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156
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)
28.
Administrative and general expenses
2017
$
2016
$
General supplies and services
7,449,169
7,342,360
Professional and consulting fees
7,371,906
6,305,329
Utilities expenses
2,830,123
2,493,251
Training, recruitment and resettlement
1,350,282
399,866
Travel tickets, accommodation and subsistence
999,165
723,389
Conference and meetings
985,772
635,645
Rental Expense
852,986
728,422
Contribution to ECSRC
830,362
748,081
Legal fees
823,383
742,747
Insurance expense
706,607
709,364
Telephone costs
686,092
684,975
Staff vacation grant
546,602
411,343
Supervisory and regulatory expenses
520,373
577,458
Special projects
460,875
381,350
Repairs and maintenance
376,128
280,296
Other staff expenses and amenities
300,696
244,051
Contingencies
266,849
377,634
Subscriptions and fees
204,139
194,141
Community outreach
172,047
178,625
Cafeteria subsidy
99,967
144,986
Directors' travel and subsistence
91,600
30,691
Advertising and promotion
83,379
108,844
Affiliate groups
63,791
73,051
Contribution to staff association
50,026
63,972
Printing and postage
16,541
17,099
Impairment loss on financial assets
-
1,315,109
Total administrative and general expenses
28,138,860
25,912,079
29. Dissolution of Subsidiary
Effective 21 December 2015, Caribbean Assets and Liabilities Management Services (CALMS)
Limited, a 100% owned subsidiary of the ECCB was wound up. Accordingly, the Bank has
derecognised related assets and liabilities of CALMS Ltd.
The assets were represented by cash at bank, which was subsequently transferred to ECCB. The net
assets represent the gain on dissolution of subsidiary of $11,544 which is included in other income for
the year ended March 31, 2016.