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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)
21. Pension asset
…continued
2017
2016
$
$
The movement in the fair value of plan assets over the year
is as follows:
Plan assets at start of year
98,560,000
99,690,000
Interest income
6,837,000
6,968,000
Return on Plan assets, excluding interest income
2,059,000
(7,802,000)
Employer contributions
2,289,000
2,332,000
Contributions by plan participants
572,000
583,000
Benefits paid
(4,471,000)
(3,012,000)
Expense allowance
(192,000)
(199,000)
105,654,000
98,560,000
2017
2016
$
$
The amounts recognised in the statement of profit or loss
are as follows:
Current service cost
3,529,000
3,665,000
Net interest on net defined benefit asset
(1,105,000)
(1,530,000)
Administration expenses
192,000
199,000
Total expense included in staff costs (note 27)
2,616,000
2,334,000
2017
2016
$
$
The amounts recognised in other comprehensive loss were
as follows:
Experience gains (losses)
12,370,000
(6,048,000)
Total amount recognised in other comprehensive loss
12,370,000
(6,048,000)
2017
2016
%
%
The principal actuarial assumptions used were as follows:
Discount rate
7.0
7.0
Average individual salary increases
5.0
6.0