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As Of Filer Filing For·On·As Docs:Size Issuer Agent 2/12/15 Int’l Bank for Reconstructio… Dev QRTLYRPT 12/31/14 1:2.1M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: QRTLYRPT Quarterly Report by an International Development HTML 1.36M Bank
Quarterly Report |
International Bank for Reconstruction and Development
Management’s Discussion & Analysis
and
Condensed Quarterly Financial Statements
(Unaudited)
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (IBRD)
DECEMBER 31, 2014
MANAGEMENT’S 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
14 | ||||
16 | ||||
17 | ||||
17 | ||||
18 | ||||
19 | ||||
47 |
IBRD MANAGEMENT’S DISCUSSION AND ANALYSIS: DECEMBER 31, 2014 1 |
Box 1: Selected Financial Data
In millions of U.S. dollars, except ratios which are in percentages |
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As of and for the six months ended | As of and for full year |
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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 |
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Income Statement (Section II) |
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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 |
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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 MANAGEMENT’S 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 MANAGEMENT’S 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 | ) | ||||||||
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Net interest revenue |
$ | 1,207 | $ | 1,294 | $ | (87 | ) | |||||
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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 | ) | ||||||
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Net loss |
$ | (1,514 | ) | $ | (69 | ) | $ | (1,445 | ) | |||
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Adjustments to reconcile net loss to allocable income: |
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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 | |||||||||
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Allocable income |
$ | 549 | $ | 673 | $ | (124 | ) | |||||
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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 MANAGEMENT’S 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
|
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.
Table 2: Condensed Balance Sheet
In millions of U.S. dollars |
||||||||||||
As of | 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 | ) | ||||||||
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Total assets |
$ | 351,634 | $ | 358,883 | $ | (7,249 | ) | |||||
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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 | ) | ||||||||
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Total liabilities and equity |
$ | 351,634 | $ | 358,883 | $ | (7,249 | ) | |||||
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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
| ||
IBRD MANAGEMENT’S 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 | ||||||||||||
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Total |
$ | 14,350 | 100 | % | $ | 6,942 | 100 | % | ||||||||
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Table 4: Gross Disbursements by Region - For the Fiscal Year-To-Date
In millions of U.S. dollars |
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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 | ||||||||||||
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Total |
$ | 11,703 | 100 | % | $ | 12,794 | 100 | % | ||||||||
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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 | |
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 | |
6 IBRD MANAGEMENT’S 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 (%)
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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 MANAGEMENT’S 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
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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 MANAGEMENT’S DISCUSSION AND ANALYSIS: DECEMBER 31, 2014 |
Table 6: Commercial Credit Exposure, Net of Collateral Held, by Counterparty Rating
In millions of U.S. dollars |
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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 | * | |||||||||||||||
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Total |
$ | 22,430 | $ | 22,972 | $ | 188 | $ | 45,590 | 100 | % | ||||||||||
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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 | * | |||||||||||||||
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Total |
$ | 14,894 | $ | 29,277 | $ | 672 | $ | 44,843 | 100 | % | ||||||||||
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* | 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 MANAGEMENT’S 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 MANAGEMENT’S 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 | |||
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 MANAGEMENT’S 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 MANAGEMENT’S 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 MANAGEMENT’S DISCUSSION AND ANALYSIS: DECEMBER 31, 2014 13 |
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 |
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 | ||||||||||||||||||||||||
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|
|||||||||||||||||
Loans in accrual statusa |
6 | 1 | — | — | — | 7 | 156,344 | 156,351 | ||||||||||||||||||||||||
Loans in nonaccrual statusa |
— | — | — | — | 458 | 458 | — | 458 | ||||||||||||||||||||||||
Loan at fair valueb |
— | — | — | — | — | — | 134 | 134 | ||||||||||||||||||||||||
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Total |
$ | 6 | $ | 1 | $ | — | $ | — | $ | 458 | $ | 465 | $ | 156,478 | $ | 156,943 | ||||||||||||||||
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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 | ||||||||||||||||||||||||
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Loans in accrual statusa |
— | — | — | — | — | — | 153,418 | 153,418 | ||||||||||||||||||||||||
Loans in nonaccrual statusa |
— | — | — | 5 | 457 | 462 | — | 462 | ||||||||||||||||||||||||
Loan at fair valueb |
— | — | — | — | — | — | 141 | 141 | ||||||||||||||||||||||||
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Total |
$ | — | $ | — | $ | — | $ | 5 | $ | 457 | $ | 462 | $ | 153,559 | $ | 154,021 | ||||||||||||||||
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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 | |||||||||||||||
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Accumulated provision, end of the period/fiscal year |
$ | 1,659 | $ | 40 | $ | 1,699 | $ | 1,626 | $ | 41 | $ | 1,667 | ||||||||||||
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Composed of accumulated provision for losses on: |
||||||||||||||||||||||||
Loans in accrual status |
$ | 1,430 | $ | 1,395 | ||||||||||||||||||||
Loans in nonaccrual status |
229 | 231 | ||||||||||||||||||||||
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|
|||||||||||||||||||||
Total |
$ | 1,659 | $ | 1,626 | ||||||||||||||||||||
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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 | ||||||||||||||||||||||
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Total |
$ | 156,943 | $ | 154,021 | ||||||||||||||||||||
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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 | ||||||||||||
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Total |
$ | 32 | $ | 40 | $ | 65 | $ | 76 | ||||||||
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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 | ||||||||||||
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Total |
$ | 156,943 | $ | 1,071 | $ | 153,461 | $ | 1,079 | ||||||||
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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 | ) | ||||||||||
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End of the period |
$ | 134 | $ | 146 | $ | 134 | $ | 146 | ||||||||
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* | 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 | ) | |||||
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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 | ||||||||
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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 | ) | ||||
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|||||
$ | 155,548 | $ | 152,643 | |||||
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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 | ||||||
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|||||
$ | 160,083 | $ | 161,026 | |||||
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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 | ) | ||||||||
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End of the period |
$ | 3,177 | $ | 4,837 | $ | 3,177 | $ | 4,837 | ||||||||
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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 | ) | ||||
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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 | ||||||
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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 | ||||||||||
$ | 160,083 | $ | 159,207 | $ | 876 | |||||||
$ | 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 |
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 |
|
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) |
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.
Washington, D.C.
47
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
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
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
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
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
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
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 |
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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 |
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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 |
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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
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
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 |
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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 |
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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 |
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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 | |||||||||||||||||
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Sub-total Matured Borrowings - United States Dollar |
(9,708,222,000 | ) | (9,708,222,000 | ) | ||||||||||||||||||||||
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Total Matured Borrowings |
(9,837,158,629 | ) | ||||||||||||||||||||||||
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Page 9/9
This ‘QRTLYRPT’ Filing | Date | Other Filings | ||
---|---|---|---|---|
9/30/17 | QRTLYRPT | |||
6/30/17 | ANNLRPT | |||
6/30/15 | ANNLRPT | |||
3/31/15 | QRTLYRPT | |||
Filed on: | 2/12/15 | |||
For Period End: | 12/31/14 | |||
10/14/14 | ||||
10/10/14 | ||||
9/30/14 | QRTLYRPT | |||
8/7/14 | ANNLRPT | |||
7/1/14 | ||||
6/30/14 | ANNLRPT | |||
12/31/13 | QRTLYRPT | |||
9/27/13 | ||||
7/16/13 | ||||
6/30/13 | ANNLRPT | |||
7/5/12 | ||||
6/30/11 | ANNLRPT, DSTRBRPT | |||
7/1/00 | ||||
List all Filings |