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 (expressed in Eastern Caribbean dollars) March 31, 2015

21. Pension asset …continued ension asset continued

21.

2015

2014

$

$

The movement in the fair value of plan assets over the year is as follows: Plan assets at start of year

92,479,000 6,475,000 705,000 2,319,000 580,000 (2,675,000) (193,000)

81,923,000 5,724,000 5,147,000 2,391,000 598,000 (3,100,000) (204,000)

Interest income

Return on Plan assets, excluding interest income

Employer contributions Contributions by plan participants

Benefits paid Expense allowance

99,690,000

92,479,000

2015

2014

$

$

The amounts recognised in the statement of income or loss are as follows: Current service cost

3,554,000 (1,324,000) 193,000 2,423,000

3,765,000

Net Interest on net defined benefit asset

(604,000) 204,000

Administration expenses

Total expense included in staff costs (note 27)

3,365,000

2015

2014

$

$

The amounts recognised in other comprehensive loss were as follows: Experience losses

3,049,000

11,291,000

3,049,000

Total amount recognised in other comprehensive loss

11,291,000

2015

2014

%

%

The principal actuarial assumptions used were as follows: Discount rate

7.0 6.0

7.0 6.0

Average individual salary increases

121

ECCB ANNUAL REPORT 2014/2015

80