ECCB 2014-2015 Annual Report and Statement of Accounts

EASTERN CARIBBEAN CENTRAL BANK

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

49 3. Financial risk management … continued f) Fair value Fair value is the arm’s length consideration for which an asset could be exchanged or a liability settled, between knowledgea ble, willing parties, who are under no compulsion to act and is best evidenced by a quoted market price, if one exists. (i) Financial instruments not measured at fair value The table below summarises the carrying amounts and fair values of those financial assets and l iabilities not presented in the Bank’s consolidated statement of financial position at their fair value: Carrying value Fair value 2015 2014 2015 2014 $ $ $ $ Financial assets Balances with other central banks 13,034,602 5,080,129 13,034,602 5,080,129 Balances with foreign banks 73,225 86,165 73,225 86,165 Money market instruments and money at call 1,105,767,103 879,039,546 1,105,767,103 879,039,546 Balances with local banks 2,464,446 2,049,083 2,464,446 2,049,083 Due from local banks 9,572,418 9,569,363 9,572,418 9,569,363 Term deposits – domestic 11,022,652 11,533,371 11,022,652 11,533,371 Loans and receivables – participating governments’ securities 100,225,950 103,878,763 100,225,950 87,140,395 Loans and receivables – participating governments’ advances 67,490,727 81,510,157 67,490,727 81,510,157 Accounts receivable 7,063,523 6,710,091 7,063,523 6,376,285 1,316,714,646 1,099,456,668 1,316,714,646 1,082,384,494 Financial liabilities Demand and deposit liabilities – domestic 4,088,664,679 3,660,997,177 4,088,664,679 3,660,997,177 Demand and deposit liabilities – foreign 884,599 772,956 884,599 772,956 IMF government general resource accounts 1,087,376 1,085,333 1,087,376 1,085,333 Other liabilities and payables – – – – 4,090,636,654 3,662,855,466 4,090,636,654 3,662,855,466 Fair value is the arm’s length consideration for which an asset could be exchanged or a liability settled, between knowledgeable, willing p rties, who are under no compulsion to act and is best evidenced by a quoted market price, if one exists. (i) Financial instruments not measured at fair value The table below summarises the carrying amounts and fair values of those financial assets and liabilities not presented in the Bank’s consolidated statement of financial position at their fair value:

(expressed in Eastern Caribbean dollars) March 31, 2015 Eastern Caribbean Central Bank Notes to Consolidated Financial Statements March 31, 2015 (expressed in Eastern Caribbean dollars) 3. Financial risk management …continued f) Fair value

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ECCB ANNUAL REPORT 2014/2015