b'A N N U A L R E P O R T 2 0 1 7 - 2 0 1 8NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2018(Expressed in Trinidad and Tobago Dollars)24. Financial risk management (continued)Liquidity riskLiquidity 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 toOne toOverone yearfive yearsfive yearsTotal$000$000$000$000As at 30 June 2018Other liabilities93,944 93,944As at 30 June 2017Other liabilities129,182129,182Parliament mandated that benefit payments be made from current monthly contributions as per the National Insurance Act.Market RiskInterest rate riskInterest 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 NIBTTs interest-bearing financial instruments was:Non-3 mths-1 yr-OverinterestGrandAsset allocation <1 mth1-3 mths1 yr5 yrs5 yrsbearingtotal2018$000$000$000$000$000$000$000Bonds (local)178,320160,012611,7092,462,5994,371,2057,783,845Bonds (foreign)68,181357,494321,725747,400OMOs24,515525,524550,039Equities (local)7,246,1007,246,100Equities (foreign)3,639,7253,639,725Mutual funds (local)816,355816,355Mutual funds (foreign) 90,56790,567Investment income receivables75,00875,008Cash and cash equivalents2,502,728626,180 258,967 3,387,875Total2,681,048810,7071,205,4142,820,0934,692,93012,126,72224,336,91466'