267 MISC BERHAD Annual Report 2015 35. Financial risk management objectives and policies (cont’d.) (a) Interest rate risk (cont’d.) As at 31 December 2015, the Group’s and the Corporation’s exposure to the risk of changes in market interest rate relates primarily to the Group and the Corporation’s placement of deposits with licensed banks, cash and bank balances, loans to subsidiaries and joint ventures, interest-bearing loans and borrowings and loans from subsidiaries and joint ventures. The interest rate profiles of the Group and of the Corporation’s interest-bearing financial instruments based on carrying amount, as at reporting date were as follows: Group Corporation 2015 2014 2015 2014 RM’000 RM’000 RM’000 RM’000 Fixed rate instruments Financial assets Deposits with licensed banks 765,317 1,228,873 – 219,969 Deposits with IFSSC 3,600,430 3,258,864 2,067,585 2,349,268 Loans to: Subsidiaries – – 4,259,595 936,155 Joint ventures 48,240 48,240 48,240 48,240 Financial liabilities Fixed rate borrowings 34,208 562,796 – – Floating rate borrowings (swapped to fixed rate) 1,489,803 – – – Loans from subsidiaries – – 728,218 – Floating rate instruments Financial assets Cash and bank balances 1,288,276 351,092 1,485 12,037 Loans to: Subsidiaries – – 1,692,591 2,795,600 Joint ventures 32,567 275,998 32,260 275,998 Financial liabilities Floating rate borrowings 4,980,392 8,176,367 – – Loans from subsidiaries – – 1,028,099 4,146,669
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