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 astern Caribbean Central Bank otes to onsolidated Financial State ents arch 31, 2015

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

21 . Pension asset …continued 21 . Pension asset …continued tin ed i t

21.

2015 $ 2015 $

2014 $ 2014 $

Reconciliation of amount reported in the statement of financial position: Pension asset, beginning of year Reconciliation of a ount reported in the state ent of financial position: Pension asset, beginning of year Net pension costs during the year Re- easure ents recognised in other co prehensive loss Net pension costs during the year Contributions to pension sche e Re-measurements recognised in other comprehensive loss Contributions to pension scheme

17,572,000 (2,423,000) 3,049,000 2,319,000 17,572,000 (2,423,000) 3,049,000 2,319,000 20,517,000 20,517,000

7,255,000 (3,365,000) 11,291,000 2,391,000 7,255,000 (3,365,000) 11,291,000 2,391,000

Pension asset, end of year 17,572,000 Effective April 1, 2007, the Bank adjusted its contribution to the Pension Fund from 16% to 12% to benefit from the current overfunded position of the pension fund and as prescribed by rule 4(3) of the Pension Fund Trust Deed and Rules (1992). Pension asset, end of year 17,572,000 Effective April 1, 2007, the Bank adjusted its contribution to the Pension Fund from 16% to 12% to benefit from the current overfunded position of the pension fund and as prescribed by rule 4(3) of the Pension Fund Trust Deed and Rules (1992). Effective April 1, 2007, the Bank adjusted its contribution to the Pension Fund from 16% to 12% to benefit from the c rrent overfunded position of the pension fund and as prescribed by rule 4(3) of the Pension Fund Trust Deed and Rules (1992).

2015 $ 2015 $

2014 $ 2014 $

The movement in the defined benefit obligation over the year is as follows: Beginning of year The ove ent in the defined benefit obligation over the year is as follows: Beginning of year

74,907,000 3,554,000 5,151,000 580,000 (2,344,000) (2,675,000) 79,173,000 74,907,000 3,554,000 5,151,000 580,000 (2,344,000) (2,675,000) 79,173,000

74,668,000 3,765,000 5,120,000 598,000 (6,144,000) (3,100,000) 74,907,000 74,668,000 3,765,000 5,120,000 598,000 (6,144,000) (3,100,000) 74,907,000

Current service cost Current service cost Interest cost Interest cost

Contributions by plan participants Contributions by plan participants

Actuarial gain Benefits paid Actuarial gain Benefits paid

2015 2015

2014 2014

%

%

The defined benefit obligation is allocated between the Plan’s members as follows: Active and promoted members The defined benefit obligation is allocated between the Plan’s e bers as follows: Active and pro oted e bers

85.0 15.0 85.0 15.0 2015 2015

85.0 15.0 85.0 15.0 2014 2014

Pensioners Pensioners

The weighted average duration of the defined benefit obligation at the year end The weighted average duration of the defined benefit obligation at the year end

16.4 years 16.4 years

16.4 years 16.4 years

24% of the benefits for active members are for those over age 55 and are vested. 40% of the defined benefit obligation for active members is conditional on future salary increases. 24 of the benefits for active e bers are for those over age 55 and are vested. 40 of the defined benefit obligation for active e bers is conditional on future salary increases.

79 79

120

ECCB ANNUAL REPORT 2014/2015