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148
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)
84
22. Related party balances and transactions
…
continued
The year end balances arising from transacting with participating governments are as follows:
2017
$
2016
$
Receivables from participating governments
Loans and receivables: participating governments’ securities (note 9)
73,334,339
83,912,190
Loans and receivables: participating governments’ advances
(note 10)
40,496,304
55,692,292
Payables to participating governments
(note 16)
Participating governments’ call accounts
184,250,591
251,904,354
Participating governments’ fiscal reserve tranche II
51,292,706
60,983,784
Participating governments’ operating accounts
48,073,159
31,769,487
Participating governments’ sinking fund call accounts
9,232,393
14,374,111
Participating governments’ fiscal tranche I call accounts
8,012,380
7,989,695
Participating governments’ drug service accounts
4,600,762
3,806,137
Participating
governments’ debt restructuring escrow accounts
59,618,256
184,306
Interest income earned on receivables during the year was $6,220,772 (2016: $7,131,302). The
receivables carry interest rates of 3.5% to 9% (2016: 3.5% to 9%) per annum.
Interest expense on payables during the year was $581,671 (2016: $161,353). The payables carry
interest rates of 0.19% to 0.51% (2016: 0.01% to 0.23%) per annum.
A number of transactions were entered into with related parties in the normal course of business. These
include loans and other transactions. The volume of related party transactions and outstanding balances
at the year-end are as follows:
2017
$
2016
$
Staff mortgage loans
Loans outstanding at beginning of year
374,963
472,968
Loans movement during the year
(90,393)
(98,005)
Loans outstanding at end of year
284,570
374,963
Term deposits
Bank of Nova Scotia, St. Kitts
566,802
612,129
CIBC FirstCaribbean International, St Kitts
613,063
642,335
1,179,865
1,254,464