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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)
25. Net interest income
...continued
2017
$
2016
$
Interest expense
Demand liabilities: domestic
581,671
161,353
581,671
161,353
Net interest income
55,673,264
41,903,861
26. Other income
2017
$
2016
$
Income from banking licence fees and penalties
7,918,000
2,280,000
Pension fund administrative and management fees
637,677
587,807
Miscellaneous income
439,918
268,975
Rental income
300,000
245,847
Gain (loss) on futures
108,273
(505,759)
Income from reserve requirement
2,890
1,552,460
Gain on dissolution of subsidiary (note 29)
-
11,544
Total other income
9,406,758
4,440,874
Rental income results from rental of office space to affiliate institutions ECHMB and ECSE, which are
covered by leasehold rental contracts. The Bank also rents office space to Eastern Caribbean Institute of
Banking (ECIB). The amounts due from ECIB are outstanding as at 31 March 2017.
27. Salaries, pensions and other staff benefits
2017
$
2016
$
Salaries, wages and other benefits
25,821,435
25,307,002
Pension (note 21)
2,616,000
2,334,000
Social security
911,655
900,049
Vacation leave
364,542
44,527
Prepaid employee benefit
59,553
67,187
Total salaries, pensions and other staff benefits
29,773,185
28,652,765