Eastern Caribbean Central Bank
Notes to Consolidated Financial Statements
March 31, 2015
(expressed in Eastern Caribbean dollars)
78
20. Other Reserves
…
continued
Revaluation Reserve: Available-for-sale investment securities
The
movements of the “Revaluation
Reserve: Available-for-
sale securities” as a result of changes in the
fair values are as follows:
Foreign
investment
securities
$
Money
market
instruments
$
Total
$
Balance at March 31, 2013
20,703,330
(130,340)
20,572,990
Revaluation of available-for-sale securities
(25,043,030)
-
(25,043,030)
Revaluation transfer to profit or loss on disposal of
available-for-sale securities
140,936
348,690
489,626
Balance at March 31, 2014
(4,198,764)
218,350 (3,980,414)
Revaluation of available-for-sale securities
29,069,862
-
29,069,862
Revaluation transfer to profit or loss on disposal of
available-for-sale securities
(7,570,215) (220,115)
(7,790,330)
Balance at March 31, 2015
17,300,883
(1,765)
(17,299,118)
21. Pension asset
The Bank contributes to a defined pension scheme covering substantially all full-time employees. The
assets of the plan are held separately in an independent trustee administered fund. The pension scheme
is valued every three years by a firm of independent qualified actuaries, Bacon Woodrow & de Souza
Limited
–
Actuaries and Consultants. The latest available full valuation was at March 31, 2013; it
used the projected unit credit method, and showed that the fair value of the Fund’s assets at
March 31,
2013 represented 107% of the benefits that had accrued to members as at that date. The fair value of
the Fund’s assets at that time was $
89.4 million (2009: $69.3 million) and the required future service
contribution rate was 20.2% (2009: 18.6%) of pensionable salaries. The actuary performed a roll-
forward of the valuation to March 31, 2015. The next detailed full valuation will be done at March 31,
2016.
2015
$
2014
$
The amounts recognised in the statement of financial position are
as follows:
Present value of pension obligation
(79,173,000)
(74,907,000)
Fair value of plan assets
99,690,000
92,479,000
Present value of over funded surplus
20,517,000
17,572,000
Net asset recognised in the statement of financial position
20,517,000
17,572,000
Eastern Caribbean Central Bank
Notes to Consolidated Financial Statements
March 31, 2015
(expressed in Eastern Caribbean dollars)
78
20. Other Reserves
…
continued
Revaluation Reserve: Available-for-sale investment securities
The
movements of the “Revaluation
Reserve: Available-for-
sal securities” as a result of changes in the
fair values are as follows:
Foreign
investment
secu ities
$
Money
market
instrume ts
$
Total
$
Balance at March 31, 2013
20,703,330
(130,340)
20,572,990
Revaluation of available-for-sale securities
(25,043,030)
-
(25,043,030)
Revaluation tr nsfer to profit or loss on disposal of
available-for-sale securities
1 0,9 6
348,690
489,626
Balance at March 31, 2014
(4,198,764)
218,350 (3,980,414)
Revaluation of available-for-sale securities
29,069,862
-
29,069,862
Rev luation tr nsfer to profit or loss on disposal of
available-for-sale securities
(7,570,215)
(220,115)
(7,790,330)
Balance at March 31, 2015
17,300,883
(1,76 )
(1 ,2 9,118)
21. Pension asset
The Bank contributes to a defined pension scheme covering substantially all full-time employees. The
assets of the plan are held separately in an independent trustee administered fund. The pension scheme
is valued every thre years by a firm of i depend nt qualified actuar es, Bacon Woodrow & d Souza
Limited
–
Actuaries and Consultants. The latest available full valua ion was at March 31, 2013; it
used the projected unit credit method, and showed that the fair val e of the Fund’s assets at
March 31,
2013 represented 107% of the benefits that h d accrued to members s at th t date. The fair value of
th Fund’s assets at that time was $
89.4 million (2009: $69.3 mi lion) and the required fu ure service
contribution rate was 20.2% (2009: 18.6%) of pensionable salaries. The ac uary performed a roll-
forward of the valuation to March 31, 2015. The next detailed ful valuation will be done a March 31,
2016.
2015
$
2014
$
The amounts recognised in the statement of financial position are
as follows:
Present value of pension obligation
(79,173,000)
(74,907,000)
Fair value of plan assets
99,690,000
92,479,000
Present value of over funded surplus
20,517,
17,5 2,
Net asset recognised in the statement of financial position
20,517,000
17,572,000
ECCB
ANNUAL REPORT 2014/2015
119
EASTERN CARIBBEAN CENTRAL BANK
20.
Other Reserves
…continued
Revaluation Reserve: Available-for-sale investment securities
The movements of the “Revaluation Reserve: Available-for-sale securities” as a result of changes in the fair values
are as follows:
21.
Pension asset
The Bank contributes to a defined pension scheme covering substantially all full-time employees. The assets of
the plan are held separately in an independent trustee administered fund. The pension scheme is valued every
three years by a firm of independent qualified actuari s, Bacon Woodrow & de Souza Limited – Actuaries and
Consultants. Th lat t availabl full valuation w s at March 31, 2013; it sed the project d unit credit meth d,
and showed that he fair value of the Fund’s as ets at March 31, 2013 represente 107% of th benefits that had
accrued to members as at that date. The fair value of the Fund’s asset at that time w s $89.4 milli n (2009: $69.3
million) and the req ired future service contribution rate was 20.2% (2009: 18.6%) of pensionable salaries. The
actuary performed a roll-forward of the valuation to March 31, 2015. The next detailed full valuation will be done
at March 31, 2016.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(expressed in Eastern Caribbean dollars)
March 31, 2015
