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 C ribbe n dollars) Related party balances and transactions …continued Eastern Caribbean Central Bank Notes o Co solidated Financial Statements March 31, 2015 Eastern Caribbea Centr l Bank N tes to Consolidated Financial Statements March 31, 2015 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (expressed in Eastern Caribbean dollars) March 31, 2015 22. (expressed in Eastern Caribbean dollars) 22. Related party balances and transactions … continued The term deposit balance represents amounts pledged as liquidity support for loans issued by BNS, St. Kitts and CIBC FirstCaribbean International, St Kitts to ECCB eligible employees (note 6). Interest income arned o loans and advances during the year was $20,978 (2014: $30,800). The loans carry an interest rate of 4% (2014: 4%) per annum. The repayment terms of the loans vary. The outstanding loans are primarily for mortgages and are secured by the mortgaged property. Key management personnel The salaries, fees and benefits paid to the Board of Directors and key management personnel of the Bank during the year amounted to $4,060,003 (2014: $4,050,825). The following is an analysis of these amounts: 2015 $ 2014 $ Salaries and other short-term employee benefits 3,694,159 3,690,820 Board of Directors’ fees 192,000 192,000 Post-employment benefits 73,844 168,005 4,060,003 4,050,825 22. Rel ted p rty bal ces and transacti ns … continued The term deposit balance represents amounts pledged as liquidity support for loans issued by BNS, St. Kitts and IBC F rstCaribbea I tern tional, S Kitts to ECCB ligib e employe s (note 6). Interest incom earned on loans and advances during the year was $20,978 (2014: $30,800). The loans carry an inter st rate of 4% (2014: 4%) per annum. The r payment terms of the loans vary. The outstanding loans are primarily for mortgages and are secured by the mortgaged property. Key management personnel The salaries, fees and benefits paid to the Board of Directors and key management p rs nnel of the Bank during the year amounted to $4,060, 03 (2014: $4,050,825). The followi g is an analysis of these amounts: 2015 $ 2014 $ Salaries and other short-term employ e benefits 3,694,159 3,690,820 Board of Directors’ fees 192,000 192,000 Post-e ployment benefits 173,844 168, 05 4,060,003 4,050,825 The term deposit balance represents amounts pledged as liquidity support for loans issued by BNS, St. Kitts and CIBC FirstCaribbean International, St Kitts to ECCB eligible employees (note 6). Int rest income ear on loans d advances during the year was $20,978 (2014: $30,800). The loans carry an interest rate of 4% (2014: 4%) per annum. The repaym nt terms of the loans vary. The out tandi g loans are primarily for mortga es and re secured by the m rtga ed property. Key ma agement person el The salaries, fees and benefits paid to the Board of Directors and key management person el of the Bank during th year amount d to $4,060,003 (2014: $4,050,825). The following is an analysis of these amounts: 22. Related party balances and transactions … continued The term deposit balance represents amounts pledged as liquidity support for loans issued by BNS, St. Kitts and CIBC FirstCaribbean International, St Kitts to ECCB eligible employees (note 6). Interest income earned on loans and advances during the year was $20,978 (2014: $30,800). The loans carry an interest rate of 4% (2014: 4%) per annum. The repayment terms of the loans vary. The outstanding loans are primarily for mortgages and are secured by the mortgaged property. Key management personnel The salaries, fees and benefits paid to the Board of Directors and key management personnel of the Bank during the year amounted to $4,060,003 (2014: $4,050,825). The following is an analysis of these amounts: 2015 $ 2014 $ Salaries and other short-term employee benefits 3,694,159 3,690,820 Board of Directors’ fees 192,000 192,000 Post-employment benefits 173,844 168,005 4,060,003 4,050,825 23. Contingencies and commitments Capital commitments At March 31, 2015, there were no commitments for capital expenditure. Credit extension to participating governments Article 40 (1) of the ECCB Agreement Act 1983 stipulates that “the Bank may, subject to such terms and conditions as the Board may prescribe, make temporary advances to each Participating Government to meet its seasonal needs…”. This can take the form of ECCB’s direct investment in government securities, overdrafts on operating accounts and temporary advances. The approved credit allocation to participating gover ents for the current financial year is $402,000,000 (2014: $364,560,000). The details are presented in the table below: 2015 $ 2014 $ Government of Antigua and Barbuda 122,306,000 133,988,000 Government of Saint Lucia 74,720,000 60,377,000 Govern ent of St Kitts and Nevis 72,905,000 53,554,000 Government of St Vincent and the Grenadines 40,409,000 34,399,000 Government of Dominica 34,962,000 31,497,000 Government of Grenada 36,434,000 32,822,000 Govern ent of Anguilla 16,548,000 14,609,000 Govern ent of Montserrat 3,716,000 3,314,000 Total credit allocation 402, 0,000 364,560,000 23. Co tinge cies and commitments Capital commitments At March 31, 2015, there were no commitments for capital exp nditure. Credit extension o rticipating governments Article 40 (1) of the ECCB Agreement Act 1983 stipul es that “the B nk may, subject to such terms and conditions as the Board may prescrib , make temporary advances to each P rticipating Government to meet its seasonal needs…”. This can take the form of ECCB’s direct investment in government securities, overdrafts on operating accoun s and temporary advances. The approved credit allocation to p rticipating governments for th current financial year is $402, 00, 00 (201 : $364,560,000). The details are presented in the table below: 2015 $ 2014 $ Governme t of Antigua and Barbuda 122,306, 00 133,988, 00 Government of Saint Lucia 74,720,000 6 ,377,000 Government of St Kitts and Nevis 72,905,000 53,554,000 Government of St Vincent and the Gr nadines 4 ,409,000 34,399,000 Government of Dominica 34,962,000 31,497,000 Government of Grenada 36,434,000 32,822,000 Government of Anguilla 16,548,000 14,609,000 Government of Montserrat 3,716,000 3,314,000 Total credit allocation 402,000,0 364,560, Contingencies and com itments apital commit ents t r h , , t r were o commitments for capital expenditure. Credit extension to participating governments Article 40 (1) of the ECCB Agreement Act 1983 stipulates that “the Bank may, subject to such terms and c nditions as the Board may prescribe, make temporary advances to each Participating Government to m e its seasonal needs…”. This can take the form of ECCB’s direct investment in government securities, overdrafts on operating accounts a d temporary adv nces. The approved credit allocation to participating governments for the current financial year is $402,000,000 (2014: 364 56 ). The details are present d in the table b low: 23. Contingencies and commitments Capital commitments At March 31, 2015, there were no commitments for capital expenditure. Credit extension to participating governments Article 40 (1) of the ECCB Agreement Act 1983 stipulates that “the Bank may, subject to such terms and conditions as the Board may prescribe, make temporary advances to each Participating Government to meet its seasonal needs…”. This can take the form of ECCB’s direct investment in government securities, overdrafts on operating accounts and temporary advances. The approved credit allocation to participating governments for the current financial year is $402,000,000 (2014: $364,560,000). The details are presented in the table below: 2015 $ 2014 $ Government of Antigua and Barbuda 122,306,000 133,988,000 Government of Saint Lucia 74,720,000 60,377,000 Government of St Kitts and Nevis 72,905,000 53,554,000 Government of St Vincent and the Grenadines 40,409,000 34,399,000 Government of Dominica 34,962,000 31,497,000 Government of Grenada 36,434,000 32,822,000 Government of Anguilla 16,548,000 14,609,000 Government of Montserrat 3,716,000 3,314,000 Total credit allocation 402,000,000 364,560,000 (exp essed in Eastern Caribbean dollars) 22. Re ated p rty balances and transactions … continued The term deposit balance represents amounts pledged as liquidity support for loans issued by BNS, St. Kitt and CIBC FirstC r bbean Interna ional, St K tts to ECCB ligible mployees (note 6). Interest income e r ed on loans and advanc s during the year was $20,978 (2014: $30,800). The loans car y an interest rate of 4% (2014: 4%) per annu . Th repayment terms of the loans vary. The outstanding loans are p imarily for mortgages and are secured by the mortgaged property. Key manag ment personnel The salaries, fees nd ben fits paid to th B ard of Directors and key manag men personnel of the Bank during he year amounted to $ ,060, 03 ( 014: $4,050,825). The follow ng is an analysis of these amounts: 2015 $ 2014 $ Salaries and other short-term employee benefits 3,694 159 3,690,820 Board of Directors’ fees 192,000 192,000 Post-employment benefits 173,844 168,005 4,060 03 4,050,825 23. Contingencies a d commitments Capital commitments At March 31, 2015, there were no comm m nts for capital expenditure. Credit extension to participating governments Article 40 (1) of the ECCB Agreement Act 1983 stipulates that “the Bank may, subject to such terms and conditions s th Board y pr scribe, m ke temporary adv nces to each Participating Government to meet its seasonal needs…”. This can take the form of ECCB’s direct in st ent in government securities, overdrafts on oper ting acc unts nd temporary advances. The approved credit allocation to participating governments for the current financial year is $402,000,000 (2 14: $364,560,000). The de ails are presented in the table below: 2015 $ 2014 $ Governme t of Antigua and Barbuda 122, 06,000 133,988,000 Government of Saint Lucia 74,720,000 60,377,000 Government of St Kitts and Nevis 72,905,000 53,554,000 Gover ment of St Vincent a d the Grenadines 40,409,000 34,399,000 G ver ment of Dominica 34,962,000 31,497,000 Government of Grenada 36,434,000 32,822,000 Government of Anguilla 16,5 8, 00 14,609,000 Government of Montserrat 3,716,000 3,314,000 Total credit allocation 402,000,0 0 364,560,000 23.

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ECCB ANNUAL REPORT 2014/2015