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147
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)
21. Pension asset
…continued
Assumptions regarding future mortality are based on published mortality tables. The life expectancies
underlying the value of the defined benefit obligation as at March 31, 2017 are as follows:
2017 2016
Life expectancy at age 60 for current pensioners in years
Male
21.0
21.0
Female
25.1
25.1
Life expectancy at age 60 for current members age 40 in years
Male
21.4
21.4
Female
25.4
25.4
Plan assets are comprised as follows:
2017 2016
$ $
Developed market equities
42,297,000
40,398,000
EC Government issued nominal bonds and treasury bills
10,209,000
11,157,000
USD denominated bonds
49,528,000
42,353,000
XCD cash and cash equivalents
3,473,000
2,789,000
USD cash and cash equivalents
3,974,000
3,069,000
Net current assets
(3,827,000)
(1,206,000)
Fair value of Plan Assets at end of year
105,654,000
98,560,000
The largest proportion of assets is invested in debt instruments. Overseas equities in developed markets
and USD denominated bonds have quoted prices in active markets. The value of the Eastern Caribbean
government bonds are shown at their par values.
T
he Plan’s assets are invested based on a strategy agreed with the Plan’s Trustees. There are no asset
-
liability matching strategies used by the Plan.
22. Related party balances and transactions
Parties are considered to be related if one party has the ability to control the other party or exercise
significant influence over the other party in making financial or operational decisions. The Bank
considers the participating governments, board of directors and key management personnel as related
parties.
Participating Governments
The receivables from and payables to participating governments arise mainly from the Bank carrying
out one of its key roles as banker to participating governments as provided for in part nine (ix) of the
ECCB Agreement Act 1983.
Eastern Caribbean Central Bank
Notes to the Financial Statem ts
March 31, 2017
(expressed in Eastern Caribbean dollars)
83
21. Pension asset
…continued
Assumptions regarding future mortality are based on published mortality tables. The life expectancies
underlying the v lue of the d fined benefit o ligati as at March 31, 2017 re as follows:
2017 2016
Life expectancy at age 60 for current pensioners in years
Male
21.0
21.0
Fem
5 1
5 1
Life expectancy at age 60 for current members age 40 in years
Male
21.4
21.4
Fem
5
5
Plan assets are comprised as follows:
2017 2016
$ $
Developed market equities
42,297,000
40,398,000
EC G vern ent issued nominal bonds and treasury bills
10, 09,
11,157,
USD deno inated bonds
49,528,
42,3 3,
XC cash and cash equivalents
3,473,
,789,
US cas a cas e i ale ts
,9 4,
3,06 ,
Net current assets
(3,827,
)
(1 206 0)
Fair value of Plan Assets at end of year
105,654,000
98,560,000
The largest proportion of assets is invested in debt instruments. Overseas equities in developed markets
and USD den minated bonds have quot pric s in active markets. The val e of the Eastern Caribbean
government b nds are sh wn at their par values.
T
he Plan’s assets are invested based on a strategy agreed with the Plan’s Trustees. There are no asset
-
liability matching strategies used by the Plan.
22. Related party balances and transactions
Parties are considered to be related if one party has the ability to control the other party or exercise
signific nt influenc over the o her party in making financial r pe ational decisions. The Bank
co siders the parti ipating governments, board of directors and key management personnel as rel ted
parties.
Participating Governments
The receivables from and payables to participating governments arise mainly from the Bank carrying
out one of its key roles as banker to participating governments as provided for in part nine (ix) of the
ECCB Agreement Act 1983.