ECCB 2014-2015 Annual Report and Statement of Accounts

EASTERN CARIBBEAN CENTRAL BANK

Eastern Caribbean Central Bank Notes to Consolidated Financial Statements March 31, 2015 Eastern Caribbean Central Bank Notes to Consolidated Financial Statements March 31, 2015

(expressed in Eastern Caribbean dollars) (expressed in Eastern Caribbean dollars) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (express d in Eastern Caribbean dollars) March 31, 2015

16. Demand and deposit liabilities - domestic …continued 16. Demand and deposit liabilities - domestic …continued e and and deposit liabilities - domestic continued

16.

During the year the following balances earned interest at rates ranging from 0.00% to 0.13% (2014: 0.01% to 0.07%) per annum: fiscal tranche I, bankers’ call accounts and fixed deposits, participating governments and statutory bodies’ fixed deposits and ECHMB operating accounts. Participating governments’ fiscal reserve tranche II The Monetary Council has approved the establishment of a fiscal reserve fund. In accordance with the Bank’s profit distribution policy, forty per cent (40%) of the annual share of distributable profits to member governments is transferred to the participating governments’ fiscal tranche II call accounts. As the Bank recorded a net loss there was no transfer to the fund in the 2015 and 2014 financial years. 2015 $ 2014 $ Balance at beginning of year 67,979,568 62,065,516 Loans to participating governments’ - (10,600,000) Loan Repayments - 16,514,052 Allocation from net income - - Balance at end of year 67,979,568 67,979,568 Participating governments’ fiscal tranche I call accounts These accounts earn interest at the prevailing call rate offered by the Bank and are readily accessible by the respective governments. There was no allocation by member governments from the fiscal reserve tranche I accounts to cover the deficit position in the current financial year. In 2014, an amount of $7,773,929 was provided by member governments from the fiscal reserve tranche I account to cover the deficit position. 2015 $ 2014 $ During the year the following balances earned interest at rates ranging from 0.00% to 0.13% (2014: 0.01% to 0.07%) per annum: fiscal tranche I, bankers’ call accounts and fixed deposits, participating governments and statutory bodies’ fixed deposits and ECHMB operating accounts. Participating governments’ fiscal reserve tranche II The Monetary Council has approved the establishment of a fiscal reserve fund. In accordance with the Bank’s profit distribution policy, forty per cent (40%) of the annual share of distributable profits to member governments is transferred to the participating governments’ fiscal tranche II call accounts. As the Bank recorded a net loss there was no transfer to the fund in the 2015 and 2014 financial years. 2015 $ 2014 $ Balance at beginning of year 67,979,568 62,065,516 Loans to participating governments’ - (10,600,000) Loan Repayments - 16,514,052 Allocation from net income - - Balance at end of year 67,979,568 67,979,568 Participating governments’ fiscal tranche I call accounts These accounts earn interest at the prevailing call rate offered by the Bank and are readily accessible by the respective governments. There was no allocation by member governments from the fiscal reserve tranche I accounts to cover the deficit position in the current financial year. In 2014, an amount of $7,773,929 was provided by member governments from the fiscal reserve tranche I account to cover the deficit position. 2015 $ 2014 $ ring the year the following balances earned interest at rates ranging from 0.00% to 0.13% (2014: 0.01% to 0.07%) per annum: fiscal tranche I, bankers’ call accounts and fixed deposits, participating governments and statutory bodies’ fixed deposits and ECHMB operating accounts. articipating governments’ fiscal reserve tra c e II etary Council has approved the establishment of a fiscal rese ve fund. In accordance with the Bank’s profit distribu ion policy, forty per cent (40%) of the annual share of distributable pr its to member governments is transferred to the participating governments’ fiscal tranche II call accounts. As the Bank recorded net los there was no transfer to the fund in the 2015 nd 2014 financial y ars. Participating governments’ fiscal tranche I call accounts These accounts earn interest at the prevailing call rate offered by the Bank and are readily accessible by the respective governments. There was no allocation by member governments from the fiscal reserve tranche I accounts to cover the deficit position in the current financial year. In 2014, an amount of $7,773,929 was provided by member governments from the fiscal reserve tranche I account to cover the deficit position.

Balance at beginning of year Balance at beginning of year Interest on account Net withdrawals Interest on account Net withdrawals Allocation (to) net loss/ from net income Allocation (to) net loss/ from net income

21,287,230 21,287,230 (1,200,000) (7,773,929) (1,200,000) (7,773,929) 12,313,939 12,313,939 638 638

12,313,939 12,313,939 (5,000,000) (5,000,000) - -

- -

Balance at end of year Balance at end of year

7,313,939 7,313,939

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ECCB ANNUAL REPORT 2014/2015

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