Eastern Caribbean Central Bank
Notes to Consolidated Financial Statements
March 31, 2015
(expressed in Eastern Caribbean dollars)
86
23. Contingencies and commitments
...continued
Eastern Caribbean Securities Exchange Limited
During the year, the Bank has given the following undertaking and guarantee in respect of the Eastern
Caribbean Securities Exchange Limited (
“
ECSE
”
), a public limited company registered under the Laws
of St. Christopher and Nevis:
-
An undertaking to postpone all claims in respect of present and future funds advanced to the Eastern
Caribbean Securities Exchange Limited and its wholly-owned subsidiary companies by the Bank up
to the year ending March 31, 2015. At the year end the total funds advanced amounted to
$2,874,845 (2014: $2,874,845). The last advance was during the financial year ended March 31,
2005.
- Guarantee cover of the budgeted shortfall projected in respect of the ECSE and its wholly-owned
subsidiary companies for the fiscal year ending March 31, 2015 in an amount not expected to
exceed $2,000,000 (2014: $2,000,000).
The above undertaking and guarantee will be reviewed on March 31, 2016 and are irrevocable before
this date.
Contractual obligation
The Bank contracted the services of De La Rue (DLR) Cash Systems Inc. to supply onsite labour
equipment maintenance and corrective equipment maintenance to keep the CPS 1200 System in good
working order or to restore it to good working order as necessary. The total contract is US$600,000 and
extends for a period of 120 months effective March 2008. As at March 31, 2015, the commitment of the
Bank was $486,000 (2014: $648,000).
Leasehold obligation
–
operating leases
All agency offices operate out of leased premises with lease terms ranging from 2 to 33 1/3 years.
Lease rentals payable on operating leases are expensed on a straight line basis over the term of the
leases. Minimum lease payments subsequent to 2015 and in aggregate are as follows:
2015
$
2014
$
2015
–
708,907
2016
662,887
683,465
2017
491,245
448,106
2018
290,020
401,245
2019
60,000
–
Thereafter
950,000
1,010,000
Total minimum lease payments
2,454,152
3,251,723
ECCB
ANNUAL REPORT 2014/2015
127
EASTERN CARIBBEAN CENTRAL BANK
23.
Contingencies and commitments
...continued
Eastern Caribbean Securities Exchange Limited
During the year, the Bank has given the following undertaking and guarantee in respect of the Eastern Caribbean
Securities Exchange Limited (“ECSE”), a public limited company registered under the Laws of St. Christopher
and Nevis:
-
-
An undertaking to postpone all claims in respect of present and future funds advanced to the Eastern Caribbean
Securities Exchange Limited and its wholly-owned subsidiary companies by the Bank up to the year ending
March 31, 2015. At the year end the total funds advanced amounted to $2,874,845 (2014: $2,874,845). The
last advance was during the financial year ended March 31, 2005.
-
-
Guarantee cover of the budgeted shortfall projected in respect of the ECSE and its wholly-owned subsidiary
companies for the fiscal year ending March 31, 2015 in an amount not expected to exceed $2,000,000 (2014:
$2,000,000).
he above undertaking and guarantee will be reviewed on March 31, 2016 and are irrevocable before this date.
Contractual obligation
The Bank contracted the services of De La Rue (DLR) Cash Systems Inc. to supply onsite labour
equipme t maintenance and corr ctive equipment maintenance to ke p the CPS 1200 System in g od
working order or to restore it t good working order s n cessary. Th total contract is US$600,000 an
extends f r a period of 120 months effective March 2008. As at March 31, 2015, the commitment of the
Bank was $486,000 (2014: $648,000).
Leasehold obligation – operating leases
All agency offices operate out of leased premises with lease terms ranging from 2 to 33 1/3 years. Lease
rentals payable on operating leases are expensed on a straight line basis over the term of the leases.
Minimum lease payments subsequent to 2015 and in aggregate are as follows:
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(expressed in Eastern Caribbean dollars)
March 31, 2015
