Eastern Caribbean Central Bank
Notes to Consolidated Financial Statements
March 31, 2015
(expressed in Eastern Caribbean dollars)
74
16. Demand and deposit liabilities - domestic
…continued
During the year the following balances earned interest at rates ranging from 0.00% to 0.13% (2014:
0.01% to 0.07%) per
annum: fiscal tranche I, bankers’ call accounts and fixed deposits, participating
governments and statutory bodies’ fixed deposits and ECHMB operating accounts.
Participating governments’ fiscal reserve tranche II
The Monetary Council has approved the establishment of a fiscal reserve fund. In accordance with the
Bank’s profit distribution policy, forty per cent (40%) of the
annual share of distributable profits to
member governments is transferred to the
participating governments’ fiscal tranche II
call accounts. As
the Bank recorded a net loss there was no transfer to the fund in the 2015 and 2014 financial years.
2015
$
2014
$
Balance at beginning of year
67,979,568
62,065,516
Loans to participating
governments’
-
(10,600,000)
Loan Repayments
-
16,514,052
Allocation from net income
-
-
Balance at end of year
67,979,568
67,979,568
Participating governments’ fiscal tranche I call accounts
These accounts earn interest at the prevailing call rate offered by the Bank and are readily accessible
by the respective governments. There was no allocation by member governments from the fiscal
reserve tranche I accounts to cover the deficit position in the current financial year. In 2014, an amount
of $7,773,929 was provided by member governments from the fiscal reserve tranche I account to cover
the deficit position.
2015
$
2014
$
Balance at beginning of year
12,313,939
21,287,230
Interest on account
-
638
Net withdrawals
(5,000,000)
(1,200,000)
Allocation (to) net loss/ from net income
-
(7,773,929)
Balance at end of year
7,313,939
12,313,939
Eastern Caribbean Central Bank
Notes to Consolidated Financial Statements
March 31, 2015
(expressed in Eastern Caribbean dollars)
74
16. Demand and deposit liabilities - domestic
…continued
During the year the following balances earned interest at rates ranging from 0.00% to 0.13% (2014:
0.01% to 0.07%) per
annum: fiscal tranche I, bankers’ call accounts and fixed deposits, participating
governments and statutory bodies’ fixed deposits and ECHMB operating accounts.
Participating governments’ fiscal reserve tranche II
The Monetary Council has approved the establishment of a fiscal reserve fund. In accordance with the
Bank’s profit distribution policy, forty per cent (40%) of the
annual share of distributable profits to
member governments is transferred to the
participating governments’ fiscal tranche II
call accounts. As
the Bank recorded a net loss there was no transfer to the fund in the 2015 and 2014 financial years.
2015
$
2014
$
Balance at beginning of year
67,979,568
62,065,516
Loans to participating
governments’
-
(10,600,000)
Loan Repayments
-
16,514,052
Allocation from net income
-
-
Balance at end of year
67,979,568
67,979,568
Participating governments’ fiscal tranche I call accounts
These accounts earn interest at the prevailing call rate offered by the Bank and are readily accessible
by the respective governments. There was no allocation by member governments from the fiscal
reserve tranche I accounts to cover the deficit position in the current financial year. In 2014, an amount
of $7,773,929 was provided by member governments from the fiscal reserve tranche I account to cover
the deficit position.
2015
$
2014
$
Balance at beginning of year
12,313,939
21,287,230
Interest on account
-
638
Net withdrawals
(5,000,000)
(1,200,000)
Allocation (to) net loss/ from net income
-
(7,773,929)
Balance at end of year
7,313,939
12,313,939
ECCB
ANNUAL REPORT 2014/2015
115
EASTERN CARIBBEAN CENTRAL BANK
16.
e and and deposit liabilities - domestic
continued
ring the year the following balances earned interest at rates ranging from 0.00% to 0.13% (2014: 0.01% to
0.07%) per annum: fiscal tranche I, bankers’ call accounts and fixed deposits, participating governments and
statutory bodies’ fixed deposits and ECHMB operating accounts.
articipating governments’ fiscal reserve tra c e II
etary Council has approved the establishment of a fiscal rese ve fund. In accordance with the Bank’s
profit distribu ion policy, forty per cent (40%) of the annual share of distributable pr its to member governments
is transferred to the participating governments’ fiscal tranche II call accounts. As the Bank recorded net los there
was no transfer to the fund in the 2015 nd 2014 financial y ars.
Participating governments’ fiscal tranche I call accounts
These accounts earn interest at the prevailing call rate offered by the Bank and are readily accessible by the
respective governments. There was no allocation by member governments from the fiscal reserve tranche I accounts
to cover the deficit position in the current financial year. In 2014, an amount of $7,773,929 was provided by
member governments from the fiscal reserve tranche I account to cover the deficit position.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(express d in Eastern Caribbean dollars)
March 31, 2015
