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149
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)
22. Related party balances and transactions
…
continued
The term deposit balance represents amounts pledged as liquidity support for loans issued by BNS, St.
Kitts and CIBC FirstCaribbean International, St Kitts to ECCB eligible employees (note 6).
Interest income earned on loans and advances during the year was $40,909 (2016: $17,183). The loans
carry an interest rate of 4% (2016: 4%) per annum. The repayment terms of the loans vary. The
outstanding loans are primarily for mortgages and are secured by the mortgaged property.
Key management personnel compensation
The salaries, fees and benefits paid to the Board of Directors and key management personnel of the
Bank during the year amounted to $3,604,245 (2016: $4,007,176). The following is an analysis of these
amounts:
2017
$
2016
$
Salaries and other short-term employee benefits
3,264,471
3,664,525
Board of Directors’ fees
192,774
192,000
Post-employment benefits
147,000
150,651
3,604,245
4,007,176
23. Contingencies and commitments
Capital commitments
At March 31, 2017, there were no commitments for capital expenditure (2016: Nil).
Credit extension to participating governments
Article 40 (1) of the ECCB Agreement Act 1983
stipulates that “the Bank may, subject to such terms
and conditions as the Board may prescribe, make temporary advances to each Participating Government
to meet its seasonal needs…”.
This can take the form of ECCB’s direct investment in government
securities, overdrafts on operating accounts and temporary advances.
The approved credit allocation to participating governments for the current financial year is
$563,605,000 (2016: $450,645,000). The details are presented in the table below:
2017
$
2016
$
Government of Saint Lucia
122,801,000
88,965,000
Government of St Kitts and Nevis
109,114,000
88,637,000
Government of Antigua and Barbuda
95,043,000
115,430,000
Government of Grenada
73,553,000
45,794,000
Government of St Vincent and the Grenadines
69,971,000
49,383,000
Government of Commonwealth of Dominica
63,063,000
39,740,000
Government of Anguilla
24,176,000
18,299,000
Government of Montserrat
5,884,000
4,397,000
Total credit allocation
563,605,000
450,645,000