Eastern Caribbean Central Bank
Notes to Consolidated Financial Statements
March 31, 2015
(expressed in Eastern Caribbean dollars)
81
21. Pension asset
…continued
Assumptions regarding future mortality are based on published mortality tables. The life expectancies
underlying the value of the defined benefit obligation as at March 31, 2015 are as follows:
2015
2014
Life expectancy at age 60 for current pensioners in years
Male
21.0
21.0
Female
25.1
25.1
Life expectancy at age 60 for current members age 40 in years
Male
21.4
21.4
Female
25.4
25.4
Plan assets are comprised as follows:
2015
2014
$
$
Developed market equities
40,128,000
32,106,000
EC Government issued nominal bonds
and treasury bills
13,257,000
12,155,000
USD denominated bonds
41,066,000
32,005,000
XCD cash and cash equivalents
2,768,000
3,000,000
USD cash and cash equivalents
3,158,000
13,261,000
Net current assets
(687,000)
(48,000)
Fair value of Plan Assets at end of year
99,690,000
92,479,000
The largest proportion of assets is invested in debt instruments. Overseas equities in developed markets
and USD denominated bonds have quoted prices in active markets. The value of the Eastern Caribbean
government bonds are shown at their par values.
The Plan’s assets are invested based on a strategy agreed with the Plan’s Tru
stees. There are no asset-
liability matching strategies used by the Plan.
22. Related party balances and transactions
Parties are considered to be related if one party has the ability to control the other party or exercise
significant influence over the other party in making financial or operational decisions. The Bank
considers the participating governments, board of directors and key management personnel as related
parties.
Participating Governments
The receivables from and payables to participating governments arise mainly from the Bank carrying
out one of its key roles as banker to participating governments as provided for in part nine (ix) of the
ECCB Agreement Act 1983.
EASTERN CARIBBEAN CENTRAL BANK
ECCB
ANNUAL REPORT 2014/2015
122
21.
Pension asset
continued
Assumptions regarding future mortality are based on published mortality tables. The life expectancies underlying
the value of the defined benefit obligation as at March 31, 2015 are as follows:
The largest proportion of assets is invested in debt instruments. Overseas equities in developed markets and USD
denominated bonds have quoted prices in active markets. The value of the Eastern Caribbean government bonds
are shown at their par values.
The Plan’s assets are invested based on a strategy agreed with the Plan’s Trustees. There are no asset-liability
matching strategies used by the Plan.
22.
Related party balances and transactions
Parties are considered to be related if one party has the ability to control the other party or exercise significant
influence over the other party in making financi l or operational decisions. The Bank considers the participating
governments, board of directors and key management personnel as related parties.
i
t
The receivables from and payables to participating governments arise mainly from the Bank carrying out one of its
key roles as banker to participating governments as provided for in part nine (ix) of the ECCB Agreement Act 1983.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(express d in Eastern Caribbean dollars)
March 31, 2015
