ECCB 2015/2016 Annual Report

EASTERN CARIBBEAN CENTRAL BANK

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

NOTES TO FINANCIAL STATEMENTS

March 31, 2016

6. Term deposits

6.

2016 $

2015 $

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

7,108,958 3,777,959

6,920,506 3,023,610

- CIBC FirstCaribbean International Bank, St. Kitts

10,886,917

9,944,116

Interest receivable

135,735

126,422

11,022,652

Total term deposits

10,070,538

11,022,652

Current

10,070,538

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% (2015: 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% (2015: 2.5%) per annum during the year.

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ECCB A nnual R eport 2015/2016

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