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

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

(expressed in Eastern Caribbean dollars)

23.

23. Contingencies and commitments ...continued Contingencies and commitments ...continued

The undrawn commitments to participating governments for the current financial year amounts to $223,030,000 (2014: $167,812,000). The details are presented in the table below: 2015 $ 2014 $ Government of St Kitts and Nevis 69,165,000 51,691,000 Government of Saint Lucia 63,624,000 33,535,000 Government of Dominica 34,495,000 31,780,000 Government of Antigua and Barbuda 17,812,000 14,783,000 Government of St Vincent and the Grenadines 17,572,000 16,122,000 Government of Grenada 12,357,000 11,506,000 Government of Anguilla 4,307,000 5,031,000 Government of Montserrat 3,698,000 3,364,000 Total undrawn commitments 223,030,000 167,812,000 Pending litigation There are three (3) pending legal claims against the Eastern Caribbean Central Bank (the “Central Bank”) for which the likelihood of settlement appears remote. (1) Claim No. GDAHCV2001/0490 initiated by Capital Bank International Limited in 2001 is pending before the Grenada Supreme Court. The Claimant is seeking:  A declaration that it is entitled to be admitted to the membership of the Clearing House facility established by the Central Bank pursuant to the provisions of the Eastern Caribbean Central Bank Act 1983; and  An order directing the Central Bank to admit the Claimant immediately as a member of the Clearing House facility operating in Grenada. Although the Central Bank has at all times expressed its willingness to settle the matter on principled terms, if these could be agreed, the Claimant has rejected all settlement proposals to date. At the High Court hearing of the case in September 2008, the court ordered that the trial of the matter be adjourned to a date to be fixed by the Registrar of the High Court on application by any of the parties to the matter. The Minister of Finance, in Grenada has since revoked the banking licence which was granted to Capital Bank International Limited , appointed a Receiver for the Bank and has also filed a petition before the court for the compulsory liquidation of the Bank. The undrawn commitments to participating governments for the current financial year amounts to $223,030,000 (2014: $167,812,000). The details are presented in the table below: Pending litigation There are three (3) pending legal clai s against the Eastern Caribbean entral ank (the “ entral Bank”) for which the likelihood of settle ent appears re ote. (1) Claim No. GDAHCV2001/0490 initiated by Capital Bank International Limited in 2001 is pending before the Grenada Supreme Court. The Claimant is seeking: — — A declaration that it is entitled to be admitted to the membership of the Clearing House facility established by the Central Bank pursuant to the provisions of the Eastern Caribbean Central Bank Act 1983; and — — An order directing th Central Bank to admit the Claimant immediately as a member of the Clearing House facility operating in Grenada. Although the Central Bank has at all t es express d its willingness to settle the m tt r on principled terms, if these could be agreed, the Claimant has rejected all settlement proposals to date. At the High Court hearing of the case in September 2008, the court ordered that the trial of the matter be adjourned to a date to be fixed by the Registrar of the High Court on application by any of the parties to the matter. The Minister of Finance, in Grenada has since revoked the banking licence which was granted to Capital Bank International Limited, appointed a Receiver for the Bank and has also filed a petition before the court for the compulsory liquidation of the Bank.

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ECCB ANNUAL REPORT 2014/2015

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