ECCB
ANNUAL REPORT 2014/2015
27
EASTERN CARIBBEAN CENTRAL BANK
Domestic Assets increased by $7.6 million (1.96 per
cent). The significant movements in that category
were reported in Accounts Receivable and Prepaid
Expenses and; Property, Plant and Equipment.
Accounts Receivable and Prepaid Expenses increased
by $13.1 million (63.49 per cent) as a result of an
increase in prepaid currency costs. Property, Plant
and Equipment expanded by $7.9 million (6.30 per
cent) due to the revaluation of the Bank’s property
in accordance with International Financial Reporting
Standards (IFRS). The increase was tempered by a
decline of $14.0 million (17.20 per cent) in advances to
Participating Governments, as member governments
repaid short-term loans during the period. There was
also a reduction of $3.7 million (3.52 per cent) in
Participating Governments’ Securities.
Total Liabilities expanded by $425.1 million (11.59
per cent) over the year. The most significant increases
in this category were reported in Commercial Banks’
Reserve balances, $188.3 million, Bankers’ Collateral
accounts, $147.6 million, Participating Governments’
Call accounts, $56.8 million and Currency in
Circulation, $53.0 million.
Total Equity increased by $23.8 million (10.33 per
cent), mainly as a result of an increase of $21.5
million in the market value of foreign securities as the
US Bond market strengthened over the financial year.
There was also an increase of $11.6 million (16.45
per cent) in Revaluation Reserve due to revaluation of
the Bank’s property as at 31 March 2015. The effects
of these increases were moderated by a decline of
$12.0 million (9.48 per cent) in the General Reserve
as funds were utilised to cover the Bank’s net loss.
Chart VI shows the movement in consolidated profit/
(loss) for the period 2010 to 2015.
Chart VI
Consolidated Statement of Income or
Loss
The consolidated net loss for the year under review
totalled $12.1 million, a decrease of $5.8 million
(32.44 per cent) compared to the previous year’s net
loss of $17.9 million. The performance of the Bank’s
foreign reserve assets continued to be impacted
negatively as international interest rates remained
at historical lows. Operating Income for the period
under review was $4.9 million (9.42 per cent) more
than the previous year. This was mainly attributable to
an increase of $7.7 million in realised gains on sale of
foreign securities. Also contributing to the reduction
in the net loss was a decrease of $1.0 million (1.35 per
cent) in Operating Expenses.
