b'FORGING TRANSFORMATION. FOSTERING SUSTAINABILITY. NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2018(Expressed in Trinidad and Tobago Dollars)24. Financial risk management (continued) Investment securities (continued)The maximum exposure to credit risk for investment securities at the reporting date was:20182017$000$000Concentration by industry typeCash and cash equivalents3,387,8752,730,401Bonds9,081,2838,367,763Mortgage advances740 2,635Total credit risk exposure12,469,89811,100,799The maximum exposure to credit risk for investment securities at the reporting date by location was:20182017$000$000Concentration by locationTrinidad and Tobago12,105,03710,787,390North America306,592216,600Caribbean territories58,26968,529Emerging markets 28,280Total geographic concentration12,469,89811,100,799The Board has established a credit quality review process involving regular analysis of the ability of borrowers and other counterparties to meet interest and capital repayment obligations. i.BondsThe Board limits its exposure to credit risk by investing in liquid securities and with counterparties that have high credit quality. As a consequence, managements expectation of default is low. The Board has documented investment policies which facilitate the management of credit risk on investment securities and resale agreements. The Boards exposure and the credit ratings of its counterparties are continually monitored.ii.Cash and cash equivalentsCash and cash equivalents are held in financial institutions which management regards as strong and there is no significant concentration. The strength of these financial institutions is continually reviewed by the Mark to Market Committee.iii.Receivables Exposure to credit risk on receivables is managed through regular analysis of the ability of continuing customers and new customers to meet repayment obligations.65'