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

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

6. Term deposits er deposits

6.

2015 $

2014 $

Fixed Deposits: - Bank of Nova Scotia, St. Kitts

7,441,649 3,948,292

7,108,958 3,777,959

- CIBC FirstCaribbean International Bank, St. Kitts

11,389,941

10,886,917

Interest receivable

143,430

135,735

11,533,371

Total term deposits

11,022,652

11,533,371

Current

11,022,652

The deposits held with Bank of Nova Scotia, St. Kitts (BNS) and CIBC FirstCaribbean International Bank – St. Kitts (CIBC/ FCIB) are not available for use in the Bank’s day -to-day operations. These balances are pledged as liquidity support for loans and advances issued by BNS and CIBC/FCIB to the Bank’s employees, at rates that are relatively low in comparison to the no rmal market rates in the ECCU. These term deposits earned interest at rates of 2.5% (2014: 2.5%) per annum during the year. The deposits held with Bank of Nova Scotia, St. Kitts (BNS) and CIBC FirstCaribbean International Bank – St. Kitts (CIBC/FCIB) are not available for use in the Bank’s day-to-day operations. These balances are pledged as liquidity support for loans and advances issued by BNS and CIBC/FCIB to the Bank’s employees, at rates that are relatively low in comparison to the normal market rates in the ECCU. These term deposits earned interest at rates of 2.5% (2014: 2.5%) per annum during the year.

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ECCB ANNUAL REPORT 2014/2015