Related party disclosure as required by the Sri Lanka Accounting Standard – LKAS 24 on “Related Party Disclosures” are detailed in Note 61 to the Financial Statements.
In addition, the transactions that have been carried out in the ordinary course of business in an arm's length basis with entities where the Chairman or a Director of the Bank is the Chairman or a Director of such entities, are detailed below:
| Company | Relationship | Nature of Transactions | Limit ’000 |
Balance/Amount outstanding as at 31.12.2022 ’000 |
Balance/Amount outstanding as at 31.12.2021 ’000 |
| Directors’ Interest In Contracts | |||||
| Mr Kanchana Ratwatte (appointed as the Chairman of Bank of Ceylon w.e.f. 2 January 2020) | |||||
| First Guardian Equities | Director | Current accounts | 50,000 | 4,226 | 22,047 |
| Hotels Colombo (1963) Limited (w.e.f. 24 February 2020) | Chairman | Current accounts | 3,105 | 2,392 | |
| Time Deposits | 87,918 | 81,585 | |||
| Overdrafts | 15,000 | 36,989 | 7,596 | ||
| Loans | 227,308 | 192,562 | |||
| Other receivables | 87,290 | 89,895 | |||
| Property Development Limited (w.e.f. 25 February 2020) | Chairman | Current accounts | 9,863 | 14,435 | |
| Time Deposits | 3,235,160 | 2,763,560 | |||
| Securities sold under repurchase agreements | 167,953 | 528,500 | |||
| Merchant Bank of Sri Lanka & Finance PLC (MBSL) (w.e.f. 30 September 2020) |
Chairman | Current accounts | 228,005 | 361,444 | |
| Time Deposits | 29 | 28 | |||
| Overdrafts | 283,000 | 121,461 | 159,014 | ||
| Loans | 1,576,812 | 1,576,812 | 389,785 | ||
| BoC Property Development and Management (Pvt) Limited (w.e.f. 24 February 2020) |
Chairman | Current accounts | 1,640 | 3,485 | |
| Time Deposits | 962,600 | 811,900 | |||
| Securities sold under repurchase agreements | 14,876 | 38,000 | |||
| Additional Tier 1 Capital Bond |
250,000 | 250,000 | |||
| Bank of Ceylon (UK) Limited (w.e.f. 3 July 2020) | Chairman | Current accounts | 14,186 | 5,288 | |
| Savings accounts | 48 | 26 | |||
| Nostro accounts | USD 783 | USD 1,446 | |||
| 284,331* | 289,826* | ||||
| GBP 826 | GBP 263 | ||||
| 361,250* | 71,038* | ||||
| EURO 1,316 | EURO 90 | ||||
| 509,039* | 20,324* | ||||
| Placements | USD 8,000 | USD 8,000 | |||
| 2,904,880* | 1,603,470* | ||||
| – | EURO 250 | ||||
| – | 56,715* | ||||
| GBP 52,000 | GBP 18,100 | ||||
| 22,742,086* | 4,897,782* | ||||
| Mr G H Wijayawardhana (appointed as a Director of the Bank of Ceylon w.e.f. 14 January 2020) | |||||
| L K Domain Registry of Sri Lanka | Founding Director | Current accounts | 148 | 713 | |
| Time Deposits | 30,000 | 30,000 | |||
| Mr A C M Fernando (appointed as a Director of the Bank of Ceylon w.e.f. 21 April 2020) | |||||
| Softlogic Finance PLC | Director | Current accounts | 378 | 340 | |
| Savings accounts | 8,246 | 7,196 | |||
| Mr R M P Rathnayake (appointed as a Director of Bank of Ceylon w.e.f. 28 April 2020) | |||||
| Securities and Exchange Commission of Sri Lanka | Ex officio Director | Current accounts | 82,492 | 36,689 | |
| Time Deposits | 645 | 641 | |||
| Major General (Rtd) G A Chandrasiri VSV (appointed as a Director of Bank of Ceylon w.e.f. 8 January 2021) | |||||
| Airport and Aviation Services (Pvt) Limited | Chairman | Current accounts | 424,396 | 377,792 | |
| Savings accounts | USD 445 | USD 308 | |||
| 161,560* | 61,780* | ||||
| Time Deposits | 8,345,544 | 3,237,843 | |||
| Time Deposits | USD 206,440 | USD 195,879 | |||
| 74,938,006* | 39,318,710* | ||||
| Loans | – | 266,667 | |||
| Letter of credit | 5,000,000 | 3,553,900 | 2,432,000 | ||
| Letter of guarantee | 20,800 | 20,800 | 20,800 | ||
* LKR equivalent amount
Note: Currencies not specifically mentioned are in LKR