ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

123

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

EASTERN CARIBBEAN CENTRAL BANK NOTES TO THE FINANCIAL STATEMENTS

March 31, 2017

6. Term deposits

2017 $

2016 $

Fixed Deposits: - Bank of Nova Scotia, St. Kitts

6,920,506 3,023,610

7,063,600 2,874,489

- CIBC FirstCaribbean International Bank, St. Kitts

9,944,116

9,938,089

Interest receivable

126,422

121,601

10,070,538

Total term deposits

10,059,690

10,070,538

Current

10,059,690

The deposits held with Bank of Nova Scotia, St. Kitts (BNS) and CIBC First Caribbean International Bank – St. Kitts (CIBC/FCIB) are not available for use in the Bank’s day -to-day operations. These balances are pledged as liquidity support for loans and advances issued by BNS and CIBC/FCIB to the Bank’s employees, at rates that a re relatively low in comparison to the normal market rates in the ECCU. These term deposits earned interest at rates of 2.5% (2016: 2.5%) per annum during the year.