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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 Bank
Notes to the Financial Statements
March 31, 2017
(expressed in Eastern Caribbean dollars)
16. Demand and deposit liabilities - domestic
…continued
During the year the following balances earned interest at rates ranging from 0.19% to 0.51% (2016:
0.01% to 0.23%) per annum: fiscal tranche I, bankers’ call accounts and fixed deposits, participating
governments and statutory bodies’ fixed deposits and EC
HMB operating accounts.
Participating governments’ fiscal reserve tranche II
The Monetary Council has approved the establishment of a fiscal reserve fund. In accordance with the
Bank’s profit distribution policy, forty per cent (40%) of the
annual share of distributable profits to
member governments is transferred to the
participating governments’ f
iscal tranche II call account.
There was no allocation from profit to the fund in the current financial year (2016: Nil).
2017
$
2016
$
Balance at beginning of year
60,983,784
67,979,568
Loans to participating governments
(20,000,000)
(10,000,000)
Loan repayments during the year
10,308,922
3,004,216
Allocation from net income
-
-
Balance at end of year
51,292,706
60,983,784
Participating governments’ fiscal tranche I call accounts
These accounts earn interest at the prevailing call rate offered by the Bank and are readily accessible
by the respective governments. There was no allocation from profit to the fund in the current financial
year (2016: Nil).
2017
$
2016
$
Balance at beginning of year
7,989,695
7,313,939
Interest on account
22,685
5,623
Transfers
-
670,133
Balance at end of year
8,012,380
7,989,695