62 (Expressed in Trinidad and Tobago Dollars) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS 30th June 2017 24 Financial risk management (continued) Liquidity risk Liquidity risk is the risk that NIBTT will encounter difficulty in meeting obligations associated with financial instruments when they fall due under normal and stress circumstances. To mitigate this risk the daily liquidity position for both operational and the payment of benefits is monitored to ensure that the bank accounts are adequately serviced. Transfers are done between bank accounts and the excess of contribution income over benefit payments are taken up and invested to earn above average interest rate margins through investing in high quality, high yielding assets with acceptable risk. The following are the contractual maturities of financial liabilities: Up to One to Over one year five years five years Total $’000 $’000 $’000 $’000 As at 30 June 2017 Other liabilities 129,182 – – 129,182 As at 30 June 2016 Other liabilities 157,276 – – 157,276 Parliament mandated that benefit payments be made from current monthly contributions as per the National Insurance Act. Market risk Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. NIBTT is primarily exposed to interest rate risk with respect to its fixed rate debentures, government securities and bonds. At the reporting date, the interest rate profile of NIBTT’s interest-bearing financial instruments was: Non- 3 mths- 1 yr- Over interest Grand Asset allocation –