted cash at beginning of the fiscal year

  3,606     4,555  
  

 

 

   

 

 

 

Unrestricted cash at end of the period

$ 2,321   $ 3,463  
  

 

 

   

 

 

 

Supplemental disclosure

(Decrease) increase in ending balances resulting from exchange rate fluctuations

Loans outstanding

$ (4,224 $ 1,556  

Investment portfolio

  (288   53  

Borrowing portfolio

  (3,127   1,107  

Capitalized loan origination fees included in total loans

  22     14  

Interest paid on borrowings

  33     71  

The Notes to Condensed Quarterly Financial Statements are an integral part of these Statements.

 

18    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


NOTES TO CONDENSED QUARTERLY FINANCIAL STATEMENTS

NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING AND RELATED POLICIES

Basis of Preparation

These unaudited condensed quarterly financial statements should be read in conjunction with the June 30, 2014 audited financial statements and notes included therein. The condensed comparative information that has been derived from the June 30, 2014 audited financial statements has not been audited. In the opinion of management, the condensed quarterly financial statements reflect all adjustments necessary for a fair presentation of IBRD’s financial position and results of operations in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).

Management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed quarterly financial statements and the reported amounts of income and expenses during the reporting periods. Due to the inherent uncertainty involved in making those estimates, actual results could differ from those estimates. Areas in which significant estimates have been made include, but are not limited to, the provision for losses on loans and other exposures, valuation of certain instruments carried at fair value, and valuation of pension and other postretirement plan-related liabilities. The results of operations for the first six months of the current fiscal year are not necessarily indicative of results that may be expected for the full year.

Certain reclassifications of the prior year’s information have been made to conform with the current year’s presentation.

In particular, effective July 1, 2014, derivative assets and liabilities relating to the Loan portfolio, which were previously included in the line items Borrowing derivative assets, Borrowing derivative liabilities and Other derivative liabilities on IBRD’s Condensed Balance Sheet, are now shown separately under derivative assets and derivative liabilities. For the Condensed Statement of Income, interest, net and unrealized mark-to-market gains and losses associated with these derivatives, which were previously shown under Borrowings, net are now included under Loans, net. For the Condensed Statement of Cash Flows, the impact of these derivative instruments, which were previously shown under the Net derivatives-borrowings line item, under financing activities, is now shown as a separate line item under investing activities. As a result, on the Condensed Balance Sheet, Borrowing derivative assets, Borrowing derivative liabilities and Other derivative liabilities as of June 30, 2013 have decreased by $2,784 million, $4,933 million and $199 million, respectively. Derivative assets and derivative liabilities relating to loans increased by $2,784 million and $5,132 million, respectively. On the Condensed Statement of Income, for the six months ended December 31, 2013, total revenue decreased by $823 million, with the offset reported as a decrease in total expenses. On the Condensed Statement of Cash Flows, for the six months ended December 31, 2013, Net derivatives- borrowings increased by $10 million while Net derivatives-loans decreased by $10 million.

In addition, the presentation for realized mark-to-market gains and losses on the Condensed Statement of Income and the Condensed Statement of Cash Flows has been changed. For the Condensed Statement of Income, realized mark-to-market gains and losses, net, which were previously included in Interest, net, for Equity management and Borrowings portfolios have been reclassified to Unrealized mark-to-market gains and losses, net. For the Condensed Statement of Cash Flows, within the Cash flows from operating activities category, realized mark-to-market gains and losses, were reclassified from Other assets and liabilities to Unrealized mark-to-market gains and losses on non-trading portfolios, net. As a result, on Condensed Statement of Income, for the Equity management, net, for the six months ended December 31, 2013, Interest, net decreased by $432 million, and the Unrealized mark-to-market losses decreased by $432 million. For Borrowings, Interest, net, decreased by $6 million, and Unrealized mark-to-market gains, net, decreased by $6 million. There was no net effect on the total revenue and expenses due to this reclassification. For the Condensed Statement of Cash Flows, Unrealized mark-to-market losses (gains) on non-trading portfolios, net decreased by $426 million, and Other assets and liabilities increased by $426 million. There was no net effect on the Cash flows from operating activities line item in the Condensed Statement of Cash Flows.

There was no effect on IBRD’s total assets, total liabilities, equity, reported net income or unrestricted cash balances from these reclassifications.

Accounting and Reporting Developments

In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) became law. The Act seeks to reform the U.S. financial regulatory system by introducing new regulators and extending regulation over new markets, entities, and activities. The implementation of the Act is dependent on the development of various rules to clarify and interpret its requirements. As the rules are being developed, IBRD continues to assess the impact on its business. As of December 31, 2014, IBRD believes that the Act has not had any significant effect on its business.

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    19


In May 2014, the FASB issued ASU 2014-09, Revenue from Contract with Customers (Topic 606). The ASU provides a common framework for revenue recognition for U.S.GAAP, and supersedes most of the existing revenue recognition guidance in U.S.GAAP. The core principle of the guidance is that an entity recognizes revenue when it transfers control of promised goods and services to customers in an amount that reflects consideration to which the entity expects to be entitled. The ASU also requires additional quantitative and qualitative disclosures to enable financial statement users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from customers. For IBRD, the ASU currently will be effective from the quarter ending September 30, 2017. IBRD is currently evaluating the impact of this ASU on its financial statements.

In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase- to- Maturity Transactions, Repurchase Financings, and Disclosures. The ASU requires repurchase-to-maturity transactions and some repurchase financing arrangements to be accounted for as secured borrowings. It also requires additional disclosures about certain transactions accounted for as sales and about the nature of collateral pledged for transactions accounted for as secured borrowings. For IBRD, the ASU will be effective from the quarter ending March 31, 2015. IBRD is currently evaluating this ASU, but does not expect the ASU to have a significant impact on its financial statements since all IBRD’s repurchase agreements are already accounted for as secured borrowings.

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements (Subtopic 205-40): Going Concern – Disclosure of Uncertainties about an Entity’s ability to Continue as a Going Concern. The ASU provides guidance on management’s responsibilities in evaluating the entity’s ability to continue as a going concern and for the related financial statement disclosures. Until now guidance related to this topic was provided under U.S. auditing standards, which do not govern management’s disclosures. Under this ASU, each reporting period, management would be required to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date of financial statements are issued. For IBRD, the ASU will be effective beginning with the fiscal year ending June 30, 2017. IBRD is currently evaluating the impact of this ASU on its financial statements but does not expect the ASU to have a significant impact.

NOTE B—CAPITAL STOCK

The following table provides a summary of changes in IBRD’s authorized and subscribed shares during the six months ended December 31, 2014 and the fiscal year ended June 30, 2014:

 

     Authorized shares      Subscribed shares  

As of June 30, 2013

     2,307,600        1,850,047  

General and Selective Capital Increase (GCI/SCI)

     —          79,664  
  

 

 

    

 

 

 

As of June 30, 2014

  2,307,600     1,929,711  

GCI/SCI

  —       72,130  
  

 

 

    

 

 

 

As of December 31, 2014

  2,307,600     2,001,841  
  

 

 

    

 

 

 

The following table provides a summary of the changes in subscribed capital, uncalled portion of subscriptions and paid-in capital for the six months ended December 31, 2014 and for the fiscal year ended June 30, 2014:

 

In millions of U.S. dollars

                    
     Subscribed capital      Uncalled portion of
subscriptions
     Paid-in capital  

As of June 30, 2013

   $ 223,181      $ (209,747    $ 13,434  

GCI/SCI

     9,610        (9,039      571  
  

 

 

    

 

 

    

 

 

 

As of June 30, 2014

  232,791     (218,786   14,005  

GCI/SCI

  8,701     (8,183   518  
  

 

 

    

 

 

    

 

 

 

As of December 31, 2014

$ 241,492   $ (226,969 $ 14,523  
  

 

 

    

 

 

    

 

 

 

The uncalled portion of subscriptions is subject to call only when required to meet the obligations incurred by IBRD as a result of borrowings, or guaranteeing loans.

 

20    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


NOTE C—INVESTMENTS

As of December 31, 2014, IBRD’s investments include the liquid asset portfolio, and holdings relating to: the Advance Market Commitment for Pneumococcal Vaccines Initiative (AMC), the Post Employment Benefit Plan (PEBP), and the Post Retirement Contribution Reserve Fund (PCRF), which is used to stabilize IBRD’s contribution to its pension plan.

The composition of IBRD’s net investment portfolio as of December 31, 2014 and June 30, 2014 was as follows:

 

In millions of U.S. dollars

             
     December 31, 2014      June 30, 2014  

Net investments portfolio

     

Liquid asset portfolio

   $ 40,733      $ 41,568  

PCRF holdings

     52        44  

AMC holdings

     142        280  

PEBP holdings

     834        816  
  

 

 

    

 

 

 

Total

$ 41,761   $ 42,708  
  

 

 

    

 

 

 

Investments held by IBRD are designated as trading and are carried and reported at fair value, or at face value which approximates fair value. As of December 31, 2014, the majority of Investments-Trading is comprised of government and agency obligations and time deposits (53% and 34%, respectively), with all the instruments classified as Level 1 or Level 2 within the fair value hierarchy.

A summary of IBRD’s Investments-Trading at December 31, 2014 and June 30, 2014, is as follows:

 

In millions of U.S. dollars

             
     December 31, 2014      June 30, 2014  

Equity securitiesa

   $ 574      $ 477  

Government and agency obligations

     23,147        15,377  

Time deposits

     14,916        22,104  

Asset-backed securities (ABS)

     5,222        4,454  
  

 

 

    

 

 

 

Total

$ 43,859   $ 42,412  
  

 

 

    

 

 

 

 

a. Includes $83 million of alternative investments in PEBP holdings ($50 million—June 30, 2014).

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    21


IBRD manages its investments on a net portfolio basis. The following table summarizes IBRD’s net portfolio position as of December 31, 2014 and June 30, 2014:

 

In millions of U.S. dollars

 
     December 31, 2014     June 30, 2014  

Investments - Trading

   $ 43,859     $ 42,412  

Securities purchased under resale agreements

     2,474       3,070  

Securities sold under repurchase agreements, securities lent under securities lending agreements, and payable for cash collateral received

     (5,470     (3,390

Derivative assets

    

Currency forward contracts

     5,894       5,167  

Currency swaps

     17,036       8,264  

Interest rate swaps

     85       80  

Swaptions, exchange traded options and futures contracts

     18       3  

Othera

            
  

 

 

   

 

 

 

Total

  23,033     13,514  
  

 

 

   

 

 

 

Derivative liabilities

Currency forward contracts

  (5,772   (5,154

Currency swaps

  (16,136   (8,520

Interest rate swaps

  (119   (133

Swaptions, exchange traded options and futures contracts

  (31   (13

Othera

  —       —    
  

 

 

   

 

 

 

Total

  (22,058   (13,820
  

 

 

   

 

 

 

Cash held in investment portfoliob

  2,181     3,428  

Receivable from investment securities tradedc

  42     47  

Payable for investment securities purchasedd

  (2,300   (2,553
  

 

 

   

 

 

 

Net Investment Portfolio

$ 41,761   $ 42,708  
  

 

 

   

 

 

 

 

a. These relate to TBA securities.
b. These amounts are included in Unrestricted cash under Due from Banks on the Condensed Balance Sheet.
c. This amount is included in Other assets on the Condensed Balance Sheet.
d. This amount is included in Other liabilities on the Condensed Balance Sheet.
* Indicates amount less than $0.5 million.

IBRD uses derivative instruments to manage currency and interest rate risks in the investment portfolio. For details regarding these instruments, see Note F–Derivative Instruments.

As of December 31, 2014, there were $2,139 million short sales included in Other liabilities on the Condensed Balance Sheet ($38 million—June 30, 2014). These are reported at fair value on a recurring basis and classified as Level 1 within the fair value hierarchy.

For the three and six months ended December 31, 2014, IBRD’s revenue included $22 million and $51 million of unrealized mark-to-market losses, respectively (unrealized mark-to-market losses of $39 million and $41 million—three and six months ended December 31, 2013, respectively).

During the six months ended December 31, 2013, the AFS portfolio, part of equity management positions, was liquidated, resulting in $240 million of realized losses. The total proceeds from the sale of these securities were $2,484 million.

 

22    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


Fair Value Disclosures

The following tables present IBRD’s fair value hierarchy for investment assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and June 30, 2014:

 

In millions of U.S. dollars

                           
     Fair Value Measurements on a Recurring Basis
As of December 31, 2014
 
     Level 1      Level 2      Level 3      Total  

Assets:

           

Investments – Trading

           

Equity securities

   $ 304      $ 270  a     $ —        $ 574  

Government and agency obligations

     4,547        18,600        —          23,147  

Time deposits

     165        14,751        —          14,916  

ABS

     —          5,222        —          5,222  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments – Trading

  5,016     38,843     —       43,859  
  

 

 

    

 

 

    

 

 

    

 

 

 

Securities purchased under resale agreements

  16     2,458     —       2,474  

Derivative assets-Investments

Currency forward contracts

  —       5,894     —       5,894  

Currency swaps

  —       17,036     —       17,036  

Interest rate swaps

  —       85     —       85  

Swaptions, exchange traded options and futures contracts

  1     17     —       18  

Otherb

  —       *      —       *   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Derivative assets-Investments

  1     23,032     —       23,033  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

$ 5,033   $ 64,333   $ —     $ 69,366  
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities:

Securities sold under repurchase agreements and securities lent under securities lending agreementsc

$ —     $ 2,082   $ —     $ 2,082  

Derivative liabilities-Investments

Currency forward contracts

  —       5,772     —       5,772  

Currency swaps

  —       16,136     —       16,136  

Interest rate swaps

  —       119     —       119  

Swaptions, exchange traded options and futures contracts

  10     21     —       31  

Otherb

  —       —       —       —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Derivative liabilities-Investments

  10     22,048     —       22,058  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

$ 10   $ 24,130   $ —     $ 24,140  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

a. Includes $83 million of alternative investments in PEBP holdings.
b. These relate to TBA securities.
c. Excludes $3,388 million relating to payable for cash collateral received.
* Indicates amount less than $0.5 million.

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    23


In millions of U.S. dollars

                           
     Fair Value Measurements on a Recurring Basis
As of June 30, 2014
 
     Level 1      Level 2      Level 3      Total  

Assets:

           

Investments – Trading

           

Equity securities

   $ 276      $ 201 a     $ —        $ 477  

Government and agency obligations

     4,521        10,856        —          15,377  

Time deposits

     2,433        19,671        —          22,104  

ABS

     —          4,454        —          4,454  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments – Trading

  7,230     35,182     —       42,412  
  

 

 

    

 

 

    

 

 

    

 

 

 

Securities purchased under resale agreements

  19     3,051     —       3,070  

Derivative assets-Investments

Currency forward contracts

  —       5,167     —       5,167  

Currency swaps

  —       8,264     —       8,264  

Interest rate swaps

  —       80     —       80  

Swaptions, exchange traded options and futures contracts

  —       3     —       3  

Otherb

  —           —        
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Derivative assets-Investments

  —       13,514     —       13,514  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

$ 7,249   $ 51,747   $ —     $ 58,996  
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities:

Securities sold under repurchase agreements and securities lent under securities lending agreementsc

$ —     $ 156   $ —     $ 156  

Derivative liabilities-Investments

Currency forward contracts

  —       5,154     —       5,154  

Currency swaps

  —       8,520     —       8,520  

Interest rate swaps

  —       133     —       133  

Swaptions, exchange traded options and futures contracts

  10     3     —       13  

Otherb

  —       —       —       —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Derivative liabilities-Investments

  10     13,810     —       13,820  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

$ 10   $ 13,966   $ —     $ 13,976  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

a. Includes $50 million of alternative investments held in PEBP holdings.
b. These relate to TBA securities.
c. Excludes $3,234 million relating to payable for cash collateral received.
* Indicates amount less than $0.5 million.

Valuation Methods and Assumptions

Summarized below are the techniques applied in determining the fair values of investments.

Investment securities

Where available, quoted market prices are used to determine the fair value of trading securities. Examples include most government and agency securities, mutual funds, futures contracts, exchange-traded equity securities and ABS.

For instruments for which market quotations are not available, fair values are determined using model-based valuation techniques, whether internally-generated or vendor-supplied, that include the standard discounted cash flow method using market observable inputs such as yield curves, credit spreads, and constant prepayment rates. Where applicable, unobservable inputs such as constant prepayment rates, probability of default and loss severity are used. Unless quoted prices are available, time deposits, are reported at face value which approximates fair value.

Securities purchased under resale agreements, Securities sold under repurchase agreements, and Securities lent under securities lending agreements

These securities are short-term and are reported at face value which approximates fair value.

 

24    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


Commercial Credit Risk

For the purpose of risk management, IBRD is party to a variety of financial transactions, certain of which involve elements of credit risk. Credit risk exposure represents the maximum potential loss due to possible nonperformance by obligors and counterparties under the terms of the contracts. For all securities, IBRD limits trading to a list of authorized dealers and counterparties. In addition, IBRD receives collateral in connection with resale agreements as well as swaps agreements. This collateral serves to mitigate IBRD’s exposure to credit risk.

Swap Agreements: Credit risk is mitigated through the application of eligibility criteria and volume limits for transactions with individual counterparties and through the use of mark-to-market collateral arrangements for swap transactions. IBRD may require collateral in the form of cash or other approved liquid securities from individual counterparties in order to mitigate its credit exposure.

IBRD has entered into master derivatives agreements which contain legally enforceable close-out netting provisions. These agreements may further reduce the gross credit risk exposure related to the swaps. Credit risk with financial assets subject to a master derivatives arrangement is further reduced under these agreements to the extent that payments and receipts with the counterparty are netted at settlement. The reduction in exposure as a result of these netting provisions can vary due to the impact of changes in market conditions on existing and new transactions. The extent of the reduction in exposure may therefore change substantially within a short period of time following the balance sheet date. For more information on netting and offsetting provisions see Note F-Derivative Instruments.

The following is a summary of the collateral received by IBRD in relation to swap transactions as of December 31, 2014 and June 30, 2014.

 

In millions of U.S. dollars

             
     December 31, 2014      June 30, 2014  

Collateral received

     

Cash

   $ 3,388      $ 3,234  

Securities

     2,090        2,785  
  

 

 

    

 

 

 

Total collateral received

$ 5,478   $ 6,019  
  

 

 

    

 

 

 

Collateral permitted to be repledged

$ 5,478   $ 6,019  

Amount of collateral repledged

  —       —    

As of December 31, 2014, IBRD received total cash collateral of $3,388 million ($3,234 million—June 30, 2014), of which $3,372 million was invested in highly liquid instruments ($2,114 million—June 30, 2014).

Securities Lending: IBRD may engage in securities lending and repurchases, against adequate collateral, as well as securities borrowing and reverse repurchases (resales) of government and agency obligations, and corporate and ABS. These transactions have been conducted under legally enforceable master netting arrangements, which allow IBRD to reduce its gross credit exposure related to these transactions. For Balance Sheet presentation purposes, IBRD presents its securities lending and repurchases, as well as resales, on a gross basis. As of December 31, 2014 and June 30, 2014, there were no amounts which could potentially be offset as a result of legally enforceable master netting arrangements.

Transfers of securities by IBRD to counterparties are not accounted for as sales as the accounting criteria for the treatment as a sale have not been met. Counterparties are permitted to repledge these securities until the repurchase date.

The following is a summary of the carrying amount of the securities transferred under repurchase or securities lending agreements, and the related liabilities:

 

In millions of U.S. dollars

                  
     December 31, 2014      June 30, 2014     

Financial Statement Presentation

Securities transferred under repurchase or securities lending agreements

   $ 2,082      $ 155      

Included under Investments-Trading on the Condensed Balance Sheet.

Liabilities relating to securities transferred under repurchase or securities lending agreements

   $ 2,082      $ 156      

Included under Securities sold under repurchase agreements, securities lent under securities lending agreements, and payable for cash collateral received, on the Condensed Balance Sheet.

At December 31, 2014, and June 30, 2014 the liabilities relating to securities transferred under repurchase or securities lending agreements did not include any repurchase agreement trades that had not settled at that date.

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    25


In the case of resale agreements, IBRD receives collateral in the form of liquid securities and is permitted to repledge these securities. While these transactions are legally considered to be true purchases and sales, the securities received are not recorded on IBRD’s balance sheet as the accounting criteria for treatment as a sale have not been met. As of December 31, 2014, securities purchased under resale agreements included $70 million of securities, which had not settled at that date ($2,027 million—June 30, 2014). For the remaining purchases, IBRD received securities with a fair value of $2,400 million ($1,069 million—June 30, 2014). None of these securities had been transferred under repurchase or security lending agreements as of that date (Nil—June 30, 2014).

NOTE D—LOANS AND OTHER EXPOSURES

IBRD’s loans and other exposures (exposures) are generally made to, or guaranteed by, member countries of IBRD. In addition, IBRD may also make loans to the International Finance Corporation (IFC), an affiliated organization, without any guarantee. Other exposures include: Deferred Drawdown Options (DDOs), Irrevocable Commitments, Exposures to Member Countries’ Derivatives, and Guarantees. IBRD’s loans are reported at amortized cost, with the exception of one loan which is carried and reported at fair value, because it contains an embedded derivative.

IBRD uses derivative contracts to manage the currency risk as well as the repricing risk between its loans and borrowings. For details regarding derivatives used in the loan portfolio, see Note F—Derivative Instruments.

Of the total loans outstanding as of December 31, 2014, 82% were to Latin America and the Caribbean, Europe and Central Asia, and East Asia and Pacific regions, combined.

Based on IBRD’s internal credit quality indicators, the majority of loans outstanding are in the medium-risk and high-risk classes.

As of December 31, 2014, only 0.29% of IBRD’s loans were in nonaccrual status and were all related to one borrower. The total provision for losses on accrual and nonaccrual loans accounted for 1.06% of the total loans outstanding.

Credit Quality of Sovereign Exposures

Based on an evaluation of IBRD’s exposures, management has determined that IBRD has one portfolio segment – Sovereign Exposures. IBRD’s loans constitute the majority of the Sovereign Exposures portfolio segment.

IBRD’s country risk ratings are an assessment of its borrowers’ ability and willingness to repay IBRD on time and in full. These ratings are internal credit quality indicators. Individual country risk ratings are derived on the basis of both quantitative and qualitative analyses. The components considered in the analysis can be grouped broadly into eight categories: political risk, external debt and liquidity, fiscal policy and public debt burden, balance of payments risks, economic structure and growth prospects, monetary and exchange rate policy, financial sector risks, and corporate sector debt and vulnerabilities. For the purpose of analyzing the risk characteristics of IBRD’s exposures, these exposures are grouped into three classes in accordance with assigned borrower risk ratings which relate to the likelihood of loss: low, medium and high-risk classes, as well as exposures in nonaccrual status. IBRD considers all exposures in nonaccrual status to be impaired.

IBRD’s borrowers’ country risk ratings are key determinants in the provision for losses. Country risk ratings are determined in review meetings that take place several times a year. All countries are reviewed at least once a year, or more frequently, if circumstances warrant, to determine the appropriate ratings.

IBRD considers loans to be past due when a borrower fails to make payment on any principal, interest or other charges due to IBRD on the dates provided in the contractual loan agreement.

 

26    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


The following table provides an aging analysis of the loan portfolio as of December 31, 2014 and June 30, 2014:

 

In millions of U.S. dollars

 
     December 31, 2014  

Days past due

   Up to 45      46-60      61-90      91-180      Over 180      Total Past Due      Current      Total  

Risk Class

                       

Low

   $ —        $ —        $ —        $ —        $ —        $ —        $ 13,403      $ 13,403  

Medium

     —          —          —          —          —          —          88,866        88,866  

High

     6        1        —          —          —          7        54,075        54,082  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Loans in accrual statusa

  6     1     —       —       —       7     156,344     156,351  

Loans in nonaccrual statusa

  —       —       —       —       458     458     —       458  

Loan at fair valueb

  —       —       —       —       —       —       134     134  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

$ 6   $ 1   $ —     $ —     $ 458   $ 465   $ 156,478   $ 156,943  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

In millions of U.S. dollars

 
     June 30, 2014  

Days past due

   Up to 45      46-60      61-90      91-180      Over 180      Total Past Due      Current      Total  

Risk Class

                       

Low

   $ —        $ —        $ —        $ —        $ —        $ —        $ 13,319      $ 13,319  

Medium

     —          —          —          —          —          —          85,477        85,477  

High

     —          —          —          —          —          —          54,622        54,622  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Loans in accrual statusa

  —       —       —       —       —       —       153,418     153,418  

Loans in nonaccrual statusa

  —       —       —       5     457     462     —       462  

Loan at fair valueb

  —       —       —       —       —       —       141     141  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

$ —     $ —     $ —     $ 5   $ 457   $ 462   $ 153,559   $ 154,021  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

a. At amortized cost.
b. For the loan that is reported at fair value, and which is in accrual status, credit risk assessment is incorporated in the determination of the fair value.

Accumulated Provision for Losses on Loans and Other Exposures

Management determines the appropriate level of accumulated provisions for losses, which reflects the probable losses inherent in IBRD’s exposures. Probable losses comprise estimates of potential losses arising from default and nonpayment of principal amounts due, as well as present value losses. Delays in receiving loan payments result in present value losses to IBRD since it does not charge fees or additional interest on any overdue interest or charges. These present value losses are equal to the difference between the present value of payments of interest and charges, made according to the related instrument’s contractual terms and the present value of its expected future cash flows. It is IBRD’s practice not to write off its loans. All contractual obligations associated with exposures in nonaccrual status have eventually been cleared, thereby allowing borrowers to eventually emerge from nonaccrual status. To date, no loans have been written off.

Notwithstanding IBRD’s historical experience, the risk of losses associated with nonpayment of principal amounts due is included in the accumulated provision for losses on loans and other exposures.

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    27


Changes to the Accumulated provision for losses on loans and other exposures for the six months ended December 31, 2014, and for the fiscal year ended June 30, 2014 are summarized below:

 

In millions of U.S. dollars

 
     December 31, 2014     June 30, 2014  
     Loans     Other     Total     Loans     Other     Total  

Accumulated provision, beginning of the fiscal year

   $ 1,626     $ 41     $ 1,667     $ 1,659     $ 54     $ 1,713  

Provision —charge (release)

     70       —         70       (46     (14     (60

Translation adjustment

     (37     (1     (38     13       1       14  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated provision, end of the period/fiscal year

$ 1,659   $ 40   $ 1,699   $ 1,626   $ 41   $ 1,667  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Composed of accumulated provision for losses on:

Loans in accrual status

$ 1,430   $ 1,395  

Loans in nonaccrual status

  229     231  
  

 

 

       

 

 

     

Total

$ 1,659   $ 1,626  
  

 

 

       

 

 

     

Loans, end of the period/fiscal year:

Loans at amortized cost in accrual status

$ 156,351   $ 153,418  

Loans at amortized cost in nonaccrual status

  458     462  

Loan at fair value in accrual status

  134     141  
  

 

 

       

 

 

     

Total

$ 156,943   $ 154,021  
  

 

 

       

 

 

     

 

    

Reported as Follows

    

Condensed Balance Sheet

  

Condensed Statement of Income

Accumulated Provision for Losses on:

     

Loans

   Accumulated provision for loan losses    Provision for losses on loans and other exposures

Other exposures (excluding exposures to member countries’ derivatives)

   Other liabilities    Provision for losses on loans and other exposures

Exposures to member countries’ derivatives

   Derivative Liabilities–Client Operations    Other, net

Overdue Amounts

At December 31, 2014, there were no principal or interest amounts on loans in accrual status, which were overdue by more than three months. The following tables provide a summary of selected financial information related to loans in nonaccrual status as of December 31, 2014 and June 30, 2014, and for the three and six months ended December 31, 2014 and December 31, 2013:

 

In millions of U.S. dollars

             
     December 31, 2014      June 30, 2014  

Recorded investment in nonaccrual loansa

   $ 458      $ 462  

Accumulated provision for loan losses on nonaccrual loans

     229        231  

Average recorded investment in nonaccrual loans for the period/fiscal year

     460        462  

Overdue amounts of nonaccrual loans

     865        852  

Principal

     458        462  

Interest and charges

     407        390  

 

a. A loan loss provision has been recorded against each of the loans in nonaccrual status.

 

In millions of U.S. dollars

                           
     Three Months Ended December 31,      Six Months Ended December 31,  
     2014      2013      2014      2013  

Interest income not recognized as a result of loans being in nonaccrual status

   $ 8      $ 9      $ 17      $ 17  

During the three and six months ended December 31, 2014, no loans were placed in nonaccrual status or restored to accrual status.

In addition, during the three months ended December 31, 2014, interest income recognized on loans in nonaccrual status was less than $1 million, while during the six months ended December 31, 2014, the interest income recognized was $1 million (less than $1 million—three months ended December 31, 2013 and $1 million—six months ended December 31, 2013).

 

28    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


Effective July 16, 2013, all loans to, or guaranteed by, Iran were placed into nonaccrual status. The aggregate principal balance outstanding on these loans at July 16, 2013 was $697 million, of which $79 million was overdue on that date. Subsequently, on September 27, 2013, Iran cleared all of its overdue principal and charges due to IBRD and the loans to, or guaranteed by, Iran were restored to accrual status on that date. Interest revenue for the six months ended December 31, 2013, increased by $8 million, $7 million of which represents revenue that would have been accrued in previous fiscal year had these loans not been placed in nonaccrual status.

Information relating to the sole borrowing member with loans or other guarantees in nonaccrual status at December 31, 2014 is presented below:

 

In millions of U.S. dollars

 

Borrower

   Principal
outstanding
     Principal, Interest and
Charges overdue
     Nonaccrual
since
 

Zimbabwe

   $ 458      $ 865        October 2000   

Guarantees

Guarantees of $1,619 million were outstanding at December 31, 2014 ($1,804 million—June 30, 2014). This amount represents the maximum potential amount of undiscounted future payments that IBRD could be required to make under these guarantees and is not included on the Condensed Balance Sheet. These guarantees have original maturities ranging between 5 and 20 years, and expire in decreasing amounts through 2029.

At December 31, 2014, liabilities related to IBRD’s obligations under guarantees of $50 million ($60 million—June 30, 2014), have been included in Other liabilities on the Condensed Balance Sheet. These include the accumulated provision for guarantee losses of $20 million ($25 million—June 30, 2014).

During the six months ended December 31, 2014 and December 31, 2013, no guarantees provided by IBRD were called.

Waivers of Loan Charges

IBRD provides waivers on eligible loans, which include a portion of interest on loans, a portion of the commitment charge on undisbursed balances and a portion of the front-end fee charged on all eligible loans. Waivers are approved annually by the Executive Directors of IBRD.

The reduction in net income during the three and six months ended December 31, 2014, and December 31, 2013, resulting from waivers of loan charges is summarized below:

 

In millions of U.S. dollars

        
     Three Months Ended December 31,      Six Months Ended December 31,  
     2014      2013      2014      2013  

Interest waivers

   $ 25      $ 30      $ 52      $ 60  

Commitment charge waivers

     2        2        3        5  

Front-end fee waivers

     5        8        10        11  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

$ 32   $ 40   $ 65   $ 76  
  

 

 

    

 

 

    

 

 

    

 

 

 

Segment Reporting

Based on an evaluation of IBRD’s operations, management has determined that IBRD has only one reportable segment since financial results are reviewed, and resource allocation decisions are made, at the entity level.

Loan revenue comprises interest, commitment fees, loan origination fees and prepayment premia, net of waivers. For the six months ended December 31, 2014, loans to one country generated an excess of 10 percent of total loan revenue; this amounted to $121 million.

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    29


Information about IBRD’s loans outstanding and associated loan revenue by geographic region, as of and for the six months ended December 31, 2014, and December 31, 2013, is presented in the following table:

 

In millions of U.S. dollars

 
     December 31, 2014      December 31, 2013  

Region

   Loans Outstanding      Loan Revenueb      Loans Outstanding      Loan Revenueb  

Africa

   $ 2,992      $ 53      $ 2,329      $ 17  

East Asia and Pacific

     31,221        201        30,022        213  

Europe and Central Asia

     43,551        220        43,991        210  

Latin America and the Caribbean

     53,523        480        51,742        507  

Middle East and North Africa

     12,227        74        11,984        83  

South Asia

     13,212        42        13,167        48  

Othera

     217        1        226        1  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

$ 156,943   $ 1,071   $ 153,461   $ 1,079  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

a. Represents loans to IFC, an affiliated organization.
b. Does not include interest expenses, net from loan related derivatives of $484 million ($466 million—December 31, 2013).
* Indicates amount less than $0.5 million.

Fair Value Disclosures

The loan carried at fair value is classified as Level 3. This loan has an embedded derivative and its fair value is estimated on a matrix basis against the related bond. As IBRD’s loans are not traded, the yield which is used as a key input to determining the fair value of this loan is not observable. The yield applied in determining the fair value of the loan at December 31, 2014 was 4.5%. An increase (decrease) in the yield would result in a decrease (increase) in the fair value of the loan.

The following table provides a summary of changes in the fair value of IBRD’s Level 3 loan during the three and six months ended December 31, 2014 and December 31, 2013:

 

In millions of U.S. dollars

 
     Three Months Ended December 31,      Six Months Ended December 31,  
     2014      2013      2014      2013  

Beginning of the period/fiscal year

   $ 132      $ 138      $ 141      $ 148  

Total realized/unrealized mark-to-market (losses) gains in:

           

Net income

     (2      5               4  

Other comprehensive income

     4        3        (7      (6
  

 

 

    

 

 

    

 

 

    

 

 

 

End of the period

$ 134   $ 146   $ 134   $ 146  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

* Indicates amount less than $0.5 million.

Information on unrealized mark-to-market gains or losses, relating to IBRD’s Level 3 loan, included in net income, for the three and six months ended December 31, 2014 and December 31, 2013, as well as where those amounts are included in the Condensed Statement of Income, is presented in the following table:

 

In millions of U.S. dollars

 
     Three Months Ended December 31,      Six Months Ended December 31,  

Unrealized Mark-to-Market Gains (Losses)

   2014      2013      2014      2013  

Condensed Statement of Income location Loans, net

   $ (5    $ 2      $ (5    $ (2
  

 

 

    

 

 

    

 

 

    

 

 

 

The table below presents the fair value of all IBRD’s loans for disclosure purposes, along with their respective carrying values as of December 31, 2014 and June 30, 2014:

 

In millions of U.S. dollars

 
     December 31, 2014      June 30, 2014  
     Carrying Value      Fair Value      Carrying Value      Fair Value  

Net loans outstanding

   $ 154,861      $ 151,715      $ 151,978      $ 149,957  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

30    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


Valuation Methods and Assumptions

All IBRD’s loans are made to, or guaranteed by, countries that are members of IBRD, except for those loans made to IFC. IBRD does not currently sell its loans.

As of December 31, 2014 and June 30, 2014, except for one loan which is reported at fair value, all other loans are carried at amortized cost. The fair value of these loans is calculated using a discounted cash flow method. This method incorporates Credit Default Swap spreads for each borrower. Basis adjustments are applied to market recovery levels to reflect IBRD’s recovery experience. IBRD’s loans, including the one loan reported at fair value on a recurring basis, are classified as Level 3, within the fair value hierarchy.

NOTE E—BORROWINGS

IBRD issues unsubordinated and unsecured fixed and variable rate debt in a variety of currencies. Some of these debt instruments are callable. Variable rates may be based on, for example, exchange rates, interest rates or equity indices.

Borrowings issued by IBRD are carried and reported at fair value. As of December 31, 2014, 98% of the instruments in the portfolio were classified as Level 2, within the fair value hierarchy.

IBRD uses derivative contracts to manage the currency risk as well as the repricing risk between its loans and borrowings. For details regarding the derivatives used in the borrowing portfolio, see Note F—Derivative Instruments.

The following table summarizes IBRD’s borrowing portfolio after derivatives as of December 31, 2014 and June 30, 2014:

 

In millions of U.S. dollars

             
     December 31, 2014      June 30, 2014  

Borrowings

   $ 160,083      $ 161,026  

Currency swaps, neta

     (99      (3,898

Interest rate swaps, neta

     (4,436      (4,485
  

 

 

    

 

 

 
$ 155,548   $ 152,643  
  

 

 

    

 

 

 

 

a. Interest, net for Borrowings on the Condensed Statement of Income includes $1,802 million of interest income, net related to derivatives associated with Borrowing portfolio ($1,704 million—six months ended December 31, 2013).

Fair Value Disclosures

IBRD’s fair value hierarchy for borrowings measured at fair value on a recurring basis as of December 31, 2014 and June 30, 2014 is as follows:

 

In millions of U.S. dollars

             
     December 31, 2014      June 30, 2014  

Level 1

   $ —        $ —    

Level 2

     156,906        157,143  

Level 3

     3,177        3,883  
  

 

 

    

 

 

 
$ 160,083   $ 161,026  
  

 

 

    

 

 

 

The following tables provide a summary of changes in the fair value of IBRD’s Level 3 borrowings during the three and six months ended December 31, 2014 and December 31, 2013:

 

In millions of U.S. dollars

 
     Three Months Ended December 31,      Six Months Ended December 31,  
     2014      2013      2014      2013  

Beginning of the period/fiscal year

   $ 3,483      $ 6,058      $ 3,883      $ 6,511  

Total realized/unrealized mark-to-market losses (gains) in:

           

Net income

     187        346        407        367  

Other comprehensive income

     (200      (350      (456      (278

Issuances

     190        59        476        101  

Settlements

     (436      (526      (936      (1,029

Transfers out, net

     (47      (750      (197      (835
  

 

 

    

 

 

    

 

 

    

 

 

 

End of the period

$ 3,177   $ 4,837   $ 3,177   $ 4,837  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    31


Information on the unrealized mark-to-market gains or losses included in net income for the three and six months ended December 31, 2014 and December 31, 2013, relating to IBRD’s Level 3 borrowings still held at the reporting dates, as well as where those amounts are included in the Condensed Statement of Income, is presented in the following table:

 

In millions of U.S. dollars

 
     Three Months Ended December 31,      Six Months Ended December 31,  

Unrealized Mark-to-Market Gains (Losses)

   2014      2013      2014      2013  

Condensed Statement of Income location Borrowings, net

   $ (125    $ (241    $ (276    $ (223
  

 

 

    

 

 

    

 

 

    

 

 

 

The following table provides information on the unrealized mark-to-market gains or losses included in net income for the three and six months ended December 31, 2014 and December 31, 2013, relating to IBRD’s total borrowings held at the reporting dates, as well as where those amounts are included in the Condensed Statement of Income:

 

In millions of U.S. dollars

 
     Three Months Ended December 31,      Six Months Ended December 31,  

Unrealized Mark-to-Market Gains (Losses)

   2014      2013      2014      2013  

Condensed Statement of Income location Borrowings, net

   $ (1,056    $ 659      $ (1,038    $ 1,209  
  

 

 

    

 

 

    

 

 

    

 

 

 

During the three and six months ended December 31, 2014, IBRD’s credit spreads tightened. The estimated financial effects on the fair value of the debt issued and outstanding as of December 31, 2014, were unrealized mark-to-market losses of $57 million and $210 million, respectively.

During the three and six months ended December 31, 2013, IBRD’s credit spreads widened. The estimated financial effects on the fair value of the debt issued and outstanding as of December 31, 2013, were unrealized mark-to-market gains of $147 million and $244 million, respectively. These amounts were determined using observable changes in IBRD’s credit spreads.

IBRD’s Level 3 borrowings primarily relate to structured bonds. The fair value of these bonds is estimated using valuation models that incorporate model parameters, observable market inputs, and unobservable inputs. The significant unobservable inputs used in the fair value measurement of structured bonds are correlations and long-dated interest rate volatilities. Generally, the movements in correlations are considered to be independent from the movements in long-dated interest rate volatilities.

Correlation is the statistical measurement of the relationship between two variables. For contracts where the holder benefits from the convergence of the underlying index prices (e.g. interest rates and foreign exchange rates), an increase in correlation generally results in an increase in the fair value of the instruments. The magnitude and direction of the fair value adjustments will depend on whether the holder is short or long the option.

Interest rate volatility is the extent to which the level of interest rates change over time. For purchased options, an increase in volatility will generally result in an increase in the fair value. In general, the volatility used to price the option depends on the maturity of the underlying instrument and the option strike price. For IBRD, interest rate volatilities are considered an unobservable input for maturities greater than ten years for certain currencies.

The following table provides a summary of the valuation technique applied in determining fair values of these Level 3 instruments and quantitative information regarding the significant unobservable inputs used:

 

In millions of U.S. dollars

                                    

Portfolio

   Fair Value at
December 31,
2014
     Fair Value
at June 30,
2014
     Valuation
Technique
     Unobservable
input
     Range (average)
December 31, 2014
  Range (average)
June 30, 2014

Borrowings

   $ 3,177       $ 3,883        
 
Discounted
Cash Flow
  
  
     Correlations       -52% to 77% (8%)   -39% to 77% (5%)
             
 
 
Long-dated
interest rate
volatilities
  
  
  
   17% to 45% (31%)   14% to 33% (22%)

 

32    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


The table below provides the details of all gross inter-level transfers for the three and six months ended December 31, 2014 and December 31, 2013. Transfers from Level 3 to Level 2 are due to increased price transparency.

 

In millions of U.S. dollars

                                                   
     Three Months Ended December 31,     Six Months Ended December 31,  
     2014     2013     2014     2013  
     Level 2      Level 3     Level 2      Level 3     Level 2     Level 3     Level 2      Level 3  

Borrowings

                   

Transfers into (out of)

   $ 47      $ (47   $ 750      $ (750   $ 199     $ (199   $ 835      $ (835

Transfers (out of) into

     —          —         —          —         (2     2       —          —    
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 
$ 47   $ (47 $ 750   $ (750 $ 197   $ (197 $ 835   $ (835
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Presented below is the difference between the aggregate fair value and aggregate contractual principal balance of borrowings:

 

In millions of U.S. dollars

                    
     Fair Value      Principal Amount
Due Upon Maturity
     Difference  

December 31, 2014

   $ 160,083      $ 159,207      $ 876  

June 30, 2014

   $ 161,026      $ 161,751      $ (725

Valuation Methods and Assumptions

Techniques applied in determining the fair values of debt instruments are summarized as follows:

Discount notes and vanilla bonds

Discount notes and vanilla bonds are valued using the standard discounted cash flow method which relies on market observable inputs such as yield curves, foreign exchange rates, basis spreads and funding spreads, where available, quoted marked prices are used to determine the fair value of short-term notes.

Structured bonds

Structured bonds issued by IBRD have coupon or repayment terms linked to the level or the performance of interest rates, foreign exchange rates, equity indices or commodities. The fair value of the structured bonds is derived using the discounted cash flow method based on estimated future pay-offs determined by applicable models and computation of embedded optionality such as caps, floors and calls. A wide range of industry standard models such as one factor Hull-White, LIBOR Market Model and Black-Scholes are used depending on the specific structure. These models incorporate market observable inputs, such as yield curves, foreign exchange rates, basis spreads, funding spreads, interest rates volatilities, equity index volatilities and equity indices. Where applicable, the models also incorporate significant unobservable inputs such as correlations and long-dated interest rate volatilities.

NOTE F—DERIVATIVE INSTRUMENTS

IBRD uses derivative instruments in its investment, loan and borrowing portfolios, and for asset/liability management purposes (including equity management). It also offers derivatives intermediation services to clients and concurrently enters into offsetting transactions with market counterparties.

The following table summarizes IBRD’s use of derivatives in its various financial portfolios:

 

Portfolio

  

Derivative instruments used

  

Purpose / Risk being managed

Risk management purposes:

     

Investments

  

Currency swaps, interest rate swaps, currency forward contracts, options, swaptions and futures contracts, TBA securities

  

Manage currency and interest rate risks in the portfolio

Loans

  

Currency swaps, and interest rate swaps

  

Manage currency risk as well as repricing risks between loans and borrowings

Borrowings

  

Currency swaps, and interest rate swaps

  

Manage currency risk as well as repricing risks between loans and borrowings

Other assets/liabilities

  

Currency swaps, and interest rate swaps

  

Manage currency risk and the duration of IBRD’s equity (equity management)

Other purposes:

     

Client operations

  

Currency swaps, and interest rate swaps

  

Assist clients in managing risks

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    33


The following tables provide information on the fair value amounts and the location of the derivative instruments on the Condensed Balance Sheet, as well as notional amounts and credit risk exposures of those derivative instruments as of December 31, 2014 and June 30, 2014:

Fair value of derivative instruments on the Condensed Balance Sheet:

 

In millions of U.S. dollars

                         
     Balance Sheet Location  
     Derivative Assets     Derivative Liabilities  
     December 31, 2014     June 30, 2014     December 31, 2014      June 30, 2014  

Derivatives not designated as hedging instruments

         

Swaptions, exchange traded options and futures contracts - Investment-Trading

   $ 18     $ 3     $ 31      $ 13  

Interest rate swaps

     7,401       7,769       4,824        4,151  

Currency swapsa

     137,260       146,298       135,977        142,721  

Otherb

                 —          —    
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Derivatives

$ 144,679   $ 154,070   $ 140,832   $ 146,885  
  

 

 

   

 

 

   

 

 

    

 

 

 

 

a. Includes currency forward contracts and structured swaps.
b. These relate to TBA securities.
* Indicates amount less than $0.5 million.

Notional amounts and credit risk exposure of the derivative instruments:

 

In millions of U.S. dollars

             

Type of contract

   December 31, 2014      June 30, 2014  

Investments - Trading

     

Interest rate swaps

     

Notional principal

   $ 8,156      $ 2,910  

Credit exposure

     85        80  

Currency swaps (including currency forward contracts)

     

Credit exposure

     1,118        59  

Swaptions, exchange traded options and futures contractsa

     

Notional long position

     1,198        850  

Notional short position

     13,924        21,228  

Credit exposure

     18        3  

Other derivativesb

     

Notional long position

     47        47  

Notional short position

     —          —    

Credit exposure

            1  

Loans

     

Interest rate swaps

     

Notional principal

     28,258        29,775  

Credit exposure

     106        196  

Currency swaps

     

Credit exposure

     223        65  

Client operations

     

Interest rate swaps

     

Notional principal

     23,311        22,691  

Credit exposure

     1,405        1,070  

Currency swaps

     

Credit exposure

     1,712        1,701  

Borrowings

     

Interest rate swaps

     

Notional principal

     165,735        152,248  

Credit exposure

     4,910        4,919  

Currency swaps

     

Credit exposure

     8,053        9,994  

Other derivatives

     

Interest rate swaps

     

Notional principal

     35,237        42,113  

Credit exposure

     895        1,504  

Currency swaps

     

Credit exposure

     —          41  

 

a. Exchange traded instruments are generally subject to daily margin requirements and are deemed to have no material credit risk. All swaptions, options, and futures contracts are interest rate contracts.
b. These relate to TBA securities.
* Indicates amount less than $0.5 million.

 

34    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


IBRD is not required to post collateral under its derivative agreements as long as it maintains a AAA credit rating. The aggregate fair value of all derivative instruments with credit-risk related contingent features that are in a liability position on December 31, 2014 is $3,633 million ($1,216 million—June 30, 2014). IBRD has not posted any collateral with these counterparties due to its AAA credit rating.

If the credit-risk related contingent features underlying these agreements had been triggered to the extent that IBRD would be required to post collateral on December 31, 2014, the amount of collateral that would need to be posted would be $1,465 million ($164 million— June 30, 2014). Subsequent triggers of contingent features would require posting of additional collateral, up to a maximum of $3,633 million ($1,216 million—June 30, 2014). In contrast, IBRD received collateral totaling $5,478 million as of December 31, 2014 ($6,019 million—June 30, 2014), in relation to swap transactions (see Note C—Investments).

The following table provides information on the location and amount of unrealized mark-to-market gains and losses on the non-trading derivatives during the three and six months ended December 31, 2014, and December 31, 2013, and their location on the Condensed Statement of Income:

 

In millions of U.S. dollars

                    
        

 

   Three Months Ended
December 31,
    Six Months Ended
December 31,
 
         Condensed Statement of Income Location    Unrealized Mark-to-Market Gains (Losses)b  
        

 

   2014      2013     2014     2013  

Derivatives not designated as hedging instruments, and not held in trading portfolioa

              

Interest rate swaps

  LOGO    Loans, Equity management,
Borrowings and Other, net
   $ 39      $ (50   $ (1,073   $ (1,082

Currency swaps (including currency forward contracts and structured swaps)

          615        (145     750       (383
       

 

 

    

 

 

   

 

 

   

 

 

 

Total

$ 654   $ (195 $ (323 $ (1,465
       

 

 

    

 

 

   

 

 

   

 

 

 

 

a. For alternative disclosures about trading derivatives, see the following table.
b. Includes amounts reclassified to realized mark-to-market gains (losses).

All of the instruments in IBRD’s investment portfolio are held for trading purposes. Within the investment portfolio, IBRD holds highly rated fixed income instruments, equity securities as well as derivatives.

The following table provides information on the location and amount of gains and losses on the net investment-trading portfolio and their location on the Condensed Statement of Income during the three and six months ended December 31, 2014 and December 31, 2013:

 

In millions of U.S. dollars

        
     Three Months Ended
December 31,
     Six Months Ended
December 31,
 

Condensed Statement of Income Location

   Investments-Trading, neta      Investments-Trading, neta  
     Gains (Losses)      Gains (Losses)  
     2014      2013      2014      2013  

Type of instrument

           

Fixed income (including associated derivatives)

   $ (22    $ (48    $ (47    $ (59

Equity

     —          9         (4      18  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

$ (22 $ (39 $ (51 $ (41
  

 

 

    

 

 

    

 

 

    

 

 

 

 

a. Amounts associated with each type of instrument include gains and losses on both derivative instruments and non-derivative instruments.

Offsetting assets and liabilities

IBRD enters into International Swaps and Derivatives Association, Inc. (ISDA) master netting agreements with substantially all of its derivative counterparties. These legally enforceable master netting agreements give IBRD the right to liquidate securities held as collateral and to offset receivables and payables with the same counterparty, in the event of default by the counterparty.

The presentation of derivative instruments is consistent with the manner in which these instruments are settled. Interest rate swaps are settled on a net basis, while currency swaps are settled on a gross basis.

The following table summarizes information on derivative assets and liabilities (before and after netting adjustments) that are reflected on IBRD’s Condensed Balance Sheet as of December 31, 2014 and June 30, 2014. Total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    35


legally enforceable master netting agreements. The net derivative asset positions have been further reduced by the cash and securities collateral received.

 

In millions of U.S. dollars

 
     December 31, 2014  
     Derivative Assets     Derivative Liabilities  
     Gross Amounts
Recognized on
the Condensed
Balance Sheet
     Gross Amounts
Offset on the
Condensed
Balance Sheet
    Net Amounts
Presented on the
Condensed
Balance Sheet
    Gross Amounts
Recognized on
the Condensed
Balance Sheet
     Gross Amounts
Offset on the
Condensed
Balance Sheet
    Net Amounts
Presented on the
Condensed
Balance Sheet
 

Interest rate swaps

   $ 21,683      $ (14,282   $ 7,401     $ 15,073      $ (10,249   $ 4,824  

Currency swapsa

     137,260        —         137,260       135,977        —         135,977  

Otherb

     18        —         18       32        (1     31  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total

$ 158,961    $ (14,282 $ 144,679   $ 151,082   $ (10,250 $ 140,832  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Amounts subject to legally enforceable master netting agreementsc

  (137,177   (137,177
       

 

 

        

 

 

 

Net derivative positions at counterparty level before collateral

$ 7,502   $ 3,655  
       

 

 

        

 

 

 

Less:

Cash collateral receivedd

  3,017  

Securities collateral receivedd

  1,804  
       

 

 

        

Net derivative exposure after collateral

$ 2,681  
       

 

 

        

 

a. Includes currency forward contracts and structured swaps.
b. These relate to swaptions, exchange traded options, futures contracts and TBA securities.
c. Not offset on the Condensed Balance Sheet.
d. Does not include excess collateral received.

 

In millions of U.S. dollars

 
     June 30, 2014  
     Derivative Assets     Derivative Liabilities  
     Gross Amounts
Recognized on
the Condensed
Balance Sheet
     Gross Amounts
Offset on the
Condensed
Balance Sheet
    Net Amounts
Presented on the
Condensed
Balance Sheet
    Gross Amounts
Recognized on
the Condensed
Balance Sheet
     Gross Amounts
Offset on the
Condensed
Balance Sheet
    Net Amounts
Presented on the
Condensed
Balance Sheet
 

Interest rate swaps

   $ 22,482      $ (14,713   $ 7,769     $ 14,173      $ (10,022   $ 4,151  

Currency swapsa

     146,298        —         146,298       142,721        —         142,721  

Otherb

     3        —         3       13        —         13  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total

$ 168,783    $ (14,713 $ 154,070   $ 156,907   $ (10,022 $ 146,885  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Amounts subject to legally enforceable master netting agreementsc

  (145,595   (145,595
       

 

 

        

 

 

 

Net derivatives positions at counterparty level before collateral

$ 8,475   $ 1,290  
       

 

 

        

 

 

 

Less:

Cash collateral receivedd

  2,840  

Securities collateral receivedd

  2,485  
       

 

 

        

Net derivative exposure after collateral

$ 3,150  
       

 

 

        

 

a. Includes currency forward contracts and structured swaps.
b. These relate to swaptions, exchange traded options, futures contracts and TBA securities.
c. Not offset on the Condensed Balance Sheet.
d. Does not include excess collateral received.

 

36    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


Fair Value Disclosures

IBRD’s fair value hierarchy for derivative assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and June 30, 2014 is as follows:

 

In millions of U.S. dollars

                           
     Fair Value Measurements on a Recurring Basis
December 31, 2014
 
     Level 1      Level 2      Level 3      Total  

Derivative Assets:

           

Investments

           

Currency forward contracts

   $ —        $ 5,894      $ —        $ 5,894  

Currency swaps

     —          17,036        —          17,036  

Interest rate swaps

     —          85        —          85  

Swaptions, exchange traded options and futures contracts

     1        17        —          18  

Othera

     —                 —           
  

 

 

    

 

 

    

 

 

    

 

 

 
  1     23,032     —       23,033  
  

 

 

    

 

 

    

 

 

    

 

 

 

Loans

Currency swaps

  —       3,180     73     3,253  

Interest rate swaps

  —       106     —       106  
  

 

 

    

 

 

    

 

 

    

 

 

 
  —       3,286     73     3,359  
  

 

 

    

 

 

    

 

 

    

 

 

 

Client operations

Currency swaps

  —       32,874     —       32,874  

Interest rate swaps

  —       1,405     —       1,405  
  

 

 

    

 

 

    

 

 

    

 

 

 
  —       34,279     —       34,279  
  

 

 

    

 

 

    

 

 

    

 

 

 

Borrowings

Currency swaps

  —       75,008     2,696     77,704  

Interest rate swaps

  —       4,832     78     4,910  
  

 

 

    

 

 

    

 

 

    

 

 

 
  —       79,840     2,774     82,614  
  

 

 

    

 

 

    

 

 

    

 

 

 

Other assets/liabilities

Currency swaps

  —       499     —       499  

Interest rate swaps

  —       895     —       895  
  

 

 

    

 

 

    

 

 

    

 

 

 
  —       1,394     —       1,394  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total derivative assets

$ 1   $ 141,831   $ 2,847   $ 144,679  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Liabilities:

Investments

Currency forward contracts

$ —     $ 5,772   $ —     $ 5,772  

Currency swaps

  —       16,136     —       16,136  

Interest rate swaps

  —       119     —       119  

Swaptions, exchange traded options and futures contracts

  10     21     —       31  

Othera

  —       —       —       —    
  

 

 

    

 

 

    

 

 

    

 

 

 
  10     22,048     —       22,058  
  

 

 

    

 

 

    

 

 

    

 

 

 

Loans

Currency swaps

  —       2,991     62     3,053  

Interest rate swaps

  —       2,752     —       2,752  
  

 

 

    

 

 

    

 

 

    

 

 

 
  —       5,743     62     5,805  
  

 

 

    

 

 

    

 

 

    

 

 

 

Client operations

Currency swaps

  —       32,865     —       32,865  

Interest rate swaps

  —       1,401     25     1,426  
  

 

 

    

 

 

    

 

 

    

 

 

 
  —       34,266     25     34,291  
  

 

 

    

 

 

    

 

 

    

 

 

 

Borrowings

Currency swaps

  —       75,086     2,519     77,605  

Interest rate swaps

  —       427     47     474  
  

 

 

    

 

 

    

 

 

    

 

 

 
  —       75,513     2,566     78,079  
  

 

 

    

 

 

    

 

 

    

 

 

 

Other assets/liabilities

Currency swaps

  —       546     —       546  

Interest rate swaps

  —       53     —       53  
  

 

 

    

 

 

    

 

 

    

 

 

 
  —       599     —       599  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total derivative liabilities

$ 10   $ 138,169   $ 2,653   $ 140,832  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

a. These relate to TBA securities.
* Indicates amount less than $0.5 million.

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    37


In millions of U.S. dollars

                          
     Fair Value Measurements on a Recurring Basis
As of June 30, 2014
 
     Level 1      Level 2     Level 3      Total  

Derivative Assets:

          

Investments

          

Currency forward contracts

   $ —        $ 5,167     $ —        $ 5,167  

Currency swaps

     —          8,264       —          8,264  

Interest rate swaps

     —          80       —          80  

Swaptions, exchange traded options and futures contracts

     —          3       —          3  

Othera

     —                —           
  

 

 

    

 

 

   

 

 

    

 

 

 
  —       13,514     —       13,514  
  

 

 

    

 

 

   

 

 

    

 

 

 

Loans

Currency swaps

  —       2,502     86     2,588  

Interest rate swaps

  —       196     —       196  
  

 

 

    

 

 

   

 

 

    

 

 

 
  —       2,698     86     2,784  
  

 

 

    

 

 

   

 

 

    

 

 

 

Client operations

Currency swaps

  —       35,447     —       35,447  

Interest rate swaps

  —       1,070     —       1,070  
  

 

 

    

 

 

   

 

 

    

 

 

 
  —       36,517     —       36,517  
  

 

 

    

 

 

   

 

 

    

 

 

 

Borrowings

Currency swaps

  —       90,141     4,090     94,231  

Interest rate swaps

  —       4,858     61     4,919  
  

 

 

    

 

 

   

 

 

    

 

 

 
  —       94,999     4,151     99,150  
  

 

 

    

 

 

   

 

 

    

 

 

 

Other assets/liabilities

Currency swaps

  —       601     —       601  

Interest rate swaps

  —       1,504     —       1,504  
  

 

 

    

 

 

   

 

 

    

 

 

 
  —       2,105     —       2,105  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total derivative assets

$ —     $ 149,833   $ 4,237   $ 154,070  
  

 

 

    

 

 

   

 

 

    

 

 

 

Derivative Liabilities:

Investments

Currency forward contracts

$ —     $ 5,154   $ —     $ 5,154  

Currency swaps

  —       8,520     —       8,520  

Interest rate swaps

  —       133     —       133  

Swaptions, exchange traded options and futures contracts

  10     3     —       13  

Othera

  —       —       —       —    
  

 

 

    

 

 

   

 

 

    

 

 

 
  10     13,810     —       13,820  
  

 

 

    

 

 

   

 

 

    

 

 

 

Loans

Currency swaps

  —       2,642     75     2,717  

Interest rate swaps

  —       2,415     —       2,415  
  

 

 

    

 

 

   

 

 

    

 

 

 
  —       5,057     75     5,132  
  

 

 

    

 

 

   

 

 

    

 

 

 

Client operations

Currency swaps

  —       35,435     —       35,435  

Interest rate swaps

  —       1,104     —       1,104  
  

 

 

    

 

 

   

 

 

    

 

 

 
  —       36,539     —       36,539  
  

 

 

    

 

 

   

 

 

    

 

 

 

Borrowings

Currency swaps

  —       86,693     3,640     90,333  

Interest rate swaps

  —       399     35     434  
  

 

 

    

 

 

   

 

 

    

 

 

 
  —       87,092     3,675     90,767  
  

 

 

    

 

 

   

 

 

    

 

 

 

Other assets/liabilities

Currency swaps

  —       562     —       562  

Interest rate swaps

  —       65     —       65  
  

 

 

    

 

 

   

 

 

    

 

 

 
  —       627     —       627  
  

 

 

    

 

 

   

 

 

    

 

 

 

Total derivative liabilities

$ 10   $ 143,125   $ 3,750   $ 146,885  
  

 

 

    

 

 

   

 

 

    

 

 

 

 

a. These relate to TBA securities.
* Indicates amount less than $0.5 million.

 

38    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


The following tables provide a summary of changes in the fair value of IBRD’s Level 3 derivatives, net during the three and six months ended December 31, 2014 and December 31, 2013:

 

In millions of U.S. dollars

                                    
     Three Months Ended December 31, 2014     Six Months Ended December 31, 2014  
     Currency
Swaps
    Interest Rate
Swaps
    Total     Currency
Swaps
    Interest Rate
Swaps
    Total  

Beginning of the period/fiscal year

   $ 298     $ (14   $ 284     $ 461     $ 26     $ 487  

Total realized/unrealized mark-to-market gains or (losses) in:

            

Net income

     115       20       135       288       5       293  

Other comprehensive income

     (201     —         (201     (436     —         (436

Issuances

     —         —         —         (2     —         (2

Settlements

     (22     —         (22     (107     —         (107

Transfers out, net

     (2     —         (2     (16     (25     (41
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of the period

$ 188   $ 6   $ 194   $ 188   $ 6   $ 194  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

In millions of U.S. dollars

                                    
     Three Months Ended December 31, 2013     Six Months Ended December 31, 2013  
     Currency
Swaps
    Interest Rate
Swaps
    Total     Currency
Swaps
    Interest Rate
Swaps
    Total  

Beginning of the period/fiscal year

   $ 620     $ 4     $ 624     $ 628     $ 2     $ 630  

Total realized/unrealized mark-to-market gains or (losses) in:

            

Net income

     285       18       303       296       20       316  

Other comprehensive income

     (351     —         (351     (265     —         (265

Issuances

     —         —         —         (3     —         (3

Settlements

     (54     —         (54     (139     —         (139

Transfers out, net

     (113     —         (113     (130     —         (130
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of the period

$ 387   $ 22   $ 409   $ 387   $ 22   $ 409  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Unrealized mark-to-market gains or losses included in the Condensed Statement of Income for the three and six months ended December 31, 2014 and December 31, 2013, relating to IBRD’s Level 3 derivatives, net still held at the reporting dates as well as where those amounts are included in the Condensed Statement of Income, are presented in the following table:

 

In millions of U.S. dollars

 
     Three Months Ended
December 31,
     Six Months Ended
December 31,
 

Unrealized Mark-to-Market Gains (Losses)

   2014      2013      2014      2013  

Condensed Statement of Income location Loans, Borrowings, Other, net

   $ 85      $ 204      $ 196      $ 202  
  

 

 

    

 

 

    

 

 

    

 

 

 

The following table provides the details of all inter-level transfers during the three and six months ended December 31, 2014 and December 31, 2013:

 

In millions of U.S. dollars

                                        
     Three Months Ended December 31,     Six Months Ended December 31,  
     2014     2013     2014     2013  
     Level 2      Level 3     Level 2      Level 3     Level 2      Level 3     Level 2      Level 3  

Derivatives, net

                    

Transfers into (out of)

   $ 2      $ (2   $ 113      $ (113   $ 16      $ (16   $ 130      $ (130

Transfers out of (into)

     —          —         —          —         25        (25     —          —    
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 
$ 2   $ (2 $ 113   $ (113 $ 41   $ (41 $ 130   $ (130
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Transfers from Level 3 to Level 2 are due to increased price transparency.

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    39


The fair value of IBRD’s Level 3 borrowings related derivatives is estimated using valuation models that incorporate model parameters, observable market inputs and unobservable inputs. The significant unobservable inputs used in the fair value measurement of these derivatives are correlations and long dated interest rate volatilities. See Note E – Borrowings for details on these unobservable inputs.

The following table provides a summary of the valuation technique applied in determining fair values of these Level 3 instruments and quantitative information regarding the significant unobservable inputs used:

 

In millions of U.S. dollars

                                  
     Fair Value at
December 31,
2014
     Fair Value
at June 30,
2014
     Valuation
Technique
     Unobservable
input
   Range (average),
December 31, 2014
  Range (average)
June 30, 2014

Currency swaps

Interest rate swaps

  

$

194

  

  

$

487

  

  

 
 

Discounted
Cash Flow

  
  

   Correlations    -52% to 77% (8%)   -39% to 77% (5%)
            Long-dated
interest rate
volatilities
   17% to 45% (31%)   14% to 33% (22%)

Valuation Methods and Assumptions

Derivative contracts include currency forward contracts, TBAs, currency swaps and interest rate swaps. Currency swaps and interest rate swaps are either plain vanilla or structured. Currency forward contracts and plain vanilla currency and interest rate swaps are valued using the standard discounted cash flow methods using market observable inputs such as yield curves, foreign exchange rates, basis spreads and funding spreads. For structured currency and interest rate swaps, which primarily consist of callable swaps linked to interest rates, foreign exchange rates, and equity indices, valuation models and inputs similar to the ones applicable to structured bonds valuation are used. Where applicable, the models also incorporate significant unobservable inputs such as correlations and long-dated interest rate volatilities.

NOTE G—RETAINED EARNINGS, ALLOCATIONS AND TRANSFERS

IBRD makes net income allocation decisions on the basis of reported net income, adjusted to exclude the unrealized mark-to-market gains and losses on non-trading portfolios, net, restricted income and Board of Governors-approved and other transfers, and after considering the allocation to the pension reserve.

On August 7, 2014, IBRD’s Executive Directors approved the following allocations relating to the net income earned in the fiscal year ended June 30, 2014, a reduction in the Pension Reserve by $43 million and an increase in Restricted Retained Earnings by $2 million.

On October 10, 2014, IBRD’s Board of Governors approved the following allocations relating to the net income earned in the fiscal year ended June 30, 2014: an immediate transfer to IDA of $635 million and $134 million to Surplus. The Board of Governors also approved a grant of $15 million to the Global Infrastructure Facility from Surplus. The transfer to IDA was made on October 14, 2014.

Retained earnings comprise the following components at December 31, 2014 and June 30, 2014:

 

In millions of U.S. dollars

             
     December 31, 2014      June 30, 2014  

Special Reserve

   $ 293      $ 293  

General Reserve

     26,889        26,889  

Pension Reserve

     1,017        1,060  

Surplus

     382        262  

Cumulative Fair Value Adjustmentsa

     (977      53  

Unallocated Net Income

     (864      (302

Restricted Retained Earnings

     33        32  
  

 

 

    

 

 

 

Total

$ 26,773   $ 28,287  
  

 

 

    

 

 

 

 

a. Unrealized mark-to-market gains or losses, net applicable to non-trading portfolios reported at fair value.

 

40    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


NOTE H—PENSION AND OTHER POSTRETIREMENT BENEFITS

IBRD, IFC and the Multilateral Investment Guarantee Agency (MIGA) participate in a defined benefit Staff Retirement Plan (SRP), a Retired Staff Benefits Plan (RSBP) and PEBP that cover substantially all of their staff members.

All costs, assets and liabilities associated with these pension plans are allocated between IBRD, IFC and MIGA based upon their employees’ respective participation in the plans. Costs allocated to IBRD are then shared between IBRD and IDA based on an agreed cost sharing ratio. The net periodic pension cost (credit) for the SRP, RSBP and PEBP is included in Administrative Expenses, in the Condensed Statement of Income.

The following table summarizes the benefit costs associated with the SRP, RSBP, and PEBP for IBRD and IDA for the three and six months ended December 31, 2014 and December 31, 2013:

 

In millions of U.S. dollars

      
     Three Months Ended
December 31, 2014
     Six Months Ended
December 31, 2014
 
     SRP     RSBP     PEBP      SRP     RSBP     PEBP  

Benefit Costs

             

Service cost

   $ 97     $ 28     $ 13      $ 194     $ 56     $ 25  

Interest cost

     162       30       11        323       60       22  

Expected return on plan assets

     (231     (33     —          (462     (66     —    

Amortization of unrecognized prior service costsa

     1       4       1        2       8       2  

Amortization of unrecognized net actuarial lossesa

     26       6       12        53       13       23  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Net periodic pension costb

$ 55   $ 35   $ 37   $ 110   $ 71   $ 72  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

of which:

IBRD’s share

$ 26   $ 16   $ 17   $ 51   $ 33   $ 33  

IDA’s share

$ 29   $ 19   $ 20   $ 59   $ 38   $ 39  

 

a. Included in Amounts reclassified into net income in Note J-Comprehensive Income.
b. Included in Administrative Expenses in the Condensed Statement of Income.

 

In millions of U.S. dollars

      
     Three Months Ended
December 31, 2013
    Six Months Ended
December 31, 2013
 
     SRP     RSBP     PEBP     SRP     RSBP     PEBP  

Benefit Costs

            

Service cost

   $ 87     $ 21     $ 8     $ 176     $ 43     $ 17  

Interest cost

     155       29       9       310       57       17  

Expected return on plan assets

     (192     (27     —         (385     (54     —    

Amortization of unrecognized prior service costsa

     2       4             4       8        

Amortization of unrecognized net actuarial lossesa

     28       7       7       54       14       14  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic pension costb

$ 80   $ 34   $ 24   $ 159   $ 68   $ 48  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

of which:

IBRD’s share

$ 36   $ 15   $ 11   $ 73   $ 31   $ 22  

IDA’s share

$ 44   $ 19   $ 13   $ 86   $ 37   $ 26  

 

a. Included in Amounts reclassified into net income in Note J-Comprehensive Income.
b. Included in Administrative Expenses in the Condensed Statement of Income.
* Indicates amount less than $0.5 million.

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    41


NOTE I—TRANSACTIONS WITH AFFILIATED ORGANIZATIONS

IBRD transacts with affiliated organizations by providing loans, administrative and derivative intermediation services, as well as through its pension and other postretirement benefit plans.

In addition, IBRD provides transfers to IDA out of its net income, upon approval by the Board of Governors (see Note G—Retained earnings, Allocations and Transfers).

At December 31, 2014 and June 30, 2014, IBRD had the following receivables from (payables to) its affiliated organizations:

 

In millions of U.S. dollars

                                       
     December 31, 2014  
                   Derivative Transactionsa              
     Loans      Administrative
Services
     Receivable      Payable     Pension and Other
Postretirement Benefits
    Total  

IDA

   $ —        $ 341      $ 11,054      $ (11,344   $ (838   $ (787

IFC

     217        32        —          —         (180     69  

MIGA

     —          4        —          —         (8     (4
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 
$ 217   $ 377   $ 11,054   $ (11,344 $ (1,026 $ (722
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

 

In millions of U.S. dollars

                                       
     June 30, 2014  
                   Derivative Transactionsa              
     Loans      Administrative
Services
     Receivable      Payable     Pension and Other
Postretirement Benefits
    Total  

IDA

   $ —        $ 416      $ 12,221      $ (12,102   $ (854   $ (319

IFC

     221        22        —          —         (181     62  

MIGA

     —          3        —          —         (8     (5
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 
$ 221   $ 441   $ 12,221   $ (12,102 $ (1,043 $ (262
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

 

a. For details on derivative transactions relating to swap intermediation services provided by IBRD and IDA, see Note F—Derivative Instruments.

The receivables from (payables to) these affiliated organizations are reported in the Condensed Balance Sheet as follows:

 

Receivables / Payables related to: Reported as:
Loans Loans outstanding
Receivable for administrative servicesa Other assets
Receivables (payables) for derivative transactions Derivative assets/liabilities – Client operations
Payable for pension and other postretirement benefits Other liabilities

 

a. Include amounts payable to IDA for its share of investments associated with PCRF. This payable is included in Other Liabilities on the Condensed Balance Sheet.

Loans

IBRD has a Local Currency Loan Facility Agreement with IFC which is capped at $300 million. At December 31, 2014, the balance of the loan under this facility amounted to $21 million ($25 million—June 30, 2014) and carried a fixed interest rate of 3.96% and weighted average maturity of 1.4 years. This loan is not eligible for interest waivers.

In addition, on July 5, 2012, the Board of Executive Directors approved for IBRD to lend up to $197 million to IFC. This loan is at LIBOR less 25 basis points (0.09% as of December 31, 2014) and is not eligible for interest waivers. At December 31, 2014, the balance of this loan was $196 million ($196 million— June 30, 2014).

During the fiscal year ended June 30, 2014, IBRD entered into an exposure exchange agreement with MIGA under which IBRD and MIGA agreed to exchange $120 million each of notional amount of exposures on their respective balance sheets with one another. Under the agreement, MIGA provided a guarantee on one of IBRD’s loan principal and interest exposures in exchange for IBRD’s guarantee of principal and interest exposure of MIGA under its Non-Honoring of Sovereign Financial Obligation. As of December 31, 2014, liabilities related to IBRD’s obligation under this agreement amounted to $3 million. These include an accumulated provision for guarantee losses of less than $1 million.

 

42    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


Administrative Services

Expenses jointly incurred by IBRD and IDA are allocated based on an agreed cost sharing ratio, and amounts are settled quarterly. For the three and six months ended December 31, 2014, IBRD’s administrative expenses are net of the share of expenses allocated to IDA of $396 million and $770 million, respectively ($395 million and $771 million, respectively—three and six months ended December 31, 2013).

Other Revenue

Revenue jointly earned by IBRD and IDA is allocated based on the same agreed cost sharing ratio that is used to allocate administrative expenses. Amounts are settled quarterly. For the three and six months ended December 31, 2014, IBRD’s other income is net of income allocated to IDA of $71 million and $116 million, respectively ($64 million and $112 million, respectively—three and six months ended December 31, 2013).

For the three and six months ended December 31, 2014 and December 31, 2013, the amount of fee revenue associated with services provided to other affiliated organizations is included in Other Income on the Condensed Statement of Income, as follows:

 

In millions of U.S. dollars

                           
     Three Months Ended December 31,      Six Months Ended December 31,  
     2014      2013      2014      2013  

Fees charged to IFC

   $ 15      $ 14      $ 27      $ 24  

Fees charged to MIGA

     2        1        3        2  

Pension and Other Postretirement Benefits

The payable to IDA represents IDA’s net share of prepaid costs for pension and other postretirement benefit plans and PEBP assets. These will be realized over the life of the plan participants.

The payables to IFC and MIGA represent their respective share of PEBP assets. The PEBP assets are managed by IBRD and are a part of the investment portfolio.

For Pension and Other Post Retirement Benefits related disclosure see Note H- Pension and Other Postretirement Benefits.

Derivative transactions

These relate to currency forward contracts entered into by IDA with IBRD acting as the intermediary with the market.

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    43


NOTE J—COMPREHENSIVE INCOME / LOSS

Comprehensive income consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. Comprehensive income (loss) comprises currency translation adjustments, the cumulative effects of a change in accounting principle related to the implementation of FASB’s derivatives and hedging guidance, pension-related items, and net income. These items are presented in the Condensed Statement of Comprehensive Income.

The following tables present the changes in Accumulated Other Comprehensive Loss (AOCL) balances for the six months ended December 31, 2014 and December 31, 2013:

 

In millions of U.S. dollars

 
     Six Months Ended December 31, 2014  
     Balance,
beginning of
the fiscal year
    Changes
in fair value
in AOCL
    Amounts
reclassified into net
income
    Net Changes
during the period
    Balance, end of
the period
 

Cumulative Translation Adjustment

   $ 1,016     $ (573   $ —       $ (573   $ 443  

Cumulative Effect of Change in Accounting Principlea

     500       —         —          —         500  

Reclassificationa

     (511     —          1 b      1       (510

Unrecognized Net Actuarial (Losses) Gains on Benefit Plans

     (3,862     —          89 c      89       (3,773

Unrecognized Prior Service (Costs) Credits on Benefit Plans

     (205     —          12 c      12       (193
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Accumulated Other Comprehensive Loss

$ (3,062 $ (573 $ 102   $ (471 $ (3,533
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

In millions of U.S. dollars

                                
     Six Months Ended December 31, 2013  
     Balance,
beginning of
the fiscal year
    Changes
in fair value
in AOCL
     Amounts
reclassified into net
income
    Net Changes
during the period
     Balance, end of
the period
 

Cumulative Translation Adjustment

   $ 696     $ 405      $ —       $ 405      $ 1,101  

Cumulative Effect of Change in Accounting Principlea

     500       —          —          —          500  

Reclassificationa

     (513     —           1 b      1        (512

Unrecognized Net Actuarial (Losses) Gains on Benefit Plans

     (3,438     —           82 c      82        (3,356

Unrecognized Prior Service (Costs) Credits on Benefit Plans

     (166     —           12 c      12        (154
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total Accumulated Other Comprehensive Loss

$ (2,921 $ 405   $ 95   $ 500   $ (2,421
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

 

a. The cumulative effect of change in accounting principle and subsequent reclassification to net income relates to the adoption of FASB’s guidance on derivatives and hedging on July 1, 2000.
b. Reclassified into Borrowings, net in the Condensed Statement of Income.
c. See Note H-Pension and Other Post Retirement Benefits.

 

44    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


NOTE K—OTHER FAIR VALUE DISCLOSURES

The table below presents IBRD’s estimates of fair value of its financial assets and liabilities along with their respective carrying amounts as of December 31, 2014 and June 30, 2014.

 

In millions of U.S. dollars

 
     December 31, 2014      June 30, 2014  
     Carrying Value      Fair Value      Carrying Value      Fair Value  

Due from banks

   $ 2,412      $ 2,412      $ 3,701      $ 3,701  

Investments

           

Trading (including Securities purchased under resale agreements)

     46,333        46,333        45,482        45,482  

Net loans outstanding

     154,861        151,715        151,978        149,957  

Derivative assets

           

Investments

     23,033        23,033        13,514        13,514  

Loans

     3,359        3,359        2,784        2,784  

Client operations

     34,279        34,279        36,517        36,517  

Borrowings

     82,614        82,614        99,150        99,150  

Other asset/liability

     1,394        1,394        2,105        2,105  

Borrowings

     160,083        160,088  a       161,026        161,028  a 

Securities sold/lent under repurchase agreements/securities lending agreements and payable for cash collateral received

     5,470        5,470        3,390        3,390  

Derivative liabilities

           

Investments

     22,058        22,058        13,820        13,820  

Loans

     5,805        5,805        5,132        5,132  

Client operations

     34,291        34,291        36,539        36,539  

Borrowings

     78,079        78,079        90,767        90,767  

Other asset/liability

     599        599        627        627  

 

a. Includes $5 million ($2 million—June 30, 2014) relating to transition adjustment on adoption of FASB’s guidance on derivatives and hedging on July 1, 2000.

Valuation Methods and Assumptions

As of December 31, 2014 and June 30, 2014, IBRD had no assets or liabilities measured at fair value on a non-recurring basis.

For valuation methods and assumptions of the following items refer to the respective notes as follows:

Investments: Note C

Loans and other exposures: Note D

Borrowings: Note E

Derivative instruments: Notes C and F

Due from Banks: The carrying amount of unrestricted and restricted cash is considered a reasonable estimate of the fair value.

 

IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)    45


Realized and Unrealized Mark-to-Market Gains or Losses on Non-Trading Portfolios, Net

The following tables reflect the components of the realized and unrealized mark-to-market gains or losses on non-trading portfolios, net, for the three and six months ended December 31, 2014 and December 31, 2013:

 

In millions of U.S. dollars

                                      
     Three Months Ended
December 31, 2014
    Six Months Ended
December 31, 2014
 
     Realized
gains
(losses)b
     Unrealized
gains
(losses)b, c
    Total     Realized
gains
(losses)b
     Unrealized
gains
(losses)b, c
    Total  

Non trading portfolios, net

              

Equity management, net

   $ —        $ 203     $ 203     $ 581      $ (520   $ 61  

Borrowings, including derivatives —Notes E and F

     3        (35     (32     9        (279     (270

Other assets/liabilities derivativesa

     —          1       1       —                       

Client operations derivativesa

     —          (2     (2     —          (4     (4

Loans, including derivatives—Notes D and F

     —          (574     (574     —          (563 ) d      (563
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total

$ 3   $ (407 $ (404 $ 590   $ (1,366 $ (776
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

 

In millions of U.S. dollars

                                    
     Three Months Ended
December 31, 2013
    Six Months Ended
December 31, 2013
 
     Realized
gains
(losses)b
    Unrealized
gains
(losses)b, c
    Total     Realized
gains
(losses)b
    Unrealized
gains
(losses)b, c
    Total  

Non trading portfolios, net

            

Equity management, net

   $ —       $ (125   $ (125   $ 432     $ (995   $ (563

Borrowings, including derivatives —Notes E and F

     (8     124       116       (6     293       287  

Other assets/liabilities derivativesa

     —         (4     (4     —         (9     (9

Client operations derivativesa

     —         (1     (1     —         (2     (2

Loans, including derivatives—Notes D and F

     —         472       472       —         615  d      615  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

$ (8 $ 466   $ 458   $ 426   $ (98 $ 328  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

a. Included in Other net revenue in Condensed Statement of Income.
b. Included in Unrealized mark-to-market gains/losses, net in Condensed Statement of Income.
c. Includes amounts reclassified to realized mark-to-market gains (losses).
d. Includes $558 million of unrealized mark-to-market losses related to derivatives associated with loans (unrealized mark-to-market gains of $617 million—six months ended December 31, 2013).
* Indicates amount less than $0.5 million.

 

46    IBRD CONDENSED QUARTERLY FINANCIAL STATEMENTS: DECEMBER 31, 2014 (UNAUDITED)


 

LOGO

Independent Auditors’ Review Report

President and Board of Executive Directors

International Bank for Reconstruction and Development:

Report on the Financial Statements

We have reviewed the condensed financial statements of the International Bank for Reconstruction and Development (IBRD), which comprise the condensed balance sheet as of December 31, 2014, the related condensed statements of income and comprehensive income for the three- and six-month periods ended December 31, 2014 and 2013, and the related condensed statements of changes in retained earnings and cash flows for the six-month periods ended December 31, 2014 and 2013.

Management’s Responsibility

IBRD’s management is responsible for the preparation and fair presentation of the condensed financial information in accordance with accounting principles generally accepted in the United States of America; this responsibility includes the design, implementation, and maintenance of internal control sufficient to provide a reasonable basis for the preparation and fair presentation of interim financial information in accordance with accounting principles generally accepted in the United States of America.

Auditors’ Responsibility

Our responsibility is to conduct our reviews in accordance with auditing standards generally accepted in the United States of America applicable to reviews of interim financial information. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with auditing standards generally accepted in the United States of America, the objective of which is the expression of an opinion regarding the financial information. Accordingly, we do not express such an opinion.

Conclusion

Based on our reviews, we are not aware of any material modifications that should be made to the condensed financial information referred to above for it to be in accordance with accounting principles generally accepted in the United States of America.

Report on Condensed Balance Sheet as of June 30, 2014

We have previously audited, in accordance with auditing standards generally accepted in the United States of America and International Standards on Auditing, the balance sheet as of June 30, 2014, and the related statements of income, comprehensive income, changes in retained earnings, and cash flows for the year then ended (not presented herein); and we expressed an unmodified audit opinion on those audited financial statements in our report dated August 7, 2014. In our opinion, the accompanying condensed balance sheet of IBRD as of June 30, 2014, is consistent, in all material respects, with the audited financial statements from which it has been derived.

 

LOGO

Washington, D.C.

February 12, 2015

 

LOGO

 

47


LOGO International Bank for Reconstruction and Development
SEC Report - Changes in Borrowings

 

Borrowing Type / Description

 

Trade Id

 

Currency

  Currency Amount     US$ Equivalent    

Trade Date

 

Settlement Date

 

Maturity Date

New Borrowings

             

Australian Dollar

             

BOND/SELL AUD/IBRD/GDIF/0625AUD04.25

  0000013365   AUD     300,000,000        266,460,000      29-Oct-2014   7-Nov-2014   24-Jun-2025

BOND/SELL AUD/IBRD/GDIF/1218AUD02.59

  0000013400   AUD     4,405,000        3,807,242      19-Nov-2014   2-Dec-2014   3-Dec-2018

BOND/SELL AUD/IBRD/GDIF/1219AUD02.50

  0000013442   AUD     9,000,000        7,471,800      8-Dec-2014   18-Dec-2014   18-Dec-2019
     

 

 

   

 

 

       

Sub-total New Borrowings - Australian Dollar

  313,405,000      277,739,042   
     

 

 

   

 

 

       

Brazilian Real

BOND/SELL BRL/IBRD/GDIF/0517BRL08.58

0000013335 BRL   45,000,000      18,326,580    16-Oct-2014 21-Nov-2014 30-May-2017

BOND/SELL BRL/IBRD/GDIF/1217BRL08.75

0000013399 BRL   11,500,000      4,442,470    19-Nov-2014 29-Dec-2014 29-Dec-2017

BOND/SELL BRL/IBRD/GDIF/0218BRL09.30

0000013460 BRL   13,100,000      4,944,609    12-Dec-2014 4-Feb-2015 5-Feb-2018

BOND/SELL BRL/IBRD/GDIF/0717BRL09.30

0000013466 BRL   46,000,000      16,762,627    17-Dec-2014 29-Jan-2015 28-Jul-2017
     

 

 

   

 

 

       

Sub-total New Borrowings - Brazilian Real

  115,600,000      44,476,285   
     

 

 

   

 

 

       

Chinese Yuan Renminbi

BOND/SELL CNY/IBRD/GDIF/0916CNY02.375

0000013328 CNY   250,000,000      40,776,050    10-Oct-2014 20-Oct-2014 26-Sep-2016
     

 

 

   

 

 

       

Sub-total New Borrowings - Chinese Yuan Renminbi

  250,000,000      40,776,050   
     

 

 

   

 

 

       

Euro

BOND/SELL EUR/IBRD/GDIF/1264EURSTR01

0000013452 EUR   74,213,822      91,642,938    9-Dec-2014 18-Dec-2014 18-Dec-2064
     

 

 

   

 

 

       

Sub-total New Borrowings - Euro

  74,213,822      91,642,938   
     

 

 

   

 

 

       

Indian Rupee

BOND/SELL INR/IBRD/GDIF/1216INR06.00

0000013310 INR   500,000,000      8,095,855    30-Sep-2014 14-Oct-2014 20-Dec-2016

BOND/SELL INR/IBRD/GDIF/0517INR05.00

0000013391 INR   2,500,000,000      40,614,085    13-Nov-2014 24-Nov-2014 24-May-2017

BOND/SELL INR/IBRD/GDIF/0618INR04.00

0000013396 INR   110,000,000      1,781,521    18-Nov-2014 24-Dec-2014 28-Jun-2018

BOND/SELL INR/IBRD/GDIF/1216INR06.00

0000013421 INR   2,000,000,000      32,325,845    25-Nov-2014 5-Dec-2014 20-Dec-2016

BOND/SELL INR/IBRD/GDIF/0120INR04.20

0000013474 INR   348,500,000      5,510,317    22-Dec-2014 29-Jan-2015 30-Jan-2020
     

 

 

   

 

 

       

Sub-total New Borrowings - Indian Rupee

  5,458,500,000      88,327,622   
     

 

 

   

 

 

       

Japanese Yen

BOND/SELL JPY/IBRD/GDIF/1144JPYSTR

0000013333 JPY   100,000,000      946,253    16-Oct-2014 06-Nov-2014 07-Nov-2044

BOND/SELL JPY/IBRD/GDIF/1019JPYSTR03

0000013337 JPY   3,450,000,000      32,645,723    16-Oct-2014 29-Oct-2014 21-Oct-2019

BOND/SELL JPY/IBRD/GDIF/1244JPYSTR

0000013392 JPY   500,000,000      4,293,873    14-Nov-2014 08-Dec-2014 09-Dec-2044

BOND/SELL JPY/IBRD/GDIF/1244JPYSTR01

0000013412 JPY   300,000,000      2,542,481    21-Nov-2014 08-Dec-2014 09-Dec-2044

BOND/SELL JPY/IBRD/GDIF/1219JPYSTR

0000013413 JPY   350,000,000      2,966,227    21-Nov-2014 18-Dec-2014 19-Dec-2019

BOND/SELL JPY/IBRD/GDIF/0145JPYSTR

0000013461 JPY   500,000,000      4,209,817    15-Dec-2014 08-Jan-2015 06-Jan-2045

BOND/SELL JPY/IBRD/GDIF/0145JPYSTR01

0000013469 JPY   200,000,000      1,686,838    18-Dec-2014 08-Jan-2015 06-Jan-2045
     

 

 

   

 

 

       

Sub-total New Borrowings - Japanese Yen

  5,400,000,000      49,291,212   
     

 

 

   

 

 

       

Mexican Peso

BOND/SELL MXN/IBRD/GDIF/1119MXN03.60

0000013340 MXN   150,000,000      11,085,327    20-Oct-2014 12-Nov-2014 12-Nov-2019

BOND/SELL MXN/IBRD/GDIF/1116MXN02.625

0000013362 MXN   1,000,000,000      73,914,200    28-Oct-2014 6-Nov-2014 7-Nov-2016

BOND/SELL MXN/IBRD/GDIF/1219MXN03.6

0000013393 MXN   150,000,000      11,007,559    14-Nov-2014 10-Dec-2014 10-Dec-2019

BOND/SELL MXN/IBRD/GDIF/0818MXN04.00

0000013404 MXN   200,000,000      14,715,891    19-Nov-2014 26-Nov-2014 16-Aug-2018
     

 

 

   

 

 

       

Sub-total New Borrowings - Mexican Peso

  1,500,000,000      110,722,978   
     

 

 

   

 

 

       

 

Page 1/6


LOGO International Bank for Reconstruction and Development
SEC Report - Changes in Borrowings

 

Borrowing Type / Description

 

Trade Id

 

Currency

  Currency Amount     US$ Equivalent    

Trade Date

 

Settlement Date

 

Maturity Date

New Zealand Dollars

             

BOND/SELL NZD/IBRD/GDIF/1021NZD04.625

  0000013437   NZD     250,000,000        194,112,500      03-Dec-2014   15-Dec-2014   06-Oct-2021
     

 

 

   

 

 

       

Sub-total New Borrowings - New Zealand Dollars

  250,000,000      194,112,500   
     

 

 

   

 

 

       

Polish Zloty

BOND/SELL PLN/IBRD/GDIF/0119PLN03.25

0000013318 PLN   25,000,000      7,553,669    03-Oct-2014 14-Oct-2014 31-Jan-2019
     

 

 

   

 

 

       

Sub-total New Borrowings - Polish Zloty

  25,000,000      7,553,669   
     

 

 

   

 

 

       

Swedish Kroner

BOND/SELL SEK/IBRD/GDIF/0619SEK01.375

0000013344 SEK   2,000,000,000      277,296,360    21-Oct-2014 30-Oct-2014 23-Jun-2019
     

 

 

   

 

 

       

Sub-total New Borrowings - Swedish Kroner

  2,000,000,000      277,296,360   
     

 

 

   

 

 

       

Turkish Lira

BOND/SELL TRY/IBRD/GDIF/1116TRY07.68

0000013334 TRY   64,000,000      28,088,655    16-Oct-2014 18-Nov-2014 17-Nov-2016

BOND/SELL TRY/IBRD/GDIF/0117TRY07.53

0000013465 TRY   60,000,000      25,356,041    17-Dec-2014 28-Jan-2015 27-Jan-2017
     

 

 

   

 

 

       

Sub-total New Borrowings - Turkish Lira

  124,000,000      53,444,696   
     

 

 

   

 

 

       

United States Dollar

BOND/SELL USD/IBRD/GDIF/0919USDSTR05

0000013315 USD   35,000,000      35,000,000    01-Oct-2014 16-Oct-2014 17-Sep-2019

BOND/SELL USD/IBRD/GDIF/1024USDSTR

0000013317 USD   5,000,000      5,000,000    03-Oct-2014 30-Oct-2014 30-Oct-2024

BOND/SELL USD/IBRD/GDIF/1124USD02.525

0000013319 USD   15,000,000      15,000,000    03-Oct-2014 07-Nov-2014 07-Nov-2024

BOND/SELL USD/IBRD/GDIF/1024USDSTR01

0000013322 USD   1,123,000      1,123,000    07-Oct-2014 15-Oct-2014 15-Oct-2024

BOND/SELL USD/IBRD/GDIF/1016USDSTR04

0000013326 USD   50,000,000      50,000,000    09-Oct-2014 20-Oct-2014 20-Oct-2016

BOND/SELL USD/IBRD/GDIF/0419USDFRN

0000013329 USD   200,000,000      200,000,000    10-Oct-2014 21-Oct-2014 17-Apr-2019

BOND/SELL USD/IBRD/GDIF/1021USDSTR

0000013331 USD   100,000,000      100,000,000    15-Oct-2014 29-Oct-2014 29-Oct-2021

BOND/SELL USD/IBRD/GDIF/0122USDSTR02

0000013338 USD   88,370,200      88,370,200    17-Oct-2014 12-Jan-2015 12-Jan-2022

BOND/SELL USD/IBRD/GDIF/0321USDSTR

0000013343 USD   22,753,000      22,753,000    20-Oct-2014 27-Oct-2014 01-Mar-2021

BOND/SELL USD/IBRD/GDIF/0419USDFRN

0000013353 USD   100,000,000      100,000,000    23-Oct-2014 31-Oct-2014 17-Apr-2019

BOND/SELL USD/IBRD/GDIF/1119USDSTR01

0000013358 USD   50,000,000      50,000,000    27-Oct-2014 04-Nov-2014 04-Nov-2019

BOND/SELL USD/IBRD/GDIF/1119USDSTR02

0000013359 USD   240,000,000      240,000,000    27-Oct-2014 26-Nov-2014 26-Nov-2019

BOND/SELL USD/IBRD/GDIF/1119USDSTR03

0000013363 USD   100,000,000      100,000,000    28-Oct-2014 13-Nov-2014 13-Nov-2019

BOND/SELL USD/IBRD/GDIF/1129USDSTR

0000013369 USD   5,000,000      5,000,000    30-Oct-2014 26-Nov-2014 26-Nov-2029

BOND/SELL USD/IBRD/GDIF/0518USDSTR07

0000013370 USD   100,000,000      100,000,000    31-Oct-2014 17-Nov-2014 17-May-2018

BOND/SELL USD/IBRD/GDIF/1129USDSTR01

0000013372 USD   20,000,000      20,000,000    03-Nov-2014 28-Nov-2014 28-Nov-2034

BOND/SELL USD/IBRD/GDIF/1119USDSTR04

0000013374 USD   100,000,000      100,000,000    04-Nov-2014 26-Nov-2014 26-Nov-2019

BOND/SELL USD/IBRD/GDIF/1118USD10.00

0000013377 USD   559,000,000      559,000,000    06-Nov-2014 13-Nov-2014 13-Nov-2018

BOND/SELL USD/IBRD/GDIF/1124USD02.50

0000013397 USD   4,000,000,000      4,000,000,000    18-Nov-2014 25-Nov-2014 25-Nov-2024

BOND/SELL USD/IBRD/GDIF/1222USDSTR02

0000013429 USD   20,000,000      20,000,000    01-Dec-2014 08-Dec-2014 08-Dec-2022

BOND/SELL USD/IBRD/GDIF/1221USDSTR01

0000013430 USD   20,000,000      20,000,000    01-Dec-2014 08-Dec-2014 08-Dec-2021

BOND/SELL USD/IBRD/GDIF/1224USD02.325

0000013433 USD   17,000,000      17,000,000    02-Dec-2014 19-Dec-2014 19-Dec-2024

BOND/SELL USD/IBRD/GDIF/1216USDSTR01

0000013434 USD   25,000,000      25,000,000    02-Dec-2014 19-Dec-2014 15-Dec-2016

BOND/SELL USD/IBRD/NSV/1234USD00.00

0000013438 USD   92,128,934      92,128,934    03-Dec-2014 19-Dec-2014 19-Dec-2034

BOND/SELL USD/IBRD/GDIF/1219USDSTR

0000013441 USD   100,000,000      100,000,000    05-Dec-2014 26-Dec-2014 26-Dec-2019

BOND/SELL USD/IBRD/GDIF/1221USDFRN

0000013451 USD   275,000,000      275,000,000    10-Dec-2014 17-Dec-2014 17-Dec-2021

BOND/SELL USD/IBRD/GDIF/0617USD00.90

0000013454 USD   25,000,000      25,000,000    11-Dec-2014 19-Dec-2014 19-Jun-2017
     

 

 

   

 

 

       

Sub-total New Borrowings - United States Dollar

  6,365,375,134      6,365,375,134   
     

 

 

   

 

 

       

South African Rand

BOND/SELL ZAR/IBRD/GDIF/1217ZAR06.625

0000013418 ZAR   300,000,000      27,250,679    25-Nov-2014 05-Dec-2014 05-Dec-2017
     

 

 

   

 

 

       

Sub-total New Borrowings - South African Rand

  300,000,000      27,250,679   
     

 

 

   

 

 

       

Total New Borrowings

  7,628,009,165   
       

 

 

       

 

Page 2/6


LOGO International Bank for Reconstruction and Development
SEC Report - Changes in Borrowings

 

Borrowing Type / Description

 

Trade Id

 

Currency

  Currency Amount     US$ Equivalent    

Trade Date

 

Settlement Date

 

Maturity Date

Matured Borrowings

             

Australian Dollar

             

BOND/SELL AUD/IBRD/GDIF/1014AUD05.50

  0000009844   AUD     (800,000,000     (703,960,000   07-Oct-2009   21-Oct-2009   21-Oct-2014

BOND/SELL AUD/IBRD/GDIF/1214AUD04.92

  0000010210   AUD     (26,532,000     (21,725,728   25-May-2010   17-Jun-2010   17-Dec-2014

BOND/SELL AUD/IBRD/GDIF/1014AUD04.56

  0000010390   AUD     (25,000,000     (21,992,500   01-Oct-2010   28-Oct-2010   27-Oct-2014

BOND/SELL AUD/IBRD/GDIF/1014AUD04.70

  0000010400   AUD     (9,040,000     (7,988,196   12-Oct-2010   28-Oct-2010   28-Oct-2014

BOND/SELL AUD/IBRD/GDIF/1114AUD04.62

  0000010413   AUD     (21,240,000     (18,478,800   22-Oct-2010   26-Nov-2010   21-Nov-2014

BOND/SELL AUD/IBRD/GDIF/1114AUD04.78

  0000010418   AUD     (23,506,000     (20,523,089   25-Oct-2010   16-Nov-2010   17-Nov-2014

BOND/SELL AUD/IBRD/GDIF/1114AUD05.00

  0000010449   AUD     (9,598,000     (8,179,416   09-Nov-2010   29-Nov-2010   28-Nov-2014

BOND/SELL AUD/IBRD/GDIF/1214AUD04.83

  0000010490   AUD     (9,106,000     (7,443,700   07-Dec-2010   21-Dec-2010   19-Dec-2014

BOND/SELL AUD/IBRD/GDIF/1014AUD05.50

  0000010553   AUD     (600,000,000     (527,970,000   18-Jan-2011   27-Jan-2011   21-Oct-2014

BOND/SELL AUD/IBRD/GDIF/1014AUD04.38

  0000010673   AUD     (15,000,000     (13,071,750   24-Mar-2011   20-Apr-2011   16-Oct-2014

BOND/SELL AUD/IBRD/GDIF/1114AUD04.58

  0000010745   AUD     (20,000,000     (17,462,000   09-May-2011   31-May-2011   17-Nov-2014

BOND/SELL AUD/IBRD/GDIF/1214AUD04.36

  0000010800   AUD     (28,000,000     (22,927,800   07-Jun-2011   05-Jul-2011   17-Dec-2014

BOND/SELL AUD/IBRD/GDIF/1014AUD03.26

  0000010977   AUD     (24,268,000     (21,321,865   26-Sep-2011   17-Oct-2011   17-Oct-2014

BOND/SELL AUD/IBRD/GDIF/1014AUDSTR01

  0000010982   AUD     (100,000,000     (87,395,000   28-Sep-2011   14-Oct-2011   14-Oct-2014

BOND/SELL AUD/IBRD/GDIF/1214AUD03.10

  0000011109   AUD     (18,000,000     (15,267,600   09-Dec-2011   21-Dec-2011   01-Dec-2014
     

 

 

   

 

 

       

Sub-total Matured Borrowings - Australian Dollar

  (1,729,290,000   (1,515,707,443
     

 

 

   

 

 

       

Brazilian Real

BOND/SELL BRL/IBRD/GDIF/1014BRL07.62

0000010391 BRL   (21,680,000   (8,594,137 05-Oct-2010 28-Oct-2010 28-Oct-2014

BOND/SELL BRL/IBRD/GDIF/1114BRL07.50

0000010427 BRL   (20,700,000   (8,127,208 29-Oct-2010 26-Nov-2010 28-Nov-2014

BOND/SELL BRL/IBRD/GDIF/1214BRL07.80

0000010464 BRL   (23,900,000   (9,001,714 19-Nov-2010 21-Dec-2010 22-Dec-2014
     

 

 

   

 

 

       

Sub-total Matured Borrowings - Brazilian Real

  (66,280,000   (25,723,059
     

 

 

   

 

 

       

Euro

BOND/SELL EUR/IBRD/GDIF/1014EUR01.00

0000005984 EUR   (40,000,000   (50,350,000 10-Oct-2002 30-Oct-2002 30-Oct-2014
     

 

 

   

 

 

       

Sub-total Matured Borrowings - Euro

  (40,000,000   (50,350,000
     

 

 

   

 

 

       

Pound Sterling

BOND/SELL GBP/IBRD/GDIF/1214GBP00.875

0000011206 GBP   (800,000,000   (1,258,440,000 07-Feb-2012 15-Feb-2012 17-Dec-2014

BOND/SELL GBP/IBRD/GDIF/1214GBP00.875

0000011326 GBP   (100,000,000   (157,305,000 29-Mar-2012 05-Apr-2012 17-Dec-2014

BOND/SELL GBP/IBRD/GDIF/1214GBP00.875

0000011365 GBP   (100,000,000   (157,305,000 24-Apr-2012 02-May-2012 17-Dec-2014

BOND/SELL GBP/IBRD/GDIF/1214GBP00.875

0000011386 GBP   (150,000,000   (235,957,500 03-May-2012 14-May-2012 17-Dec-2014
     

 

 

   

 

 

       

Sub-total Matured Borrowings - Pound Sterling

  (1,150,000,000   (1,809,007,500
     

 

 

   

 

 

       

Mexican Peso

BOND/SELL MXN/IBRD/GDIF/1114MXN03.75

0000011702 MXN   (300,000,000   (22,101,076 30-Oct-2012 06-Nov-2012 06-Nov-2014

BOND/SELL MXN/IBRD/GDIF/1114MXN03.75

0000011751 MXN   (700,000,000   (51,569,176 13-Nov-2012 20-Nov-2012 06-Nov-2014

BOND/SELL MXN/IBRD/GDIF/1114MXN03.75

0000011879 MXN   (250,000,000   (18,417,563 19-Dec-2012 28-Dec-2012 06-Nov-2014

BOND/SELL MXN/IBRD/GDIF/1114MXN03.75

0000012028 MXN   (250,000,000   (18,417,563 12-Feb-2013 19-Feb-2013 06-Nov-2014

BOND/SELL MXN/IBRD/GDIF/1114MXN03.75

0000012253 MXN   (250,000,000   (18,417,563 17-Apr-2013 24-Apr-2013 06-Nov-2014
     

 

 

   

 

 

       

Sub-total Matured Borrowings - Mexican Peso

  (1,750,000,000   (128,922,941
     

 

 

   

 

 

       

Malaysian Ringgit

BOND/SELL MYR/IBRD/GDIF/1114MYR01.25

0000011022 MYR   (300,000,000   (90,076,565 28-Oct-2011 10-Nov-2011 10-Nov-2014
     

 

 

   

 

 

       

Sub-total Matured Borrowings - Malaysian Ringgit

  (300,000,000   (90,076,565
     

 

 

   

 

 

       

Norwegian Krone

BOND/SELL NOK/IBRD/GDIF/1014NOK02.282

0000011008 NOK   (550,000,000   (83,055,224 19-Oct-2011 28-Oct-2011 28-Oct-2014

BOND/SELL NOK/IBRD/GDIF/1214NOK02.10

0000011058 NOK   (550,000,000   (78,533,284 21-Nov-2011 02-Dec-2011 02-Dec-2014
     

 

 

   

 

 

       

Sub-total Matured Borrowings - Norwegian Krone

  (1,100,000,000   (161,588,508
     

 

 

   

 

 

       

 

Page 3/6


LOGO International Bank for Reconstruction and Development
SEC Report - Changes in Borrowings

 

Borrowing Type / Description

 

Trade Id

 

Currency

  Currency Amount     US$ Equivalent    

Trade Date

 

Settlement Date

 

Maturity Date

New Zealand Dollars

             

BOND/SELL NZD/IBRD/GDIF/1214NZD05.375

  0000009687   NZD     (300,000,000     (232,545,000   14-Jul-2009   24-Jul-2009   15-Dec-2014

BOND/SELL NZD/IBRD/GDIF/1214NZD05.375

  0000009929   NZD     (175,000,000     (135,651,250   03-Dec-2009   15-Dec-2009   15-Dec-2014

BOND/SELL NZD/IBRD/GDIF/1214NZD05.375

  0000009944   NZD     (125,000,000     (96,893,750   08-Dec-2009   15-Dec-2009   15-Dec-2014

BOND/SELL NZD/IBRD/GDIF/1214NZD05.375

  0000009998   NZD     (300,000,000     (232,545,000   03-Feb-2010   12-Feb-2010   15-Dec-2014

BOND/SELL NZD/IBRD/GDIF/1214NZD05.375

  0000010321   NZD     (125,000,000     (96,893,750   21-Jul-2010   29-Jul-2010   15-Dec-2014

BOND/SELL NZD/IBRD/GDIF/1214NZD03.15

  0000010802   NZD     (8,000,000     (6,194,000   07-Jun-2011   05-Jul-2011   17-Dec-2014
     

 

 

   

 

 

       

Sub-total Matured Borrowings - New Zealand Dollars

  (1,033,000,000   (800,722,750
     

 

 

   

 

 

       

Russian Rouble

BOND/SELL RUB/IBRD/GDIF/1114RUB05.25

0000010456 RUB   (1,100,000,000   (24,536,046 15-Nov-2010 24-Nov-2010 24-Nov-2014

BOND/SELL RUB/IBRD/GDIF/1114RUB05.25

0000010537 RUB   (500,000,000   (11,152,748 11-Jan-2011 19-Jan-2011 24-Nov-2014

BOND/SELL RUB/IBRD/GDIF/1114RUB05.25

0000010560 RUB   (400,000,000   (8,922,198 20-Jan-2011 31-Jan-2011 24-Nov-2014

BOND/SELL RUB/IBRD/GDIF/1114RUB05.25

0000010591 RUB   (500,000,000   (11,152,748 31-Jan-2011 08-Feb-2011 24-Nov-2014

BOND/SELL RUB/IBRD/GDIF/1114RUB05.25

0000010601 RUB   (500,000,000   (11,152,748 09-Feb-2011 22-Feb-2011 24-Nov-2014
     

 

 

   

 

 

       

Sub-total Matured Borrowings - Russian Rouble

  (3,000,000,000   (66,916,488
     

 

 

   

 

 

       

Saudi Arabian Riyal

BOND/SELL SAR/IBRD/GDIF/1214SAR02.45

0000009946 SAR   (1,000,000,000   (266,435,756 11-Dec-2009 29-Dec-2009 29-Dec-2014
     

 

 

   

 

 

       

Sub-total Matured Borrowings - Saudi Arabian Riyal

  (1,000,000,000   (266,435,756
     

 

 

   

 

 

       

Swedish Krona

BOND/SELL SEK/IBRD/GDIF/1114SEK03.50

0000009334 SEK   (2,325,000,000   (314,189,189 05-Nov-2008 12-Nov-2008 12-Nov-2014

BOND/SELL SEK/IBRD/GDIF/1114SEK03.50

0000009339 SEK   (375,000,000   (50,675,676 14-Nov-2008 24-Nov-2008 12-Nov-2014

BOND/SELL SEK/IBRD/GDIF/1114SEK03.50

0000009466 SEK   (150,000,000   (20,270,270 06-Feb-2009 13-Feb-2009 12-Nov-2014

BOND/SELL SEK/IBRD/GDIF/1014SEK01.798

0000011007 SEK   (650,000,000   (88,134,996 19-Oct-2011 28-Oct-2011 28-Oct-2014

BOND/SELL SEK/IBRD/GDIF/1114SEK03.50

0000011066 SEK   (300,000,000   (40,540,541 29-Nov-2011 07-Dec-2011 12-Nov-2014

BOND/SELL SEK/IBRD/GDIF/1214SEK01.455

0000011075 SEK   (660,000,000   (86,670,475 01-Dec-2011 16-Dec-2011 16-Dec-2014

BOND/SELL SEK/IBRD/GDIF/1114SEK03.50

0000011120 SEK   (200,000,000   (27,027,027 13-Dec-2011 20-Dec-2011 12-Nov-2014
     

 

 

   

 

 

       

Sub-total Matured Borrowings - Swedish Krona

  (4,660,000,000   (627,508,173
     

 

 

   

 

 

       

United States Dollar

BOND/SELL USD/IBRD/GDIF/1014USD01.00

0000005983 USD   (200,000,000   (200,000,000 10-Oct-2002 30-Oct-2002 30-Oct-2014

BOND/SELL USD/IBRD/GDIF/1014USD00.145

0000011821 USD   (38,000,000   (38,000,000 29-Nov-2012 14-Dec-2012 14-Oct-2014

BOND/SELL USD/IBRD/GDIF/1014USDFRN

0000012496 USD   (250,000,000   (250,000,000 15-Jul-2013 22-Jul-2013 22-Oct-2014
     

 

 

   

 

 

       

Sub-total Matured Borrowings - United States Dollar

  (488,000,000   (488,000,000
     

 

 

   

 

 

       

South African Rand

BOND/SELL ZAR/IBRD/GDIF/1114ZAR08.01

0000006869 ZAR   (46,950,000   (4,191,964 20-Oct-2004 18-Nov-2004 10-Nov-2014

BOND/SELL ZAR/IBRD/GDIF/1114ZAR08.01A

0000006875 ZAR   (41,250,000   (3,683,036 26-Oct-2004 24-Nov-2004 10-Nov-2014

BOND/SELL ZAR/IBRD/GDIF/1114ZAR08.01B

0000006879 ZAR   (66,000,000   (5,892,857 02-Nov-2004 29-Nov-2004 10-Nov-2014

BOND/SELL ZAR/IBRD/GDIF/1214ZAR07.56

0000006917 ZAR   (89,700,000   (7,789,975 13-Dec-2004 11-Jan-2005 10-Dec-2014

BOND/SELL ZAR/IBRD/GDIF/1214ZAR07.38

0000006921 ZAR   (60,000,000   (5,210,685 17-Dec-2004 13-Jan-2005 10-Dec-2014

BOND/SELL ZAR/IBRD/GDIF/1214ZAR07.20

0000006930 ZAR   (132,925,000   (11,543,839 05-Jan-2005 26-Jan-2005 10-Dec-2014

BOND/SELL ZAR/IBRD/GDIF/1014ZAR07.92

0000007560 ZAR   (61,000,000   (5,486,302 17-Aug-2006 05-Sep-2006 10-Oct-2014
     

 

 

   

 

 

       

Sub-total Matured Borrowings - South African Rand

  (497,825,000   (43,798,659
     

 

 

   

 

 

       

Total Matured Borrowings

  (6,074,757,842
       

 

 

       

Early Retirement

Australian Dollar

BOND/BUY AUD/IBRD/GDIF/1118AUD00.50

0000013420 AUD   (10,000,000   (8,449,000 25-Nov-2014 02-Dec-2014 20-Nov-2018
     

 

 

   

 

 

       

Sub-total early Retirements - Australian Dollar

  (10,000,000   (8,449,000
     

 

 

   

 

 

       

 

Page 4/6


LOGO International Bank for Reconstruction and Development
SEC Report - Changes in Borrowings

 

Borrowing Type / Description

 

Trade Id

 

Currency

  Currency Amount     US$ Equivalent    

Trade Date

 

Settlement Date

 

Maturity Date

Brazilian Real

             

BOND/BUY BRL/IBRD/GDIF/0115BRL10.00

  0000013341   BRL     (57,460,000     (23,223,668   20-Oct-2014   27-Oct-2014   21-Jan-2015

BOND/BUY BRL/IBRD/GDIF/0415BRL07.00

  0000013342   BRL     (33,015,000     (13,343,707   20-Oct-2014   27-Oct-2014   13-Apr-2015

BOND/BUY BRL/IBRD/GDIF/0617BRL05.88

  0000013346   BRL     (10,100,000     (4,003,726   21-Oct-2014   28-Oct-2014   28-Jun-2017

BOND/BUY BRL/IBRD/GDIF/0318BRL05.58

  0000013347   BRL     (28,540,000     (11,313,500   21-Oct-2014   28-Oct-2014   28-Mar-2018

BOND/BUY BRL/IBRD/GDIF/0715BRL08.04

  0000013348   BRL     (14,420,000     (5,716,211   21-Oct-2014   28-Oct-2014   28-Jul-2015

BOND/BUY BRL/IBRD/GDIF/0517BRL05.73

  0000013350   BRL     (30,200,000     (11,971,538   22-Oct-2014   28-Oct-2014   30-May-2017

BOND/BUY BRL/IBRD/GDIF/0218BRL05.34

  0000013351   BRL     (14,000,000     (5,549,720   22-Oct-2014   28-Oct-2014   28-Feb-2018
     

 

 

   

 

 

       

Sub-total early Retirements - Brazilian Real

  (187,735,000   (75,122,070
     

 

 

   

 

 

       

Euro

BOND/BUY EUR/IBRD/GMTN/1116ITL00.00E

0000013320 EUR   (3,356,970   (4,287,018 06-Oct-2014 20-Oct-2014 07-Nov-2016

BOND/BUY EUR/IBRD/GMTN/1116ITL00.00E

0000013349 EUR   (3,873,427   (4,871,802 22-Oct-2014 31-Oct-2014 07-Nov-2016

BOND/BUY EUR/IBRD/GMTN/1116ITL00.00E

0000013417 EUR   (2,582,285   (3,188,734 25-Nov-2014 09-Dec-2014 07-Nov-2016

BOND/BUY EUR/IBRD/GMTN/1116DEM00.00E

0000013419 EUR   (6,150,841   (7,595,366 25-Nov-2014 09-Dec-2014 08-Nov-2016

BOND/BUY EUR/IBRD/GMTN/1116ITL00.00E

0000013462 EUR   (1,549,371   (1,888,915 16-Dec-2014 29-Dec-2014 07-Nov-2016
     

 

 

   

 

 

       

Sub-total early Retirements - Euro

  (17,512,893   (21,831,837
     

 

 

   

 

 

       

Japanese Yen

BOND/BUY JPY/IBRD/GDIF/1032JPYSTR01

0000013233 JPY   (1,200,000,000   (10,923,987 28-Aug-2014 01-Oct-2014 01-Oct-2032

BOND/BUY JPY/IBRD/GDIF/1037JPYSTR01

0000013240 JPY   (200,000,000   (1,842,045 02-Sep-2014 02-Oct-2014 02-Oct-2037

BOND/BUY JPY/IBRD/GDIF/1037JPYSTR06

0000013255 JPY   (250,000,000   (2,322,880 09-Sep-2014 09-Oct-2014 09-Oct-2037

BOND/BUY JPY/IBRD/GDIF/1033JPYSTR02

0000013275 JPY   (1,000,000,000   (9,201,748 12-Sep-2014 07-Oct-2014 07-Oct-2033

BOND/BUY JPY/IBRD/GDIF/1037JPYSTR09

0000013280 JPY   (100,000,000   (946,253 16-Sep-2014 16-Oct-2014 16-Oct-2037

BOND/BUY JPY/IBRD/GDIF/0418JPYSTR01

0000013291 JPY   (1,863,000,000   (17,030,029 19-Sep-2014 06-Oct-2014 05-Apr-2018

BOND/BUY JPY/IBRD/GDIF/0427JPYSTR06

0000013294 JPY   (104,000,000   (965,152 22-Sep-2014 10-Oct-2014 20-Apr-2027

BOND/BUY JPY/IBRD/GDIF/1032JPYSTR11

0000013295 JPY   (300,000,000   (2,803,869 22-Sep-2014 22-Oct-2014 22-Oct-2032

BOND/BUY JPY/IBRD/GDIF/1037JPYSTR05

0000013303 JPY   (300,000,000   (2,787,456 25-Sep-2014 09-Oct-2014 09-Oct-2037

BOND/BUY JPY/IBRD/GDIF/0437JPYSTR06

0000013307 JPY   (100,000,000   (927,257 26-Sep-2014 27-Oct-2014 27-Apr-2037

BOND/BUY JPY/IBRD/GDIF/1037JPYSTR17

0000013313 JPY   (200,000,000   (1,892,506 01-Oct-2014 16-Oct-2014 16-Oct-2037

BOND/BUY JPY/IBRD/GDIF/1037JPYSTR12

0000013314 JPY   (200,000,000   (1,892,506 01-Oct-2014 16-Oct-2014 16-Oct-2037

BOND/BUY JPY/IBRD/GDIF/1132JPYSTR03

0000013321 JPY   (1,000,000,000   (8,726,384 06-Oct-2014 05-Nov-2014 05-Nov-2032

BOND/BUY JPY/IBRD/GDIF/0532JPYSTR08

0000013323 JPY   (2,000,000,000   (17,193,209 08-Oct-2014 17-Nov-2014 14-May-2032

BOND/BUY JPY/IBRD/GDIF/0437JPYSTR02

0000013324 JPY   (1,000,000,000   (9,246,417 09-Oct-2014 24-Oct-2014 24-Apr-2037

BOND/BUY JPY/IBRD/GDIF/1027JPYSTR01

0000013325 JPY   (1,000,000,000   (9,246,417 09-Oct-2014 24-Oct-2014 24-Oct-2027

BOND/BUY JPY/IBRD/GDIF/1136JPYSTR

0000013330 JPY   (1,300,000,000   (11,239,355 14-Oct-2014 13-Nov-2014 13-Nov-2036

BOND/BUY JPY/IBRD/GDIF/1137JPYSTR13

0000013332 JPY   (130,000,000   (1,117,559 15-Oct-2014 17-Nov-2014 16-Nov-2037

BOND/BUY JPY/IBRD/GDIF/1037JPYSTR21

0000013336 JPY   (3,000,000,000   (27,519,149 16-Oct-2014 30-Oct-2014 30-Oct-2037

BOND/BUY JPY/IBRD/GDIF/1232JPYSTR02

0000013352 JPY   (1,000,000,000   (8,405,127 22-Oct-2014 02-Dec-2014 02-Dec-2032

BOND/BUY JPY/IBRD/GDIF/0527JPYSTR

0000013354 JPY   (1,949,000,000   (17,000,305 23-Oct-2014 06-Nov-2014 24-May-2027

BOND/BUY JPY/IBRD/GDIF/0627JPYSTR05

0000013355 JPY   (1,286,000,000   (11,217,236 23-Oct-2014 06-Nov-2014 22-Jun-2027

BOND/BUY JPY/IBRD/GDIF/0827JPYSTR05

0000013356 JPY   (1,240,000,000   (10,815,997 23-Oct-2014 06-Nov-2014 10-Aug-2027

BOND/BUY JPY/IBRD/GDIF/0537JPYSTR06

0000013357 JPY   (500,000,000   (4,377,709 24-Oct-2014 10-Nov-2014 08-May-2037

BOND/BUY JPY/IBRD/GDIF/0537JPYSTR20

0000013361 JPY   (200,000,000   (1,688,191 28-Oct-2014 01-Dec-2014 29-May-2037

BOND/BUY JPY/IBRD/GDIF/1232JPYSTR04

0000013364 JPY   (1,000,000,000   (8,405,127 29-Oct-2014 02-Dec-2014 02-Dec-2032

BOND/BUY JPY/IBRD/GDIF/1237JPYSTR03

0000013367 JPY   (100,000,000   (837,135 30-Oct-2014 03-Dec-2014 03-Dec-2037

BOND/BUY JPY/IBRD/GDIF/1137JPYSTR14

0000013368 JPY   (200,000,000   (1,719,321 30-Oct-2014 17-Nov-2014 16-Nov-2037

BOND/BUY JPY/IBRD/GDIF/0637JPYSTR10

0000013371 JPY   (1,000,000,000   (8,337,850 31-Oct-2014 04-Dec-2014 04-Jun-2037

BOND/BUY JPY/IBRD/GDIF/1237JPYSTR04

0000013373 JPY   (200,000,000   (1,651,732 04-Nov-2014 08-Dec-2014 07-Dec-2037

BOND/BUY JPY/IBRD/GDIF/0637JPYSTR07

0000013375 JPY   (100,000,000   (828,809 04-Nov-2014 05-Dec-2014 05-Jun-2037

BOND/BUY JPY/IBRD/GDIF/1137JPYSTR19

0000013376 JPY   (3,450,000,000   (29,200,169 05-Nov-2014 20-Nov-2014 20-Nov-2037

BOND/BUY JPY/IBRD/GDIF/1232JPYSTR08

0000013380 JPY   (4,000,000,000   (33,517,681 07-Nov-2014 10-Dec-2014 10-Dec-2032

BOND/BUY JPY/IBRD/GDIF/1232JPYSTR07

0000013381 JPY   (5,000,000,000   (41,897,101 07-Nov-2014 10-Dec-2014 10-Dec-2032

BOND/BUY JPY/IBRD/GDIF/0537JPYSTR23

0000013383 JPY   (100,000,000   (847,206 07-Nov-2014 25-Nov-2014 22-May-2037

BOND/BUY JPY/IBRD/GDIF/0517JPYSTR

0000013384 JPY   (1,043,000,000   (8,836,362 10-Nov-2014 25-Nov-2014 25-May-2017

BOND/BUY JPY/IBRD/GDIF/1137JPYSTR32

0000013385 JPY   (1,200,000,000   (10,148,850 12-Nov-2014 28-Nov-2014 27-Nov-2037

BOND/BUY JPY/IBRD/GDIF/1137JPYSTR31

0000013386 JPY   (700,000,000   (5,920,162 12-Nov-2014 28-Nov-2014 27-Nov-2037

 

Page 5/6


LOGO International Bank for Reconstruction and Development
SEC Report - Changes in Borrowings

 

Borrowing Type / Description

 

Trade Id

 

Currency

  Currency Amount     US$ Equivalent    

Trade Date

 

Settlement Date

 

Maturity Date

BOND/BUY JPY/IBRD/GDIF/0637JPYSTR14

  0000013387   JPY     (200,000,000     (1,690,831   12-Nov-2014   12-Dec-2014   12-Jun-2037

BOND/BUY JPY/IBRD/GDIF/0427JPYSTR06

  0000013388   JPY     (146,000,000     (1,217,326   13-Nov-2014   04-Dec-2014   20-Apr-2027

BOND/BUY JPY/IBRD/GDIF/0519JPYSTR02

  0000013389   JPY     (500,000,000     (4,228,687   13-Nov-2014   28-Nov-2014   28-May-2019

BOND/BUY JPY/IBRD/GDIF/0617JPYSTR01

  0000013390   JPY     (250,000,000     (2,104,909   13-Nov-2014   15-Dec-2014   14-Jun-2017

BOND/BUY JPY/IBRD/GDIF/1237JPYSTR34

  0000013394   JPY     (300,000,000     (2,530,258   18-Nov-2014   18-Dec-2014   17-Dec-2037

BOND/BUY JPY/IBRD/GDIF/1237JPYSTR22

  0000013395   JPY     (100,000,000     (843,419   18-Nov-2014   18-Dec-2014   18-Dec-2037

BOND/BUY JPY/IBRD/GDIF/1237JPYSTR01

  0000013398   JPY     (1,200,000,000     (10,005,420   18-Nov-2014   04-Dec-2014   04-Dec-2037

BOND/BUY JPY/IBRD/GDIF/0637JPYSTR03

  0000013401   JPY     (100,000,000     (828,809   19-Nov-2014   05-Dec-2014   05-Jun-2037

BOND/BUY JPY/IBRD/GDIF/0637JPYSTR09

  0000013402   JPY     (1,000,000,000     (8,288,094   19-Nov-2014   05-Dec-2014   05-Jun-2037

BOND/BUY JPY/IBRD/GDIF/1237JPYSTR11

  0000013403   JPY     (100,000,000     (828,809   19-Nov-2014   05-Dec-2014   04-Dec-2037

BOND/BUY JPY/IBRD/GDIF/0637JPYSTR05

  0000013405   JPY     (4,300,000,000     (35,638,805   19-Nov-2014   05-Dec-2014   05-Jun-2037

BOND/BUY JPY/IBRD/GDIF/1217JPYSTR01

  0000013406   JPY     (3,655,000,000     (30,292,984   20-Nov-2014   05-Dec-2014   05-Dec-2017

BOND/BUY JPY/IBRD/GDIF/0637JPYSTR33

  0000013407   JPY     (150,000,000     (1,252,871   20-Nov-2014   22-Dec-2014   19-Jun-2037

BOND/BUY JPY/IBRD/GDIF/0637JPYSTR38

  0000013408   JPY     (100,000,000     (835,247   20-Nov-2014   22-Dec-2014   19-Jun-2037

BOND/BUY JPY/IBRD/GDIF/1237JPYSTR35

  0000013409   JPY     (300,000,000     (2,505,742   20-Nov-2014   22-Dec-2014   17-Dec-2037

BOND/BUY JPY/IBRD/GDIF/0318JPYSTR

  0000013411   JPY     (2,526,000,000     (20,861,378   21-Nov-2014   08-Dec-2014   06-Mar-2018

BOND/BUY JPY/IBRD/GDIF/1231JPYSTR18

  0000013425   JPY     (1,000,000,000     (8,446,659   26-Nov-2014   11-Dec-2014   11-Dec-2031

BOND/BUY JPY/IBRD/GDIF/1237JPYSTR15

  0000013426   JPY     (300,000,000     (2,533,998   26-Nov-2014   11-Dec-2014   10-Dec-2037

BOND/BUY JPY/IBRD/GDIF/1237JPYSTR16

  0000013427   JPY     (100,000,000     (844,666   26-Nov-2014   11-Dec-2014   11-Dec-2037

BOND/BUY JPY/IBRD/GDIF/1237JPYSTR40

  0000013440   JPY     (165,000,000     (1,382,546   05-Dec-2014   19-Dec-2014   18-Dec-2037

BOND/BUY JPY/IBRD/GDIF/0627JPYSTR05

  0000013443   JPY     (8,954,000,000     (74,788,056   08-Dec-2014   22-Dec-2014   22-Jun-2027

BOND/BUY JPY/IBRD/GDIF/1237JPYSTR45

  0000013445   JPY     (100,000,000     (835,247   08-Dec-2014   22-Dec-2014   21-Dec-2037

BOND/BUY JPY/IBRD/GDIF/1217JPYSTR02

  0000013446   JPY     (2,715,000,000     (22,676,968   08-Dec-2014   22-Dec-2014   20-Dec-2017
     

 

 

   

 

 

       

Sub-total early Retirements - Japanese Yen

  (67,776,000,000   (578,937,981
     

 

 

   

 

 

       

Korean Won

BOND/BUY KRW/IBRD/GDIF/0715KRW01.50

0000013414 KRW   (115,110,000,000   (103,892,705 21-Nov-2014 01-Dec-2014 02-Jul-2015

BOND/BUY KRW/IBRD/GDIF/0515KRW01.50

0000013415 KRW   (113,390,000,000   (102,112,676 24-Nov-2014 02-Dec-2014 10-May-2015

BOND/BUY KRW/IBRD/GDIF/1015KRW01.60

0000013422 KRW   (109,270,000,000   (97,966,612 26-Nov-2014 04-Dec-2014 02-Oct-2015
     

 

 

   

 

 

       

Sub-total early Retirements - Korean Won

  (337,770,000,000   (303,971,993
     

 

 

   

 

 

       

Mexican Peso

BOND/BUY MXN/IBRD/GDIF/1219MXN03.6

0000013470 MXN   (72,700,000   (4,943,292 18-Dec-2014 29-Dec-2014 10-Dec-2019
     

 

 

   

 

 

       

Sub-total early Retirements - Mexican Peso

  (72,700,000   (4,943,292
     

 

 

   

 

 

       

United States Dollar

BOND/BUY USD/IBRD/GDIF/0819USDSTR01

0000013327 USD   (56,400,000   (56,400,000 10-Oct-2014 03-Nov-2014 01-Aug-2019

BOND/BUY USD/IBRD/GDIF/0517USDSTR01

0000013345 USD   (250,000,000   (250,000,000 21-Oct-2014 10-Nov-2014 08-May-2017

BOND/BUY USD/IBRD/GDIF/1015USDSTR

0000013360 USD   (50,000,000   (50,000,000 27-Oct-2014 17-Nov-2014 15-Oct-2015

BOND/BUY USD/IBRD/GDIF/0615USDSTR04

0000013366 USD   (500,000,000   (500,000,000 30-Oct-2014 20-Nov-2014 05-Jun-2015

BOND/BUY USD/IBRD/GDIF/0516USD10.00

0000013378 USD   (651,000,000   (651,000,000 06-Nov-2014 13-Nov-2014 27-May-2016

BOND/BUY USD/IBRD/GDIF/1120USDSTR

0000013379 USD   (20,000,000   (20,000,000 06-Nov-2014 26-Nov-2014 26-Nov-2020

BOND/BUY USD/IBRD/GDIF/0915USDSTR02

0000013416 USD   (25,000,000   (25,000,000 24-Nov-2014 16-Dec-2014 16-Sep-2015

BOND/BUY USD/IBRD/GDIF/0619USDSTR08

0000013435 USD   (50,000,000   (50,000,000 03-Dec-2014 24-Dec-2014 24-Jun-2019

BOND/BUY USD/IBRD/GDIF/0619USDSTR09

0000013439 USD   (50,000,000   (50,000,000 05-Dec-2014 29-Dec-2014 26-Jun-2019

BOND/BUY USD/IBRD/GDIF/0919USDSTR04

0000013444 USD   (100,000,000   (100,000,000 08-Dec-2014 30-Dec-2014 30-Sep-2019
     

 

 

   

 

 

       

Sub-total early Retirements - United States Dollar

  (1,752,400,000   (1,752,400,000
     

 

 

   

 

 

       

Total Early Retirements

  (2,745,656,172
       

 

 

       

 

Page 6/6


LOGO   International Bank for Reconstruction and Development  
   
  SEC Report - Changes in Borrowings  

 

Borrowing Type/ Description

  Trade Id   Currency     Currency Amount     US$ Equivalent     Trade Date   Settlement Date   Maturity Date

New Borrowings

             

United States Dollar

             

DIN/SELL USD/IBRD/DIN IBRDUS2OCT14

  0010301146     USD        25,000,000        25,000,000      01-Oct-2014   01-Oct-2014   02-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS2OCT14

  0010301147     USD        25,000,000        25,000,000      01-Oct-2014   01-Oct-2014   02-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS2DEC14

  0010301157     USD        10,000,000        10,000,000      01-Oct-2014   01-Oct-2014   02-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS6JAN15

  0010301158     USD        10,000,000        10,000,000      01-Oct-2014   01-Oct-2014   06-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS003OCT14

  0010301205     USD        50,000,000        50,000,000      02-Oct-2014   02-Oct-2014   03-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS003OCT14

  0010301206     USD        25,000,000        25,000,000      02-Oct-2014   02-Oct-2014   03-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS6JAN15

  0010301210     USD        100,000,000        100,000,000      02-Oct-2014   03-Oct-2014   06-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS5DEC14

  0010301212     USD        5,000,000        5,000,000      02-Oct-2014   03-Oct-2014   05-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS002JAN15

  0010301213     USD        25,000,000        25,000,000      02-Oct-2014   03-Oct-2014   02-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS6JAN15

  0010301220     USD        150,000,000        150,000,000      03-Oct-2014   06-Oct-2014   06-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS006OCT14

  0010301221     USD        25,000,000        25,000,000      03-Oct-2014   03-Oct-2014   06-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS006OCT14

  0010301222     USD        25,000,000        25,000,000      03-Oct-2014   03-Oct-2014   06-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS002JAN15

  0010301223     USD        10,000,000        10,000,000      03-Oct-2014   03-Oct-2014   02-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS002JAN15

  0010301224     USD        50,000,000        50,000,000      03-Oct-2014   03-Oct-2014   02-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS23DEC14

  0010301225     USD        50,000,000        50,000,000      03-Oct-2014   06-Oct-2014   23-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS25NOV14

  0010301226     USD        50,000,000        50,000,000      03-Oct-2014   06-Oct-2014   25-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS002JAN15

  0010301227     USD        65,000,000        65,000,000      03-Oct-2014   06-Oct-2014   02-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS24NOV14

  0010301228     USD        40,600,000        40,600,000      03-Oct-2014   03-Oct-2014   24-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS18FEB15

  0010301231     USD        25,000,000        25,000,000      03-Oct-2014   03-Oct-2014   18-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS7JAN15

  0010301238     USD        25,000,000        25,000,000      03-Oct-2014   03-Oct-2014   07-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS007OCT14

  0010301269     USD        25,000,000        25,000,000      06-Oct-2014   06-Oct-2014   07-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS007OCT14

  0010301270     USD        25,000,000        25,000,000      06-Oct-2014   06-Oct-2014   07-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS002JAN15

  0010301276     USD        50,000,000        50,000,000      06-Oct-2014   07-Oct-2014   02-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS6JAN15

  0010301278     USD        50,000,000        50,000,000      06-Oct-2014   07-Oct-2014   06-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS31DEC14

  0010301279     USD        20,000,000        20,000,000      06-Oct-2014   08-Oct-2014   31-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS008JAN15

  0010301352     USD        20,000,000        20,000,000      06-Oct-2014   08-Oct-2014   08-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS008OCT14

  0010301377     USD        25,000,000        25,000,000      07-Oct-2014   07-Oct-2014   08-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS002FEB15

  0010301396     USD        700,000        700,000      07-Oct-2014   08-Oct-2014   02-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS009OCT14

  0010301546     USD        25,000,000        25,000,000      08-Oct-2014   08-Oct-2014   09-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS15JUL15

  0010301567     USD        670,000        670,000      08-Oct-2014   09-Oct-2014   15-Jul-2015

DIN/SELL USD/IBRD/DIN IBRDUS014OCT14

  0010301927     USD        25,000,000        25,000,000      10-Oct-2014   10-Oct-2014   14-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS31DEC14

  0010301928     USD        50,000,000        50,000,000      10-Oct-2014   10-Oct-2014   31-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS015OCT14

  0010301963     USD        25,000,000        25,000,000      14-Oct-2014   14-Oct-2014   15-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS5JAN15

  0010301966     USD        150,000,000        150,000,000      14-Oct-2014   16-Oct-2014   05-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS016OCT14

  0010302030     USD        25,000,000        25,000,000      15-Oct-2014   15-Oct-2014   16-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS012JAN15

  0010302043     USD        200,000,000        200,000,000      15-Oct-2014   16-Oct-2014   12-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS015JAN15

  0010302054     USD        5,000,000        5,000,000      15-Oct-2014   16-Oct-2014   15-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS2APR15

  0010302055     USD        25,000,000        25,000,000      15-Oct-2014   15-Oct-2014   02-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS17OCT14

  0010302249     USD        25,000,000        25,000,000      16-Oct-2014   16-Oct-2014   17-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS31DEC14

  0010302262     USD        80,000,000        80,000,000      16-Oct-2014   16-Oct-2014   31-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS020OCT14

  0010302266     USD        25,000,000        25,000,000      17-Oct-2014   17-Oct-2014   20-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS021OCT14

  0010302328     USD        25,000,000        25,000,000      20-Oct-2014   20-Oct-2014   21-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS20JAN15

  0010302355     USD        100,000,000        100,000,000      20-Oct-2014   21-Oct-2014   20-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS021OCT14

  0010302361     USD        25,000,000        25,000,000      20-Oct-2014   20-Oct-2014   21-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS27MAR15    

  0010302393     USD        30,000,000        30,000,000      20-Oct-2014   20-Oct-2014   27-Mar-2015

 

Page 1/9


LOGO   International Bank for Reconstruction and Development  
   
  SEC Report - Changes in Borrowings  

 

Borrowing Type/ Description

  Trade Id   Currency     Currency Amount     US$ Equivalent     Trade Date   Settlement Date   Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS022OCT14

  0010302440     USD        50,000,000        50,000,000      21-Oct-2014   21-Oct-2014   22-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS25FEB15

  0010302441     USD        16,500,000        16,500,000      21-Oct-2014   21-Oct-2014   25-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS022OCT14

  0010302442     USD        50,000,000        50,000,000      21-Oct-2014   21-Oct-2014   22-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS5JAN15

  0010302447     USD        5,000,000        5,000,000      21-Oct-2014   21-Oct-2014   05-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS20JAN15

  0010302490     USD        100,000,000        100,000,000      21-Oct-2014   22-Oct-2014   20-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS23OCT14

  0010302556     USD        50,000,000        50,000,000      22-Oct-2014   22-Oct-2014   23-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS23FEB15

  0010302560     USD        25,000,000        25,000,000      22-Oct-2014   23-Oct-2014   23-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS9JUL15

  0010302561     USD        25,000,000        25,000,000      22-Oct-2014   22-Oct-2014   09-Jul-2015

DIN/SELL USD/IBRD/DIN IBRDUS31DEC14

  0010302562     USD        25,000,000        25,000,000      22-Oct-2014   22-Oct-2014   31-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS22JAN15

  0010302563     USD        50,000,000        50,000,000      22-Oct-2014   23-Oct-2014   22-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS012JAN15

  0010302564     USD        250,000,000        250,000,000      22-Oct-2014   23-Oct-2014   12-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS31DEC14

  0010302567     USD        26,000,000        26,000,000      22-Oct-2014   22-Oct-2014   31-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS23OCT14

  0010302568     USD        50,000,000        50,000,000      22-Oct-2014   22-Oct-2014   23-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS4FEB15

  0010302571     USD        25,000,000        25,000,000      22-Oct-2014   22-Oct-2014   04-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS11MAY15

  0010302577     USD        10,000,000        10,000,000      23-Oct-2014   23-Oct-2014   11-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS14JAN15

  0010302578     USD        50,000,000        50,000,000      23-Oct-2014   24-Oct-2014   14-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS024OCT14

  0010302579     USD        25,000,000        25,000,000      23-Oct-2014   23-Oct-2014   24-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS002FEB15

  0010302580     USD        5,864,000        5,864,000      23-Oct-2014   24-Oct-2014   02-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS024OCT14

  0010302581     USD        50,000,000        50,000,000      23-Oct-2014   23-Oct-2014   24-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS28JAN15

  0010302582     USD        100,000,000        100,000,000      23-Oct-2014   24-Oct-2014   28-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS002FEB15

  0010302583     USD        5,786,000        5,786,000      23-Oct-2014   24-Oct-2014   02-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS024OCT14

  0010302584     USD        50,000,000        50,000,000      23-Oct-2014   23-Oct-2014   24-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS27OCT14

  0010302589     USD        25,000,000        25,000,000      24-Oct-2014   24-Oct-2014   27-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS27OCT14

  0010302590     USD        50,000,000        50,000,000      24-Oct-2014   24-Oct-2014   27-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS7JAN15

  0010302591     USD        100,000,000        100,000,000      24-Oct-2014   27-Oct-2014   07-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS012JAN15

  0010302592     USD        5,000,000        5,000,000      24-Oct-2014   24-Oct-2014   12-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS27OCT14

  0010302593     USD        50,000,000        50,000,000      24-Oct-2014   24-Oct-2014   27-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS015JAN15

  0010302594     USD        50,000,000        50,000,000      24-Oct-2014   27-Oct-2014   15-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS28OCT14

  0010302596     USD        50,000,000        50,000,000      27-Oct-2014   27-Oct-2014   28-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS28OCT14

  0010302597     USD        25,000,000        25,000,000      27-Oct-2014   27-Oct-2014   28-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS20JAN15

  0010302600     USD        100,000,000        100,000,000      27-Oct-2014   28-Oct-2014   20-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS3FEB15

  0010302601     USD        100,000,000        100,000,000      27-Oct-2014   28-Oct-2014   03-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS29OCT14

  0010302605     USD        50,000,000        50,000,000      28-Oct-2014   28-Oct-2014   29-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS29OCT14

  0010302606     USD        50,000,000        50,000,000      28-Oct-2014   28-Oct-2014   29-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS3FEB15

  0010302608     USD        100,000,000        100,000,000      28-Oct-2014   29-Oct-2014   03-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS27APR15

  0010302619     USD        100,000,000        100,000,000      28-Oct-2014   29-Oct-2014   27-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS29OCT14

  0010302620     USD        50,000,000        50,000,000      28-Oct-2014   28-Oct-2014   29-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS2DEC14

  0010302624     USD        100,000,000        100,000,000      28-Oct-2014   30-Oct-2014   02-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS30OCT14

  0010302634     USD        50,000,000        50,000,000      29-Oct-2014   29-Oct-2014   30-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS30OCT14

  0010302635     USD        50,000,000        50,000,000      29-Oct-2014   29-Oct-2014   30-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS3FEB15

  0010302640     USD        100,000,000        100,000,000      29-Oct-2014   30-Oct-2014   03-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS031OCT14

  0010302645     USD        50,000,000        50,000,000      30-Oct-2014   30-Oct-2014   31-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS031OCT14

  0010302646     USD        50,000,000        50,000,000      30-Oct-2014   30-Oct-2014   31-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS007NOV14

  0010302647     USD        100,000,000        100,000,000      30-Oct-2014   30-Oct-2014   07-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS3NOV14

  0010302743     USD        50,000,000        50,000,000      31-Oct-2014   31-Oct-2014   03-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS030DEC14

  0010302744     USD        50,000,000        50,000,000      31-Oct-2014   31-Oct-2014   30-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS030DEC14

  0010302755     USD        50,000,000        50,000,000      31-Oct-2014   31-Oct-2014   30-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS3NOV14

  0010302765     USD        50,000,000        50,000,000      31-Oct-2014   31-Oct-2014   03-Nov-2014

 

Page 2/9


LOGO   International Bank for Reconstruction and Development  
   
  SEC Report - Changes in Borrowings  

 

Borrowing Type/ Description

  Trade Id   Currency     Currency Amount     US$ Equivalent     Trade Date   Settlement Date   Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS4FEB15

  0010302788     USD        50,000,000        50,000,000      31-Oct-2014   31-Oct-2014   04-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS20JAN15

  0010302841     USD        5,000,000        5,000,000      31-Oct-2014   03-Nov-2014   20-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS004NOV14

  0010303088     USD        50,000,000        50,000,000      03-Nov-2014   03-Nov-2014   04-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS004NOV14

  0010303090     USD        50,000,000        50,000,000      03-Nov-2014   03-Nov-2014   04-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS005NOV14

  0010303120     USD        50,000,000        50,000,000      04-Nov-2014   04-Nov-2014   05-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS005NOV14

  0010303121     USD        50,000,000        50,000,000      04-Nov-2014   04-Nov-2014   05-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS10MAR15

  0010303122     USD        16,000,000        16,000,000      04-Nov-2014   04-Nov-2014   10-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS4MAY15

  0010303128     USD        50,000,000        50,000,000      04-Nov-2014   05-Nov-2014   04-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS3FEB15

  0010303139     USD        40,000,000        40,000,000      04-Nov-2014   05-Nov-2014   03-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS008JAN15

  0010303167     USD        35,000,000        35,000,000      04-Nov-2014   05-Nov-2014   08-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS5FEB15

  0010303171     USD        30,000,000        30,000,000      05-Nov-2014   05-Nov-2014   05-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS6NOV14

  0010303189     USD        25,000,000        25,000,000      05-Nov-2014   05-Nov-2014   06-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS6NOV14

  0010303202     USD        25,000,000        25,000,000      05-Nov-2014   05-Nov-2014   06-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS025MAR15

  0010303307     USD        370,000        370,000      07-Nov-2014   10-Nov-2014   25-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS24MAR15

  0010303601     USD        15,000,000        15,000,000      13-Nov-2014   13-Nov-2014   24-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS28JAN15

  0010303604     USD        5,000,000        5,000,000      13-Nov-2014   14-Nov-2014   28-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS4FEB15

  0010303605     USD        5,000,000        5,000,000      13-Nov-2014   14-Nov-2014   04-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS11FEB15

  0010303628     USD        50,000,000        50,000,000      13-Nov-2014   13-Nov-2014   11-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS21JAN15

  0010303657     USD        75,000,000        75,000,000      13-Nov-2014   14-Nov-2014   21-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS21JAN15

  0010303694     USD        37,000,000        37,000,000      13-Nov-2014   14-Nov-2014   21-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS10FEB15

  0010303720     USD        62,000,000        62,000,000      14-Nov-2014   18-Nov-2014   10-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS4FEB15

  0010303798     USD        50,000,000        50,000,000      18-Nov-2014   18-Nov-2014   04-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS24NOV14

  0010303866     USD        25,000,000        25,000,000      21-Nov-2014   21-Nov-2014   24-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS25NOV14

  0010303929     USD        44,970,000        44,970,000      24-Nov-2014   24-Nov-2014   25-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS26NOV14

  0010303958     USD        84,000,000        84,000,000      25-Nov-2014   25-Nov-2014   26-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS22JAN15

  0010304386     USD        50,000,000        50,000,000      02-Dec-2014   02-Dec-2014   22-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS23JAN15

  0010304387     USD        50,000,000        50,000,000      02-Dec-2014   02-Dec-2014   23-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS26JAN15

  0010304390     USD        35,000,000        35,000,000      02-Dec-2014   02-Dec-2014   26-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS18FEB15

  0010304395     USD        5,000,000        5,000,000      02-Dec-2014   02-Dec-2014   18-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS21MAY15

  0010304396     USD        100,000,000        100,000,000      02-Dec-2014   04-Dec-2014   21-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS2MAR15

  0010304401     USD        25,000,000        25,000,000      02-Dec-2014   02-Dec-2014   02-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS29JAN15

  0010304402     USD        200,000,000        200,000,000      02-Dec-2014   03-Dec-2014   29-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS26JAN15

  0010304403     USD        25,000,000        25,000,000      02-Dec-2014   03-Dec-2014   26-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS3APR15

  0010304406     USD        50,000,000        50,000,000      02-Dec-2014   04-Dec-2014   03-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS003DEC14

  0010304407     USD        168,000,000        168,000,000      02-Dec-2014   02-Dec-2014   03-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS18FEB15

  0010304411     USD        30,000,000        30,000,000      02-Dec-2014   02-Dec-2014   18-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS1JUL15

  0010304421     USD        40,000,000        40,000,000      02-Dec-2014   03-Dec-2014   01-Jul-2015

DIN/SELL USD/IBRD/DIN IBRDUS002JAN15

  0010304446     USD        150,000,000        150,000,000      03-Dec-2014   03-Dec-2014   02-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS10MAR15

  0010304447     USD        25,000,000        25,000,000      03-Dec-2014   03-Dec-2014   10-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS27JAN15

  0010304448     USD        50,000,000        50,000,000      03-Dec-2014   04-Dec-2014   27-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS26JAN15

  0010304449     USD        100,000,000        100,000,000      03-Dec-2014   04-Dec-2014   26-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS20FEB15

  0010304450     USD        10,000,000        10,000,000      03-Dec-2014   04-Dec-2014   20-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS27JAN15

  0010304480     USD        125,000,000        125,000,000      04-Dec-2014   04-Dec-2014   27-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS17FEB15

  0010304519     USD        400,000,000        400,000,000      04-Dec-2014   10-Dec-2014   17-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS18FEB15

  0010304541     USD        200,000,000        200,000,000      04-Dec-2014   10-Dec-2014   18-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS11MAR15

  0010304542     USD        5,000,000        5,000,000      04-Dec-2014   05-Dec-2014   11-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS5DEC14

  0010304586     USD        200,000,000        200,000,000      04-Dec-2014   04-Dec-2014   05-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS27FEB15

  0010304671     USD        4,000,000        4,000,000      04-Dec-2014   05-Dec-2014   27-Feb-2015

 

Page 3/9


LOGO International Bank for Reconstruction and Development
SEC Report - Changes in Borrowings

 

Borrowing Type/ Description

  Trade Id   Currency     Currency Amount     US$ Equivalent     Trade Date   Settlement Date   Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS18MAY15

  0010304729     USD        50,000,000        50,000,000      05-Dec-2014   09-Dec-2014   18-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS15DEC14

  0010304738     USD        92,000,000        92,000,000      05-Dec-2014   05-Dec-2014   15-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS008DEC14

  0010304749     USD        17,335,000        17,335,000      05-Dec-2014   05-Dec-2014   08-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS008DEC14

  0010304750     USD        50,000,000        50,000,000      05-Dec-2014   05-Dec-2014   08-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS008DEC14

  0010304751     USD        32,665,000        32,665,000      05-Dec-2014   05-Dec-2014   08-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS22MAY15

  0010304888     USD        20,000,000        20,000,000      08-Dec-2014   08-Dec-2014   22-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS19FEB15

  0010304889     USD        100,000,000        100,000,000      08-Dec-2014   10-Dec-2014   19-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS19FEB15

  0010304890     USD        25,000,000        25,000,000      08-Dec-2014   09-Dec-2014   19-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS19FEB15

  0010304898     USD        100,000,000        100,000,000      08-Dec-2014   10-Dec-2014   19-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS29JUL15

  0010305021     USD        4,490,000        4,490,000      09-Dec-2014   10-Dec-2014   29-Jul-2015

DIN/SELL USD/IBRD/DIN IBRDUS010DEC14

  0010305033     USD        125,000,000        125,000,000      09-Dec-2014   09-Dec-2014   10-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS11DEC14

  0010305140     USD        50,000,000        50,000,000      10-Dec-2014   10-Dec-2014   11-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS15APR15

  0010305149     USD        14,000,000        14,000,000      10-Dec-2014   10-Dec-2014   15-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS11DEC14

  0010305179     USD        50,000,000        50,000,000      10-Dec-2014   10-Dec-2014   11-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS012DEC14

  0010305245     USD        50,000,000        50,000,000      11-Dec-2014   11-Dec-2014   12-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS3MAR15

  0010305246     USD        100,000,000        100,000,000      11-Dec-2014   11-Dec-2014   03-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS012DEC14

  0010305247     USD        50,000,000        50,000,000      11-Dec-2014   11-Dec-2014   12-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS10MAR15

  0010305248     USD        100,000,000        100,000,000      11-Dec-2014   11-Dec-2014   10-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS012DEC14

  0010305259     USD        91,000,000        91,000,000      11-Dec-2014   11-Dec-2014   12-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS27FEB15

  0010305284     USD        78,400,000        78,400,000      11-Dec-2014   11-Dec-2014   27-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS2MAR15

  0010305285     USD        2,000,000        2,000,000      11-Dec-2014   12-Dec-2014   02-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS15DEC14

  0010305323     USD        50,000,000        50,000,000      12-Dec-2014   12-Dec-2014   15-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS15DEC14

  0010305324     USD        50,000,000        50,000,000      12-Dec-2014   12-Dec-2014   15-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS016DEC14

  0010305369     USD        50,000,000        50,000,000      15-Dec-2014   15-Dec-2014   16-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS016DEC14

  0010305370     USD        50,000,000        50,000,000      15-Dec-2014   15-Dec-2014   16-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS18MAY15

  0010305371     USD        50,000,000        50,000,000      15-Dec-2014   16-Dec-2014   18-May-2015

DIN/SELL USD/IBRD/DIN IBRDUS6APR15

  0010305389     USD        5,000,000        5,000,000      15-Dec-2014   16-Dec-2014   06-Apr-2015

DIN/SELL USD/IBRD/DIN IBRDUS9FEB15

  0010305420     USD        50,000,000        50,000,000      16-Dec-2014   16-Dec-2014   09-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS17DEC14

  0010305421     USD        50,000,000        50,000,000      16-Dec-2014   16-Dec-2014   17-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS9FEB15

  0010305422     USD        300,000,000        300,000,000      16-Dec-2014   16-Dec-2014   09-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS16MAR15

  0010305423     USD        13,000,000        13,000,000      16-Dec-2014   16-Dec-2014   16-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS9FEB15

  0010305424     USD        100,000,000        100,000,000      16-Dec-2014   17-Dec-2014   09-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS13FEB15

  0010305425     USD        50,000,000        50,000,000      16-Dec-2014   19-Dec-2014   13-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS9FEB15

  0010305426     USD        50,000,000        50,000,000      16-Dec-2014   17-Dec-2014   09-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS17DEC14

  0010305427     USD        50,000,000        50,000,000      16-Dec-2014   16-Dec-2014   17-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS17DEC14

  0010305428     USD        50,000,000        50,000,000      16-Dec-2014   16-Dec-2014   17-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS9FEB15

  0010305429     USD        50,000,000        50,000,000      16-Dec-2014   16-Dec-2014   09-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS18DEC14

  0010305446     USD        50,000,000        50,000,000      17-Dec-2014   17-Dec-2014   18-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS18DEC14

  0010305447     USD        50,000,000        50,000,000      17-Dec-2014   17-Dec-2014   18-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS2MAR15

  0010305668     USD        100,000,000        100,000,000      19-Dec-2014   19-Dec-2014   02-Mar-2015

DIN/SELL USD/IBRD/DIN IBRDUS27FEB15

  0010305669     USD        100,000,000        100,000,000      19-Dec-2014   19-Dec-2014   27-Feb-2015

DIN/SELL USD/IBRD/DIN IBRDUS20JAN15

  0010305680     USD        100,000,000        100,000,000      22-Dec-2014   22-Dec-2014   20-Jan-2015

DIN/SELL USD/IBRD/DIN IBRDUS10MAR15

  0010305688     USD        50,000,000        50,000,000      22-Dec-2014   23-Dec-2014   10-Mar-2015
     

 

 

   

 

 

       

Sub-total New Borrowings - United States Dollar

  10,142,350,000      10,142,350,000   
     

 

 

   

 

 

       

Total New Borrowings

  10,142,350,000   
       

 

 

       

 

Page 4/9


LOGO International Bank for Reconstruction and Development
SEC Report - Changes in Borrowings

 

Borrowing Type/ Description

  Trade Id   Currency     Currency Amount     US$ Equivalent     Trade Date   Settlement Date   Maturity Date
Matured Borrowings              

Chinese Yuan Renminbi

             

BOND/SELL CNY/IBRD/GDIF/1214CNY02.40

  0000013236     CNY        (300,000,000     (48,570,804   02-Sep-2014   10-Sep-2014   10-Dec-2014

BOND/SELL CNY/IBRD/GDIF/1214CNY02.70

  0000013276     CNY        (500,000,000     (80,365,825   15-Sep-2014   22-Sep-2014   22-Dec-2014
     

 

 

   

 

 

       

Sub-total New Borrowings - Chinese Yuan Renminbi

  (800,000,000   (128,936,629
     

 

 

   

 

 

       

United States Dollar

BOND/SELL USD/IBRD/GDIF/1114USD00.19

0000012690   USD      (250,000,000   (250,000,000 28-Oct-2013 04-Nov-2013 03-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS020OCT14

0010283866   USD      (5,950,000   (5,950,000 18-Nov-2013 18-Nov-2013 20-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS024OCT14

0010287212   USD      (36,500,000   (36,500,000 24-Jan-2014 27-Jan-2014 24-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS031OCT14

0010287404   USD      (5,152,000   (5,152,000 30-Jan-2014 31-Jan-2014 31-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS030DEC14

0010290558   USD      (10,000,000   (10,000,000 31-Mar-2014 01-Apr-2014 30-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS005NOV14

0010290909   USD      (1,000,000   (1,000,000 02-Apr-2014 02-Apr-2014 05-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS004NOV14

0010290950   USD      (15,000,000   (15,000,000 03-Apr-2014 03-Apr-2014 04-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS016DEC14

0010291917   USD      (1,000,000   (1,000,000 29-Apr-2014 30-Apr-2014 16-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS008DEC14

0010292376   USD      (100,000,000   (100,000,000 06-May-2014 07-May-2014 08-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS006OCT14

0010292377   USD      (300,000   (300,000 06-May-2014 06-May-2014 06-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS004DEC14

0010294427   USD      (50,000,000   (50,000,000 03-Jun-2014 04-Jun-2014 04-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS003DEC14

0010294642   USD      (200,000,000   (200,000,000 06-Jun-2014 10-Jun-2014 03-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS010DEC14

0010294766   USD      (100,000,000   (100,000,000 09-Jun-2014 10-Jun-2014 10-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS012DEC14

0010294930   USD      (100,000,000   (100,000,000 10-Jun-2014 12-Jun-2014 12-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS001DEC14

0010294991   USD      (100,000,000   (100,000,000 11-Jun-2014 12-Jun-2014 01-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS016DEC14

0010295036   USD      (50,000,000   (50,000,000 12-Jun-2014 16-Jun-2014 16-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS001OCT14

0010295056   USD      (100,000,000   (100,000,000 12-Jun-2014 12-Jun-2014 01-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS001OCT14

0010295062   USD      (100,000,000   (100,000,000 12-Jun-2014 16-Jun-2014 01-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS001DEC14

0010295383   USD      (100,000,000   (100,000,000 19-Jun-2014 19-Jun-2014 01-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS008OCT14

0010295656   USD      (50,000,000   (50,000,000 26-Jun-2014 30-Jun-2014 08-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS007OCT14

0010296136   USD      (50,000,000   (50,000,000 07-Jul-2014 09-Jul-2014 07-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS008OCT14

0010296138   USD      (50,000,000   (50,000,000 07-Jul-2014 09-Jul-2014 08-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS001OCT14

0010296159   USD      (50,000,000   (50,000,000 08-Jul-2014 09-Jul-2014 01-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS009OCT14

0010296160   USD      (20,000,000   (20,000,000 08-Jul-2014 09-Jul-2014 09-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS007OCT14

0010296178   USD      (31,000,000   (31,000,000 08-Jul-2014 09-Jul-2014 07-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS003OCT14

0010296180   USD      (50,000,000   (50,000,000 08-Jul-2014 09-Jul-2014 03-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS007OCT14

0010296214   USD      (20,000,000   (20,000,000 09-Jul-2014 09-Jul-2014 07-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS016OCT14

0010296223   USD      (5,000,000   (5,000,000 09-Jul-2014 09-Jul-2014 16-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS001OCT14

0010296224   USD      (50,000,000   (50,000,000 09-Jul-2014 10-Jul-2014 01-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS001OCT14

0010296498   USD      (50,000,000   (50,000,000 10-Jul-2014 11-Jul-2014 01-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS006OCT14

0010296602   USD      (100,000,000   (100,000,000 14-Jul-2014 15-Jul-2014 06-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS016OCT14

0010296707   USD      (20,000,000   (20,000,000 16-Jul-2014 18-Jul-2014 16-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS015OCT14

0010296802   USD      (100,000,000   (100,000,000 17-Jul-2014 18-Jul-2014 15-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS006OCT14

0010296848   USD      (750,000   (750,000 18-Jul-2014 21-Jul-2014 06-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS020OCT14

0010296851   USD      (150,000,000   (150,000,000 18-Jul-2014 18-Jul-2014 20-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS009OCT14

0010296876   USD      (69,200,000   (69,200,000 21-Jul-2014 21-Jul-2014 09-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS009OCT14

0010296879   USD      (55,000,000   (55,000,000 21-Jul-2014 21-Jul-2014 09-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS020OCT14

0010296911   USD      (150,000,000   (150,000,000 21-Jul-2014 21-Jul-2014 20-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS014NOV14

0010296944   USD      (100,000,000   (100,000,000 22-Jul-2014 22-Jul-2014 14-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS014OCT14

0010296946   USD      (150,000,000   (150,000,000 22-Jul-2014 22-Jul-2014 14-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS021OCT14

0010296996   USD      (15,000,000   (15,000,000 23-Jul-2014 24-Jul-2014 21-Oct-2014

 

Page 5/9


LOGO   International Bank for Reconstruction and Development  
   
  SEC Report - Changes in Borrowings  

 

Borrowing Type/ Description

  Trade Id   Currency     Currency Amount     US$ Equivalent     Trade Date   Settlement Date   Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS020NOV14

  0010297015     USD        (13,900,000     (13,900,000   24-Jul-2014   25-Jul-2014   20-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS022OCT14

  0010297042     USD        (50,000,000     (50,000,000   25-Jul-2014   25-Jul-2014   22-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS014OCT14

  0010297043     USD        (25,000,000     (25,000,000   25-Jul-2014   25-Jul-2014   14-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS022OCT14

  0010297082     USD        (50,000,000     (50,000,000   28-Jul-2014   28-Jul-2014   22-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS020OCT14

  0010297083     USD        (100,000,000     (100,000,000   28-Jul-2014   29-Jul-2014   20-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS021OCT14

  0010297323     USD        (16,200,000     (16,200,000   31-Jul-2014   31-Jul-2014   21-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS020OCT14

  0010297634     USD        (150,000,000     (150,000,000   01-Aug-2014   01-Aug-2014   20-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS022OCT14

  0010297635     USD        (150,000,000     (150,000,000   01-Aug-2014   01-Aug-2014   22-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS024OCT14

  0010297649     USD        (3,000,000     (3,000,000   01-Aug-2014   04-Aug-2014   24-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS004NOV14

  0010297726     USD        (15,000,000     (15,000,000   05-Aug-2014   05-Aug-2014   04-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS010NOV14

  0010297836     USD        (15,000,000     (15,000,000   06-Aug-2014   07-Aug-2014   10-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS007NOV14

  0010297880     USD        (40,000,000     (40,000,000   07-Aug-2014   11-Aug-2014   07-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS014OCT14

  0010298133     USD        (5,000,000     (5,000,000   08-Aug-2014   11-Aug-2014   14-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS014NOV14

  0010298156     USD        (15,000,000     (15,000,000   11-Aug-2014   12-Aug-2014   14-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS012NOV14

  0010298177     USD        (16,200,000     (16,200,000   12-Aug-2014   12-Aug-2014   12-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS013NOV14

  0010298293     USD        (47,000,000     (47,000,000   13-Aug-2014   14-Aug-2014   13-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS012NOV14

  0010298332     USD        (6,000,000     (6,000,000   14-Aug-2014   14-Aug-2014   12-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS018NOV14

  0010298443     USD        (17,000,000     (17,000,000   15-Aug-2014   18-Aug-2014   18-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS019NOV14

  0010298558     USD        (15,000,000     (15,000,000   20-Aug-2014   21-Aug-2014   19-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS015OCT14

  0010298565     USD        (50,000,000     (50,000,000   21-Aug-2014   22-Aug-2014   15-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS009DEC14

  0010298566     USD        (50,000,000     (50,000,000   21-Aug-2014   22-Aug-2014   09-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS012DEC14

  0010298567     USD        (50,000,000     (50,000,000   21-Aug-2014   21-Aug-2014   12-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS012NOV14

  0010298568     USD        (50,000,000     (50,000,000   21-Aug-2014   22-Aug-2014   12-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS015OCT14

  0010298570     USD        (50,000,000     (50,000,000   21-Aug-2014   22-Aug-2014   15-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS004NOV14

  0010298571     USD        (50,000,000     (50,000,000   21-Aug-2014   21-Aug-2014   04-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS021NOV14

  0010298573     USD        (50,000,000     (50,000,000   21-Aug-2014   22-Aug-2014   21-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS009DEC14

  0010298574     USD        (50,000,000     (50,000,000   21-Aug-2014   22-Aug-2014   09-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS021OCT14

  0010298586     USD        (50,000,000     (50,000,000   21-Aug-2014   21-Aug-2014   21-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS014OCT14

  0010298630     USD        (25,000,000     (25,000,000   25-Aug-2014   25-Aug-2014   14-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS015OCT14

  0010298638     USD        (50,000,000     (50,000,000   26-Aug-2014   26-Aug-2014   15-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS016OCT14

  0010298639     USD        (50,000,000     (50,000,000   26-Aug-2014   26-Aug-2014   16-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS17NOV14

  0010298642     USD        (50,000,000     (50,000,000   26-Aug-2014   27-Aug-2014   17-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS010DEC14

  0010298701     USD        (14,000,000     (14,000,000   27-Aug-2014   27-Aug-2014   10-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS28OCT14

  0010298781     USD        (10,000,000     (10,000,000   28-Aug-2014   29-Aug-2014   28-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS28OCT14

  0010299276     USD        (50,000,000     (50,000,000   02-Sep-2014   02-Sep-2014   28-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS003DEC14

  0010299332     USD        (12,500,000     (12,500,000   03-Sep-2014   03-Sep-2014   03-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS28OCT14

  0010299336     USD        (50,000,000     (50,000,000   03-Sep-2014   03-Sep-2014   28-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS2DEC14

  0010299542     USD        (50,000,000     (50,000,000   05-Sep-2014   05-Sep-2014   02-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS004NOV14

  0010299584     USD        (50,000,000     (50,000,000   08-Sep-2014   08-Sep-2014   04-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS18DEC14

  0010299628     USD        (70,000,000     (70,000,000   08-Sep-2014   09-Sep-2014   18-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS014OCT14

  0010299839     USD        (50,000,000     (50,000,000   10-Sep-2014   11-Sep-2014   14-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS15DEC14

  0010300033     USD        (200,000,000     (200,000,000   12-Sep-2014   12-Sep-2014   15-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS014NOV14

  0010300047     USD        (30,000,000     (30,000,000   12-Sep-2014   15-Sep-2014   14-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS012NOV14

  0010300476     USD        (50,000,000     (50,000,000   23-Sep-2014   24-Sep-2014   12-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS001OCT14

  0010300486     USD        (25,000,000     (25,000,000   23-Sep-2014   23-Sep-2014   01-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS003OCT14

  0010300487     USD        (25,000,000     (25,000,000   23-Sep-2014   23-Sep-2014   03-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS24NOV14

  0010300488     USD        (5,000,000     (5,000,000   23-Sep-2014   23-Sep-2014   24-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS19DEC14

  0010300496     USD        (15,000,000     (15,000,000   23-Sep-2014   24-Sep-2014   19-Dec-2014

 

Page 6/9


LOGO   International Bank for Reconstruction and Development  
   
  SEC Report - Changes in Borrowings  

 

Borrowing Type/ Description

  Trade Id   Currency     Currency Amount     US$ Equivalent     Trade Date   Settlement Date   Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS25NOV14

  0010300514     USD        (200,000,000     (200,000,000   24-Sep-2014   26-Sep-2014   25-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS014NOV14

  0010300515     USD        (75,000,000     (75,000,000   24-Sep-2014   24-Sep-2014   14-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS15DEC14

  0010300516     USD        (75,000,000     (75,000,000   24-Sep-2014   24-Sep-2014   15-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS001OCT14

  0010300517     USD        (25,000,000     (25,000,000   24-Sep-2014   24-Sep-2014   01-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS003OCT14

  0010300518     USD        (25,000,000     (25,000,000   24-Sep-2014   24-Sep-2014   03-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS014NOV14

  0010300519     USD        (25,000,000     (25,000,000   24-Sep-2014   25-Sep-2014   14-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS018NOV14

  0010300520     USD        (50,000,000     (50,000,000   24-Sep-2014   24-Sep-2014   18-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS003OCT14

  0010300548     USD        (25,000,000     (25,000,000   25-Sep-2014   25-Sep-2014   03-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS2OCT14

  0010300549     USD        (50,000,000     (50,000,000   25-Sep-2014   25-Sep-2014   02-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS2OCT14

  0010300650     USD        (50,000,000     (50,000,000   26-Sep-2014   26-Sep-2014   02-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS003OCT14

  0010300651     USD        (50,000,000     (50,000,000   26-Sep-2014   26-Sep-2014   03-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS28OCT14

  0010300652     USD        (100,000,000     (100,000,000   26-Sep-2014   26-Sep-2014   28-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS15DEC14

  0010300672     USD        (50,000,000     (50,000,000   26-Sep-2014   26-Sep-2014   15-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS24NOV14

  0010300674     USD        (5,000,000     (5,000,000   26-Sep-2014   29-Sep-2014   24-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS001OCT14

  0010300773     USD        (25,000,000     (25,000,000   30-Sep-2014   30-Sep-2014   01-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS001OCT14

  0010300774     USD        (25,000,000     (25,000,000   30-Sep-2014   30-Sep-2014   01-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS2DEC14

  0010300776     USD        (200,000,000     (200,000,000   30-Sep-2014   30-Sep-2014   02-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS2OCT14

  0010301146     USD        (25,000,000     (25,000,000   01-Oct-2014   01-Oct-2014   02-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS2OCT14

  0010301147     USD        (25,000,000     (25,000,000   01-Oct-2014   01-Oct-2014   02-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS2DEC14

  0010301157     USD        (10,000,000     (10,000,000   01-Oct-2014   01-Oct-2014   02-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS003OCT14

  0010301205     USD        (50,000,000     (50,000,000   02-Oct-2014   02-Oct-2014   03-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS003OCT14

  0010301206     USD        (25,000,000     (25,000,000   02-Oct-2014   02-Oct-2014   03-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS5DEC14

  0010301212     USD        (5,000,000     (5,000,000   02-Oct-2014   03-Oct-2014   05-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS006OCT14

  0010301221     USD        (25,000,000     (25,000,000   03-Oct-2014   03-Oct-2014   06-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS006OCT14

  0010301222     USD        (25,000,000     (25,000,000   03-Oct-2014   03-Oct-2014   06-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS23DEC14

  0010301225     USD        (50,000,000     (50,000,000   03-Oct-2014   06-Oct-2014   23-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS25NOV14

  0010301226     USD        (50,000,000     (50,000,000   03-Oct-2014   06-Oct-2014   25-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS24NOV14

  0010301228     USD        (40,600,000     (40,600,000   03-Oct-2014   03-Oct-2014   24-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS007OCT14

  0010301269     USD        (25,000,000     (25,000,000   06-Oct-2014   06-Oct-2014   07-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS007OCT14

  0010301270     USD        (25,000,000     (25,000,000   06-Oct-2014   06-Oct-2014   07-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS31DEC14

  0010301279     USD        (20,000,000     (20,000,000   06-Oct-2014   08-Oct-2014   31-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS008OCT14

  0010301377     USD        (25,000,000     (25,000,000   07-Oct-2014   07-Oct-2014   08-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS009OCT14

  0010301546     USD        (25,000,000     (25,000,000   08-Oct-2014   08-Oct-2014   09-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS014OCT14

  0010301927     USD        (25,000,000     (25,000,000   10-Oct-2014   10-Oct-2014   14-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS31DEC14

  0010301928     USD        (50,000,000     (50,000,000   10-Oct-2014   10-Oct-2014   31-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS015OCT14

  0010301963     USD        (25,000,000     (25,000,000   14-Oct-2014   14-Oct-2014   15-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS016OCT14

  0010302030     USD        (25,000,000     (25,000,000   15-Oct-2014   15-Oct-2014   16-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS17OCT14

  0010302249     USD        (25,000,000     (25,000,000   16-Oct-2014   16-Oct-2014   17-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS31DEC14

  0010302262     USD        (80,000,000     (80,000,000   16-Oct-2014   16-Oct-2014   31-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS020OCT14

  0010302266     USD        (25,000,000     (25,000,000   17-Oct-2014   17-Oct-2014   20-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS021OCT14

  0010302328     USD        (25,000,000     (25,000,000   20-Oct-2014   20-Oct-2014   21-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS021OCT14

  0010302361     USD        (25,000,000     (25,000,000   20-Oct-2014   20-Oct-2014   21-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS022OCT14

  0010302440     USD        (50,000,000     (50,000,000   21-Oct-2014   21-Oct-2014   22-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS022OCT14

  0010302442     USD        (50,000,000     (50,000,000   21-Oct-2014   21-Oct-2014   22-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS23OCT14

  0010302556     USD        (50,000,000     (50,000,000   22-Oct-2014   22-Oct-2014   23-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS31DEC14

  0010302562     USD        (25,000,000     (25,000,000   22-Oct-2014   22-Oct-2014   31-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS31DEC14

  0010302567     USD        (26,000,000     (26,000,000   22-Oct-2014   22-Oct-2014   31-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS23OCT14    

  0010302568     USD        (50,000,000     (50,000,000   22-Oct-2014   22-Oct-2014   23-Oct-2014

 

Page 7/9


LOGO   International Bank for Reconstruction and Development  
   
  SEC Report - Changes in Borrowings  

 

Borrowing Type/ Description

  Trade Id   Currency     Currency Amount     US$ Equivalent     Trade Date   Settlement Date   Maturity Date

DIN/SELL USD/IBRD/DIN IBRDUS024OCT14

  0010302579     USD        (25,000,000     (25,000,000   23-Oct-2014   23-Oct-2014   24-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS024OCT14

  0010302581     USD        (50,000,000     (50,000,000   23-Oct-2014   23-Oct-2014   24-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS024OCT14

  0010302584     USD        (50,000,000     (50,000,000   23-Oct-2014   23-Oct-2014   24-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS27OCT14

  0010302589     USD        (25,000,000     (25,000,000   24-Oct-2014   24-Oct-2014   27-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS27OCT14

  0010302590     USD        (50,000,000     (50,000,000   24-Oct-2014   24-Oct-2014   27-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS27OCT14

  0010302593     USD        (50,000,000     (50,000,000   24-Oct-2014   24-Oct-2014   27-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS28OCT14

  0010302596     USD        (50,000,000     (50,000,000   27-Oct-2014   27-Oct-2014   28-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS28OCT14

  0010302597     USD        (25,000,000     (25,000,000   27-Oct-2014   27-Oct-2014   28-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS29OCT14

  0010302605     USD        (50,000,000     (50,000,000   28-Oct-2014   28-Oct-2014   29-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS29OCT14

  0010302606     USD        (50,000,000     (50,000,000   28-Oct-2014   28-Oct-2014   29-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS29OCT14

  0010302620     USD        (50,000,000     (50,000,000   28-Oct-2014   28-Oct-2014   29-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS2DEC14

  0010302624     USD        (100,000,000     (100,000,000   28-Oct-2014   30-Oct-2014   02-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS30OCT14

  0010302634     USD        (50,000,000     (50,000,000   29-Oct-2014   29-Oct-2014   30-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS30OCT14

  0010302635     USD        (50,000,000     (50,000,000   29-Oct-2014   29-Oct-2014   30-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS031OCT14

  0010302645     USD        (50,000,000     (50,000,000   30-Oct-2014   30-Oct-2014   31-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS031OCT14

  0010302646     USD        (50,000,000     (50,000,000   30-Oct-2014   30-Oct-2014   31-Oct-2014

DIN/SELL USD/IBRD/DIN IBRDUS007NOV14

  0010302647     USD        (100,000,000     (100,000,000   30-Oct-2014   30-Oct-2014   07-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS3NOV14

  0010302743     USD        (50,000,000     (50,000,000   31-Oct-2014   31-Oct-2014   03-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS030DEC14

  0010302744     USD        (50,000,000     (50,000,000   31-Oct-2014   31-Oct-2014   30-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS030DEC14

  0010302755     USD        (50,000,000     (50,000,000   31-Oct-2014   31-Oct-2014   30-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS3NOV14

  0010302765     USD        (50,000,000     (50,000,000   31-Oct-2014   31-Oct-2014   03-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS004NOV14

  0010303088     USD        (50,000,000     (50,000,000   03-Nov-2014   03-Nov-2014   04-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS004NOV14

  0010303090     USD        (50,000,000     (50,000,000   03-Nov-2014   03-Nov-2014   04-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS005NOV14

  0010303120     USD        (50,000,000     (50,000,000   04-Nov-2014   04-Nov-2014   05-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS005NOV14

  0010303121     USD        (50,000,000     (50,000,000   04-Nov-2014   04-Nov-2014   05-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS6NOV14

  0010303189     USD        (25,000,000     (25,000,000   05-Nov-2014   05-Nov-2014   06-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS6NOV14

  0010303202     USD        (25,000,000     (25,000,000   05-Nov-2014   05-Nov-2014   06-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS24NOV14

  0010303866     USD        (25,000,000     (25,000,000   21-Nov-2014   21-Nov-2014   24-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS25NOV14

  0010303929     USD        (44,970,000     (44,970,000   24-Nov-2014   24-Nov-2014   25-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS26NOV14

  0010303958     USD        (84,000,000     (84,000,000   25-Nov-2014   25-Nov-2014   26-Nov-2014

DIN/SELL USD/IBRD/DIN IBRDUS003DEC14

  0010304407     USD        (168,000,000     (168,000,000   02-Dec-2014   02-Dec-2014   03-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS5DEC14

  0010304586     USD        (200,000,000     (200,000,000   04-Dec-2014   04-Dec-2014   05-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS15DEC14

  0010304738     USD        (92,000,000     (92,000,000   05-Dec-2014   05-Dec-2014   15-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS008DEC14

  0010304749     USD        (17,335,000     (17,335,000   05-Dec-2014   05-Dec-2014   08-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS008DEC14

  0010304750     USD        (50,000,000     (50,000,000   05-Dec-2014   05-Dec-2014   08-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS008DEC14

  0010304751     USD        (32,665,000     (32,665,000   05-Dec-2014   05-Dec-2014   08-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS010DEC14

  0010305033     USD        (125,000,000     (125,000,000   09-Dec-2014   09-Dec-2014   10-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS11DEC14

  0010305140     USD        (50,000,000     (50,000,000   10-Dec-2014   10-Dec-2014   11-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS11DEC14

  0010305179     USD        (50,000,000     (50,000,000   10-Dec-2014   10-Dec-2014   11-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS012DEC14

  0010305245     USD        (50,000,000     (50,000,000   11-Dec-2014   11-Dec-2014   12-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS012DEC14

  0010305247     USD        (50,000,000     (50,000,000   11-Dec-2014   11-Dec-2014   12-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS012DEC14

  0010305259     USD        (91,000,000     (91,000,000   11-Dec-2014   11-Dec-2014   12-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS15DEC14

  0010305323     USD        (50,000,000     (50,000,000   12-Dec-2014   12-Dec-2014   15-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS15DEC14

  0010305324     USD        (50,000,000     (50,000,000   12-Dec-2014   12-Dec-2014   15-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS016DEC14

  0010305369     USD        (50,000,000     (50,000,000   15-Dec-2014   15-Dec-2014   16-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS016DEC14

  0010305370     USD        (50,000,000     (50,000,000   15-Dec-2014   15-Dec-2014   16-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS17DEC14

  0010305421     USD        (50,000,000     (50,000,000   16-Dec-2014   16-Dec-2014   17-Dec-2014

DIN/SELL USD/IBRD/DIN IBRDUS17DEC14

  0010305427     USD        (50,000,000     (50,000,000   16-Dec-2014   16-Dec-2014   17-Dec-2014

 

Page 8/9


LOGO International Bank for Reconstruction and Development
SEC Report - Changes in Borrowings

 

Borrowing Type/ Description

  Trade Id   Currency     Currency Amount     US$ Equivalent     Trade Date     Settlement Date     Maturity Date  

DIN/SELL USD/IBRD/DIN IBRDUS17DEC14

  0010305428     USD        (50,000,000     (50,000,000     16-Dec-2014        16-Dec-2014        17-Dec-2014   

DIN/SELL USD/IBRD/DIN IBRDUS18DEC14

  0010305446     USD        (50,000,000     (50,000,000     17-Dec-2014        17-Dec-2014        18-Dec-2014   

DIN/SELL USD/IBRD/DIN IBRDUS18DEC14

  0010305447     USD        (50,000,000     (50,000,000     17-Dec-2014        17-Dec-2014        18-Dec-2014   
     

 

 

   

 

 

       

Sub-total Matured Borrowings - United States Dollar

  (9,708,222,000   (9,708,222,000
     

 

 

   

 

 

       

Total Matured Borrowings

  (9,837,158,629
       

 

 

       

 

Page 9/9


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘QRTLYRPT’ Filing    Date    Other Filings
9/30/17QRTLYRPT
6/30/17ANNLRPT
6/30/15ANNLRPT
3/31/15QRTLYRPT
Filed on:2/12/15
For Period End:12/31/14
10/14/14
10/10/14
9/30/14QRTLYRPT
8/7/14ANNLRPT
7/1/14
6/30/14ANNLRPT
12/31/13QRTLYRPT
9/27/13
7/16/13
6/30/13ANNLRPT
7/5/12
6/30/11ANNLRPT,  DSTRBRPT
7/1/00
 List all Filings 
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Filing Submission 0001193125-15-046316   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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