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ECCB ANNUAL REPORT 2016/2017
EASTERN CARIBBEAN CENTRAL BANK
NOTES TO THE FINANCIAL STATEMENTS
(expressed in Eastern Caribbean dollars)
March 31, 2017
Eastern Caribbean Central ank
Notes to the Financial Statements
March 31, 2017
(expressed in Eastern Caribbean dollars)
6. Term deposits
2017
$
2016
$
Fixed Deposits:
- Bank of Nova Scotia, St. Kitts
7,063,600
6,920,506
- CIBC FirstCaribbean International Bank, St. Kitts
2,874,489
3,023,610
9,938,089
9,944,116
Interest receivable
121,601
126,422
Total term deposits
10,059,690
10,070,538
Current
10,059,690
10,070,538
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.