158 / 174
144
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)
80
20. Other Reserves
…continued
Revaluation Reserve: Available-for-sale investment securities
The movements of the “Revaluation Reserve: Available-for-sale securities” as a result of changes in the
fair values are as follows:
Foreign
investment
securities
$
Money
market
instruments
$
Total
$
Balance at March 31, 2015
17,300,883
(1,765)
17,299,118
Revaluation of available-for-sale securities
8,055,121
-
8,055,121
Revaluation transfer to profit or loss on disposal of
available-for-sale securities
(3,314,912)
9,429
(3,305,483)
Balance at March 31, 2016
22,041,092
7,664
22,048,756
Revaluation of available-for-sale securities
(38,638,473)
-
(38,638,473)
Revaluation transfer to profit or loss on disposal of
available-for-sale securities
(827,468)
125,142
(702,326)
Balance at March 31, 2017
(17,424,849)
132,806
(17,292,043)
21. Pension asset
The Bank contributes to a defined pension scheme covering substantially all full-time employees. The
assets of the plan are held separately in an independent trustee administered fund. The pension scheme
is valued every three years by a firm of independent qualified actuaries, Bacon Woodrow & de Souza
Limited – Actuaries and Consultants. The latest available full valuation was at March 31, 2016; it
used the projected unit credit method, and showed that the fair value of the Fund’s assets at March 31,
2016 represented 116% of the benefits that had accrued to members as at that date. The fair value of
the Fund’s assets at that time was $101.7 million (2013: $86.4 million) and the required future service
contribution rate was 20.6% (2013: 20.2%) of pensionable salaries. The actuary performed a roll-
forward of the valuation to March 31, 2017. The next detailed full valuation will be conducted as at
March 31, 2019.
2017
$
2016
$
The amounts recognised in the statement of financial position are
as follows:
Present value of pension obligation
(79,144,000)
(84,093,000)
Fair value of plan assets
105,654,000
98,560,000
Present value of over funded surplus
26,510,000
14,467,000
Net asset recognised in the statement of financial position
26,510,000
14,467,000
Eastern Caribbean Central Bank
Notes to the Financial Statem nts
March 31, 2017
(expressed in Eastern Caribbean dollars)
80
20. Other Reserves
…continued
Revaluation Reserve: Available-for-sale investment securities
The movements of the “Revaluation Reserve: Available-for-sale securities” as a result of changes in the
fair values are as follows:
Foreign
investment
s curities
$
Money
market
instruments
$
Total
$
Balance at March 31, 2015
17,300,883
(1,765)
17,299,118
Revaluation of available-for-sale securities
8,055,121
-
8,055, 21
evaluation transfer to pr fit or loss on disposal of
available-for-sale securities
(3,314,912)
9,429
(3,305,483)
Balance at March 31, 2016
22,041,092
7,664
22,048,756
Revaluation of available-for-sale securities
(38,638,473)
-
(38,63 ,473)
e al ati transfer to pr fit or loss on disposal of
available-for-sale securities
(827,468)
125,142
(702,326)
Balance at March 31, 2017
(17,424,849)
132,806
(17,292,043)
21. Pension asset
The Bank contributes to a defined pension scheme covering substantially all full-time employees. The
assets of the plan are held s parately in a independent trustee administered fund. The pension scheme
is valued every thr e years by firm of independent qualifi d actuaries, Bacon Woodrow & de Souza
Limited – Actuaries and Consultants. The latest available full valuation was at March 31, 2016; it
used the projected unit credit method, and showed th t the fair value of the Fund’s assets at March 31,
2016 represented 116% of the benefits that had accrued to members as at that date. The fair value of
the Fund’s assets at that time was $101.7 million (2013: $86.4 million) and the required future service
contribution rate was 20.6% (2013: 20.2%) of pensionable salaries. The actuary performed a roll-
forward f the valuation to March 31, 2017. The ext detailed full valuation will be conducted as at
March 31, 2019.
2017
$
2016
$
The amounts recognised in the statement of financial position are
as follows:
Present value of pension obligation
(79,144,000)
(84,093,000)
Fair value of plan assets
105,654,000
98,560,000
Present value of over funded surplus
26,510,000
14,467,000
Net asset recognised in the statement of financial position
26,510,000
14,467,000
aster ari ea e tral Bank
otes to the Financial State ents
March 31, 2017
(expressed in Eastern Caribbean dollars)
80
20. Other Reserves
continued
Revaluation Reserve: Available-for-sale investment securities
The movements of the “Revaluation Reserve: Available-for-sale securities” as a result of changes in the
fair values are as follows:
Foreign
investment
securities
$
oney
market
instruments
$
Total
$
Balance at arch 31, 2015
17,300,883
(1,765)
17,299,118
Revaluation of available-for-sale securities
8,055,121
-
8,055,121
Revaluation transfer to profit or loss on disposal of
available-for-sale securities
(3,314,912)
9,429
(3,305,483)
Balance at arch 31, 2016
22,041,092
7,664
22,048,756
Revaluation of available-for-sale securities
(38,638,473)
-
(38,638,473)
Revaluation transfer to profit or loss on disposal of
available-for-sale securities
(827,468)
125,142
(702,326)
Balance at March 31, 2017
(17,424,849)
132,806
(17,292,043)
21. Pension asset
The Bank contributes to a defined pension scheme covering substantially all full-time employees. The
assets of the plan are held separately in an independent trustee administered fund. The pension scheme
is valued every three years by a firm of independent qualified actuaries, Bacon oodrow & de Souza
Limited – Actuaries and Consultants. The latest available full valuation was at arch 31, 2016; it
used the projected unit credit method, and showed that the fair value of the Fund’s assets at arch 31,
2016 represented 116% of the benefits that had accrued to members as at that date. The fair value of
the Fund’s assets at that time was $101.7 million (2013: $86.4 million) and the required future service
contribution rate was 20.6% (2013: 20.2%) of pensionable salaries. The actuary performed a roll-
forward of the valuation to arch 31, 2017. The next detailed full valuation will be conducted as at
March 31, 2019.
2017
$
2016
$
The amounts recognised in the statement of financial position are
as follows:
Present value of pension obligation
(79,144,000)
(84,093,000)
Fair value of plan assets
105,654,000
98,560,000
Present value of over funded surplus
26,510,000
14,467,000
Net asset recognised in the statement of financial position
26,510,000
14,467,000