ECCB 2016/2017 Annual Report

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ECCB ANNUAL REPORT 2016/2017

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

EASTERN CARIBBEAN CENTRAL BANK NOTES TO THE FINANCIAL STATEMENTS

(expressed in Eastern Caribbean dollars)

March 31, 2017

12. Financial assets held for trading The Bank’s derivatives relate to currency forwards. Currency forwards represent commitments to purchase foreign currency and are initially recognised at fair value on the date that a derivative contract is entered into and are subsequently remeasured at their fair value. The following is an analysis of the currency forwards held with positive fair value as at March 31, 2017:

Notional value of contracts 11,440,119 1,910,200 8,266,098

Notional value of contracts EC$ equivalent

Fair value of contracts $

Currency sold /purchased

Value date of contracts

23,230,346 5,534,914 17,077,196

101,628 21,007 16,549

CAD EUR AUD

April 5, 2017 April 17, 2017 April 21, 2017

45,842,456

139,184

Current

139,184

The following is an analysis of the currency forwards held with positive fair value as at March 31, 2016:

Notional value of contracts

Notional value of contracts EC$ equivalent

Fair value of contracts $

Currency sold /purchased

Value date of contracts

GBP USD

38,500

103,950 37,851,949

April 25, 2016 April 4, 2016

169

14,019,240

245,819

37,955,899

245,988

Current

245,988

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