ECCB 2015/2016 Annual Report

EASTERN CARIBBEAN CENTRAL BANK

NOTES TO FINANCIAL STATEMENTS

49 Fair value is the arm’s length consideration for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties, who are under no compulsion to act and is best evidenced by a quoted market price, if one exists. (i) Financial instruments not measured at fair value The table below summarises the carrying amounts and fair values of those financial assets and liabilities not presented in the Bank’s statement of financial position at their fair value: Carrying value Fair value 2016 2015 2016 2015 $ $ $ $ Financial assets Balances with other central banks 4,926,288 13,034,602 4,926,288 13,034,602 Balances with foreign banks 77,071 73,225 77,071 73,225 Money market instruments and money at call 1,314,881,475 1,105,767,103 1,314,881,475 1,105,767,103 Balances with local banks 3,187,985 2,464,446 3,187,985 2,464,446 Due from local banks – 9,572,418 – 9,572,418 Term deposits – domestic 10,070,538 11,022,652 10,070,538 11,022,652 Loans and receivables – participating governments’ securities 83,912,190 100,225,950 83,912,190 100,225,950 Loans and receivables – participating governments’ advances 55,692,292 67,490,727 55,692,292 67,490,727 Accounts receivable 6,644,699 7,063,523 6,644,699 7,063,523 1,479,392,538 1,316,714,646 1,479,392,538 1,316,714,646 Financial liabilities Demand and deposit liabilities – domestic 4,752,457,319 4,088,664,679 4,752,457,319 4,088,664,679 Demand and deposit liabilities – foreign 1,807,143 884,599 1,807,143 884,599 IMF government general resource accounts 1,083,238 1,087,376 1,083,238 1,087,376 4,755,347,700 4,090,636,654 4,755,347,700 4,090,636,654

(expressed in Eastern Caribbean dollars) March 31, 2016 3. Financial risk management… con inued f) Fair value

3. Financial risk management … continued f) Fair value

Fair value is the arm’s length consideration for which an asset could be exchanged or a liability settled, between k owledgeable, willi g parties, who are under no compulsion to act and is best evidenced by a quoted market price, if one exists. (i) Financial instruments ot measured at fair value

The table below summarises the carrying amounts and fair values of those financial assets and liabilities not presented in the Bank’s statement of financial position at their fair value:

Eastern Caribbean Central Bank Notes to Financial Statements March 31, 2016 (expressed in Eastern Caribbean dollars)

85

85

ECCB A nnual R eport 2015/2016