59 (Expressed in Trinidad and Tobago Dollars) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS 30th June 2017 21 Contingent liabilities and capital commitments (continued) c. Capital commitments Capital commitments originally consist principally of amounts relating to the completion of the construction of the head office building of the National Insurance Board of Trinidad and Tobago at a total cost of $372 million and the commencement of the construction of the Tobago office and mall facility in 2016/2017 at an estimated cost of $220 million. The Tobago project never started as the returns on the project did not meet the organisation minimum requirements. Further, the Board executed contracts in the sum of $29.9 million for the completion of phases 3 and 4 of the Riverwoods Housing Development Project, which was completed in 2017. At the end of this financial year, there continues to be small commitments as it relates to the retention on the completed head office building ($18.9 million) and the Riverwoods Housing Development Project ($4.6 million). 2017 2016 $’000 $’000 Capital commitments 23,642 374,900 22 Related party transactions and balances Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operating decisions. These transactions were carried out on normal terms and conditions at market rates. The following table provides the total amount of balances and transactions, which have been entered into with related parties for the relevant financial year. a. Transactions with related parties During the years ended 30 June 2017 and 2016, NIBTT carried out the following significant transactions with related parties during the course of normal operations: 2017 2016 $’000 $’000 Net investments/(redemptions) in debt of subsidiary companies 17,323 62,024 Interest received 60,836 38,829 b. Balances due from related parties The amounts due from related companies comprise the following: Balance due 391,026 395,014 c. Transactions with key management personnel In addition to their salaries, NIBTT also provides non-cash benefits to executive officers and contributions to a post-employment defined benefit plan on their behalf. The key management personnel compensations are as follows: Short-term employee benefits 3,784 3,654 Post-employment benefits 1,206 806