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) 20. Other Reserves … continued Revaluation Reserve: Available-for-sale investment securities The movements of the “Revaluation Reserve: Available-for- sal securities” as a result of changes in the fair values are as follows: Foreign investment secu ities $ Money market instrume ts $ Total $ Other Reserves …continued Revaluation Reserve: Available-for-sale investment securities The movements of the “Revaluation Reserve: Available-for-sale securities” as a result of changes in the fair values are as follows: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (expressed in Eastern Caribbean dollars) March 31, 2015 20. Other Reserves … continued Revaluation Reserve: Available-for-sale investment securities The movements of the “Revaluation Reserve: Available-for- sale securities” as a result of changes in the fair values are as follows: Foreign investment securities $ Money market instruments $ Total $ Balance at March 31, 2013 20,703,330 (130,340) 20,572,990 20.

-

Balance at March 31, 2013 Revaluation of available-for-sale securities Revaluation tr nsfer to profit or loss on disposal of available-for-sale securities Revaluation of available-for-sale securities Revaluation transfer to profit or loss on disposal of available-for-sale securities Balance at March 31, 2014 Revaluation of available-for-sale securities Rev luation tr nsfer to profit or loss on disposal of available-for-sale securities Balance at March 31, 2014 Revaluation of available-for-sale securities Revaluation transfer to profit or loss on disposal of available-for-sale securities Balance at March 31, 2015

20,703,330 (25,043,030) (25,043,030) 1 0,9 6 140,936 (4,198,764) 29,069,862 (4,198,764) 29,069,862 (7,570,215)

20,572,990 (25,043,030) (25,043,030) 489,626

(130,340) 348,690 -

348,690 218,350 (3,980,414) 489,626

-

29,069,862

218,350 (3,980,414)

- (220,115)

29,069,862 (7,790,330)

(7,570,215) (220,115) 17,300,883 (1,76 )

(7,790,330) (1 ,2 9,118)

Balance at March 31, 2015

17,300,883

(1,765)

(17,299,118)

21. Pension asset Pension asset 21. Pension asset

21.

The Bank contributes to a defined pension scheme covering substantially all full-time employees. The assets of the plan are held separately in an independent trustee administered fund. The pension scheme is valued every three years by a firm of independent qualified actuaries, Bacon Woodrow & de Souza Limited – Actuaries and Consultants. The latest available full valuation was at March 31, 2013; it used the projected unit credit method, and showed that the fair value of the Fund’s assets at March 31, 2013 represented 107% of the benefits that had accrued to members as at that date. The fair value of the Fund’s assets at that time was $ 89.4 million (2009: $69.3 million) and the required future service contribution rate was 20.2% (2009: 18.6%) of pensionable salaries. The actuary performed a roll- forward of the valuation to March 31, 2015. The next detailed full valuation will be done at March 31, 2016. The Bank contributes to a defined pension scheme covering substantially all full-time employees. The assets of the plan are held separately in an independent trustee administered fund. The pension scheme is valued every thre years by a firm of i depend nt qualified actuar es, Bacon Woodrow & d Souza Limited – Actuaries and Consultants. The latest available full valua ion was at March 31, 2013; it used the projected unit credit method, and showed that the fair val e of the Fund’s assets at March 31, 2013 represented 107% of the benefits that h d accrued to members s at th t date. The fair value of th Fund’s assets at that time was $ 89.4 million (2009: $69.3 mi lion) and the required fu ure service contribution rate was 20.2% (2009: 18.6%) of pensionable salaries. The ac uary performed a roll- forward of the valuation to March 31, 2015. The next detailed ful valuation will be done a March 31, 2016. The Bank contributes to a defined pension scheme covering substantially all full-time employees. The assets of the plan are held separately in an independent trustee administered fund. The pension scheme is valued every three years by a firm of independent qualified actuari s, Bacon Woodrow & de Souza Limited – Actuaries and Consultants. Th lat t availabl full valuation w s at March 31, 2013; it sed the project d unit credit meth d, and showed that he fair value of the Fund’s as ets at March 31, 2013 represente 107% of th benefits that had accrued to members as at that date. The fair value of the Fund’s asset at that time w s $89.4 milli n (2009: $69.3 million) and the req ired future service contribution rate was 20.2% (2009: 18.6%) of pensionable salaries. The actuary performed a roll-forward of the valuation to March 31, 2015. The next detailed full valuation will be done at March 31, 2016.

2015 $ 2015 $

2014 $ 2014 $

The amounts recognised in the statement of financial position are as follows: Present value of pension obligation The amounts recognised in the statement of financial position are as follows: Present value of pension obligation Fair value of plan assets

(79,173,000) 99,690,000 99,690,000 20,517, (79,173,000)

(74,907,000) 92,479,000 92,479,000 17,5 2, (74,907,000)

Fair value of plan assets Present value of over funded surplus

20,517,000 20,517,000

Present value of over funded surplus Net asset recognised in the statement of financial position

17,572,000 17,572,000

Net asset recognised in the statement of financial position

20,517,000

17,572,000

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ECCB ANNUAL REPORT 2014/2015

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