ST Engineering Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C8 Bank balances and other liquid funds Group 2020 2019 $’000 $’000 Fixed deposits with financial institutions 86,622 73,738 Cash and bank balances 644,002 379,492 Bank balances and other liquid funds 730,624 453,230 Deposits pledged (1,145) (1,135) Cash and cash equivalents in the statement of cash flows 729,479 452,095 Fixed deposits with financial institutions mature at varying periods within 11 months (2019: 10 months) from the financial year-end. Interest rates range from 0.1% to 2.1% (2019: 1.2% to 3.8%) per annum, which are also the effective interest rates. Included in cash and cash equivalents are bank deposits amounting to $19,699,000 (2019: $23,475,000) which are not freely remissible for use by the Group because of currency exchange restrictions. Cash and bank balances of $1,145,000 (2019: $1,135,000) have been placed with banks as security for letters of credit issued to third parties. Cash and cash equivalents denominated in currencies other than the respective entities’ functional currencies as at 31 December are as follows: • $153,312,000 (2019: $176,836,000) denominated in USD • $19,065,000 (2019: $97,962,000) denominated in Euro / ST ENG I NEER I NG 196