ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

155

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

25. Net interest income ...continued

2017 $

2016 $

Interest expense Demand liabilities: domestic

581,671 581,671

161,353 161,353

Net interest income

55,673,264

41,903,861

26. Other income

2017 $

2016 $

7,918,000 637,677 439,918 300,000 108,273

Income from banking licence fees and penalties Pension fund administrative and management fees

2,280,000 587,807 268,975 245,847 (505,759) 1,552,460 11,544

Miscellaneous income Rental income Gain (loss) on futures

2,890

Income from reserve requirement Gain on dissolution of subsidiary (note 29)

-

Total other income

9,406,758

4,440,874

Rental income results from rental of office space to affiliate institutions ECHMB and ECSE, which are covered by leasehold rental contracts. The Bank also rents office space to Eastern Caribbean Institute of Banking (ECIB). The amounts due from ECIB are outstanding as at 31 March 2017.

27. Salaries, pensions and other staff benefits

2017 $

2016 $

25,821,435 2,616,000 911,655 364,542 59,553 29,773,185

Salaries, wages and other benefits

25,307,002 2,334,000 900,049 44,527

Pension (note 21) Social security Vacation leave

Prepaid employee benefit

67,187

Total salaries, pensions and other staff benefits

28,652,765