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

15. Property, plant and equipment … continued The following is the historical cost carrying amount of land and buildings carried at revalued amounts as of March 31, 2017: Land $ Buildings $ Total $ Cost 7,544,960 73,470,569 81,015,529 Accumulated depreciation - (34,187,427) (34,187,427) Net book value 7,544,960 39,283,142 46,828,102 The following is the historical cost carrying amount of land and buildings carried at revalued amounts as of March 31, 2016: Land $ Buildings $ Total $ Cost 7,544,960 73,470,569 81,015,529 Accumulated depreciation - (37,382,687) (37,382,687) Net book value 7,544,960 36,087,882 43,632,842 The land and buildings were revalued by independent valuators, DLG Consultants Limited in March of 2015. Valuations are based on the market value. The revaluation of the land and buildings categories as of March 31, 2015 resulted in a revaluation surplus of $11,598,841 which was credited to revaluation reserves.