ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

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EASTERN CARIBBEAN CENTRAL BANK NOTES TO THE FINANCIAL STATEMENTS

51 Fair value is the arm’s length consideration for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties, who are under no compulsion to act and is best evidenced by a quoted market price, if one exists. (i) Financial instruments not measured at fair value The table below summarises the carrying amounts and fai r values of those financial assets and liabilities not presented in the Bank’s statement of financial position at their fair value: Carrying value Fair value 2017 2016 2017 2016 $ $ $ $ Financial assets Balances with other central banks 11,856,639 4,926,288 11,856,639 4,926,288 Balances with foreign banks 52,855 77,071 52,855 77,071 Money market instruments and money at call 833,051,907 1,314,881,475 833,051,907 1,314,881,475 Balances with local banks 1,838,469 3,187,985 1,838,469 3,187,985 Due from local banks 21,037,397 – 21,037,397 – Term deposits – domestic 10,059,690 10,070,538 10,059,690 10,070,538 Loans and receivables – participating governments’ securities 73,334,339 83,912,190 73,334,339 83,912,190 Loans and receivables – participating governments’ advances 40,496,304 55,692,292 40,496,304 55,692,292 Accounts receivable 10,022,357 6,644,699 10,022,357 6,644,699 1,001,749,957 1,479,392,538 1,001,749,957 1,479,392,538 Financial liabilities Demand and deposit liabilities – domestic 4,737,355,128 4,752,457,319 4,737,355,128 4,752,457,319 Demand and deposit liabilities – foreign 10,284,983 1,807,143 10,284,983 1,807,143

(expressed in Eastern Caribbean dollars) March 31, 2017 3. Financial risk management … continued f) Fair value

IMF government general resource accounts 1,133,444 1,083,238 1,133,444 1,083,238 4,748,773,555 4,755,347,700 4,748,773,555 4,755,347,700

Eastern Caribbean Central Bank Notes to the Financial Statements March 31, 2017 ( xpressed in Eastern Caribbean dollars)