Eastern Caribbean Central Bank
Notes to Consolidated Financial Statements
March 31, 2015
(expressed in Eastern Caribbean dollars)
83
22. Related party balances and transactions
…
continued
The term deposit balance represents amounts pledged as liquidity support for loans issued by BNS, St.
Kitts and CIBC FirstCaribbean International, St Kitts to ECCB eligible employees (note 6).
Interest income earned on loans and advances during the year was $20,978 (2014: $30,800). The loans
carry an interest rate of 4% (2014: 4%) per annum. The repayment terms of the loans vary. The
outstanding loans are primarily for mortgages and are secured by the mortgaged property.
Key management personnel
The salaries, fees and benefits paid to the Board of Directors and key management personnel of the
Bank during the year amounted to $4,060,003 (2014: $4,050,825). The following is an analysis of these
amounts:
2015
$
2014
$
Salaries and other short-term employee benefits
3,694,159
3,690,820
Board of Directors’ fees
192,000
192,000
Post-employment benefits
173,844
168,005
4,060,003
4,050,825
23. Contingencies and commitments
Capital commitments
At March 31, 2015, there were no commitments for capital expenditure.
Credit extension to participating governments
Article 40 (1) of the ECCB Agreement Act 1983
stipulates that “the Bank may, subject to such terms
and conditions as the Board may prescribe, make temporary advances to each Participating Government
to meet its seasonal needs…”. This can take the form of ECCB’s direct investment in government
securities, overdrafts on operating accounts and temporary advances.
The approved credit allocation to participating governments for the current financial year is
$402,000,000 (2014: $364,560,000). The details are presented in the table below:
2015
$
2014
$
Government of Antigua and Barbuda
122,306,000
133,988,000
Government of Saint Lucia
74,720,000
60,377,000
Government of St Kitts and Nevis
72,905,000
53,554,000
Government of St Vincent and the Grenadines
40,409,000
34,399,000
Government of Dominica
34,962,000
31,497,000
Government of Grenada
36,434,000
32,822,000
Government of Anguilla
16,548,000
14,609,000
Government of Montserrat
3,716,000
3,314,000
Total credit allocation
402,000,000
364,560,000
Eastern Caribbean Central Bank
Notes o Co solidated Financial Statements
March 31, 2015
(exp essed in Eastern Caribbean dollars)
83
22. Re ated p rty balances and transactions
…
continued
The term deposit balance represents amounts pledged as liquidity support for loans issued by BNS, St.
Kitt and CIBC FirstC r bbean Interna ional, St K tts to ECCB ligible mployees (note 6).
Interest income e r ed on loans and advanc s during the year was $20,978 (2014: $30,800). The loans
car y an interest rate of 4% (2014: 4%) per annu . Th repayment terms of the loans vary. The
outstanding loans are p imarily for mortgages and are secured by the mortgaged property.
Key manag ment personnel
The salaries, fees nd ben fits paid to th B ard of Directors and key manag men personnel of the
Bank during he year amounted to $ ,060, 03 ( 014: $4,050,825). The follow ng is an analysis of these
amounts:
2015
$
2014
$
Salaries and other short-term employee benefits
3,694 159
3,690,820
Board of Directors’ fees
192,000
192,000
Post-employment benefits
173,844
168,005
4,060 03
4,050,825
23. Contingencies a d commitments
Capital commitments
At March 31, 2015, there were no comm m nts for capital expenditure.
Credit extension to participating governments
Article 40 (1) of the ECCB Agreement Act 1983
stipulates that “the Bank may, subject to such terms
and conditions s th Board y pr scribe, m ke temporary adv nces to each Participating Government
to meet its seasonal needs…”. This can take the form of ECCB’s direct in st ent in government
securities, overdrafts on oper ting acc unts nd temporary advances.
The approved credit allocation to participating governments for the current financial year is
$402,000,000 (2 14: $364,560,000). The de ails are presented in the table below:
2015
$
2014
$
Governme t of Antigua and Barbuda
122, 06,000
133,988,000
Government of Saint Lucia
74,720,000
60,377,000
Government of St Kitts and Nevis
72,905,000
53,554,000
Gover ment of St Vincent a d the Grenadines
40,409,000
34,399,000
G ver ment of Dominica
34,962,000
31,497,000
Government of Grenada
36,434,000
32,822,000
Government of Anguilla
16,5 8, 00
14,609,000
Government of Montserrat
3,716,000
3,314,000
Total credit allocation
402,000,0 0
364,560,000
Eastern Caribbean Central Bank
Notes to Consolidated Financial Statements
March 31, 2015
(expressed in Eastern Caribbean dollars)
83
22. Related party balances and transactions
…
continued
The term deposit balance represents amounts pledged as liquidity support for loans issued by BNS, St.
Kitts and CIBC FirstCaribbean International, St Kitts to ECCB eligible employees (note 6).
Interest income arned o loans and advances during the year was $20,978 (2014: $30,800). The loans
carry an interest rate of 4% (2014: 4%) per annum. The repayment terms of the loans vary. The
outstanding loans are primarily for mortgages and are secured by the mortgaged property.
Key management personnel
The salaries, fees and benefits paid to the Board of Directors and key management personnel of the
Bank during the year amounted to $4,060,003 (2014: $4,050,825). The following is an analysis of these
amounts:
2015
$
2014
$
Salaries and other short-term employee benefits
3,694,159
3,690,820
Board of Directors’ fees
192,000
192,000
Post-employment benefits
73,844
168,005
4,060,003
4,050,825
23. Contingencies and commitments
Capital commitments
At March 31, 2015, there were no commitments for capital expenditure.
Credit extension to participating governments
Article 40 (1) of the ECCB Agreement Act 1983
stipulates that “the Bank may, subject to such terms
and conditions as the Board may prescribe, make temporary advances to each Participating Government
to meet its seasonal needs…”. This can take the form of ECCB’s direct investment in government
securities, overdrafts on operating accounts and temporary advances.
The approved credit allocation to participating gover ents for the current financial year is
$402,000,000 (2014: $364,560,000). The details are presented in the table below:
2015
$
2014
$
Government of Antigua and Barbuda
122,306,000
133,988,000
Government of Saint Lucia
74,720,000
60,377,000
Govern ent of St Kitts and Nevis
72,905,000
53,554,000
Government of St Vincent and the Grenadines
40,409,000
34,399,000
Government of Dominica
34,962,000
31,497,000
Government of Grenada
36,434,000
32,822,000
Govern ent of Anguilla
16,548,000
14,609,000
Govern ent of Montserrat
3,716,000
3,314,000
Total credit allocation
402, 0,000
364,560,000
Eastern Caribbea Centr l Bank
N tes to Consolidated Financial Statements
March 31, 2015
(expressed in Eastern C ribbe n dollars)
83
22. Rel ted p rty bal ces and transacti ns
…
continued
The term deposit balance represents amounts pledged as liquidity support for loans issued by BNS, St.
Kitts and IBC F rstCaribbea I tern tional, S Kitts to ECCB ligib e employe s (note 6).
Interest incom earned on loans and advances during the year was $20,978 (2014: $30,800). The loans
carry an inter st rate of 4% (2014: 4%) per annum. The r payment terms of the loans vary. The
outstanding loans are primarily for mortgages and are secured by the mortgaged property.
Key management personnel
The salaries, fees and benefits paid to the Board of Directors and key management p rs nnel of the
Bank during the year amounted to $4,060, 03 (2014: $4,050,825). The followi g is an analysis of these
amounts:
2015
$
2014
$
Salaries and other short-term employ e benefits
3,694,159
3,690,820
Board of Directors’ fees
192,000
192,000
Post-e ployment benefits
173,844
168, 05
4,060,003
4,050,825
23. Co tinge cies and commitments
Capital commitments
At March 31, 2015, there were no commitments for capital exp nditure.
Credit extension o rticipating governments
Article 40 (1) of the ECCB Agreement Act 1983
stipul es that “the B nk may, subject to such terms
and conditions as the Board may prescrib , make temporary advances to each P rticipating Government
to meet its seasonal needs…”. This can take the form of ECCB’s direct investment in government
securities, overdrafts on operating accoun s and temporary advances.
The approved credit allocation to p rticipating governments for th current financial year is
$402, 00, 00 (201 : $364,560,000). The details are presented in the table below:
2015
$
2014
$
Governme t of Antigua and Barbuda
122,306, 00
133,988, 00
Government of Saint Lucia
74,720,000
6 ,377,000
Government of St Kitts and Nevis
72,905,000
53,554,000
Government of St Vincent and the Gr nadines
4 ,409,000
34,399,000
Government of Dominica
34,962,000
31,497,000
Government of Grenada
36,434,000
32,822,000
Government of Anguilla
16,548,000
14,609,000
Government of Montserrat
3,716,000
3,314,000
Total credit allocation
402,000,0
364,560,
EASTERN CARIBBEAN CENTRAL BANK
ECCB
ANNUAL REPORT 2014/2015
124
22.
Related party balances and transactions
…continued
The term deposit balance represents amounts pledged as liquidity support for loans issued by BNS, St. Kitts and CIBC
FirstCaribbean International, St Kitts to ECCB eligible employees (note 6).
Int rest income ear on loans d advances during the year was $20,978 (2014: $30,800). The loans carry an
interest rate of 4% (2014: 4%) per annum. The repaym nt terms of the loans vary. The out tandi g loans are primarily
for mortga es and re secured by the m rtga ed property.
Key ma agement person el
The salaries, fees and benefits paid to the Board of Directors and key management person el of the Bank during th
year amount d to $4,060,003 (2014: $4,050,825). The following is an analysis of these amounts:
23.
Contingencies and com itments
apital commit ents
t r h ,
, t r were o commitments for capital expenditure.
Credit extension to participating governments
Article 40 (1) of the ECCB Agreement Act 1983 stipulates that “the Bank may, subject to such terms and c nditions as
the Board may prescribe, make temporary advances to each Participating Government to m e its seasonal needs…”.
This can take the form of ECCB’s direct investment in government securities, overdrafts on operating accounts a d
temporary adv nces.
The approved credit allocation to participating governments for the current financial year is $402,000,000 (2014:
364 56 ). The details are present d in the table b low:
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(expressed in Eastern Caribbean dollars)
March 31, 2015
