ECCB 2015/2016 Annual Report

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

NOTES TO FINANCIAL STATEMENTS

March 31, 2016

20. Other Reserves … continued Revaluation Reserve: Available-for-sale investment securities The movements of the “Revaluation Reserve: Available-for- sale securities” as a result of changes in the fair values are as follows: Foreign investment securities $ Money market instruments $ Total $ 20. Other Reserves … continued Revaluation Reserve: Available-for-sale investment securities The movements of the “Revaluation Reserve: Available-for- sale securities” as a result of changes in the fair values are as follows: Foreign investment securities $ Money mark t instruments $ Total $ t s ti Revaluation Reserve: Available-for-sale investment securities The movements of the “Revaluation Reserve: Available-for-sale securities” as a result of changes in the fair values are as follows:

20.

Balance at March 31, 2014 Balance at March 31, 2014 Rev luation of available-for-sale securities Revaluation of available-for-sale securities Revaluation transfer to profit or loss on disposal of available-for-sale securities transfer to pr fit or loss on di posal of avail ble-f r-s le s curities Balance at March 31, 2015 Balance at March 31, 2015 Rev luation of available-for-sale securities Revaluation of available-for-sale securities Revaluation transfer to profit or loss on disposal of available-for-sale securities l ti transfer to profit or loss on di posal of available-for-s le s curities Balance at March 31, 2016

(4,198,764) 29,069,862 (4,198,764) 29,069,862

218,350 (3,980,414) 218,350 (3,980,414) - 29,069,862

-

29,069,862 (7,790,330) (7,790,330) 17,299,118 8,055, 21 17,299,118 8,055,121 (3,305,483) 22,048,756 (3,305,483) 22,048,756

(7,570,215) (220,115) (7,570,215) (220,115)

17,300,883 8,055,121 17,300,883 8,055,121 (3,314,912) 22,041,09 (3,314,912) 22,041,092

(1,765) (1,765) -

-

9,429 7,664 9,429 7 664

Balance at March 31, 2016

21. Pension asset The Bank contributes to a defined pension scheme covering substantially all full-time employees. The assets of the plan are held separately in an independent trustee administered fund. The pension scheme is valued every three years by a firm of independent qualified actuaries, Bacon Woodrow & de Souza Limited – Actuaries and Consultants. The latest available full valuation was at March 31, 2013; it used the projected unit credit method , and showed that the fair value of the Fund’s assets at March 31, 2013 represented 107% of the benefits that had accrued to members as at that date. The fair value of the Fund’s assets at that time was $ 86.4 million (2009: $69.3 million) and the required future service contribution rate was 20.2% (2009: 18.6%) of pensionable salaries. The actuary performed a roll- forward of the valuation to March 31, 2016. The next detailed full valuation as at March 31, 2016 is in progress. 21. Pension asset The Bank contributes to a defined pension scheme covering substantially all full-time employees. The ass ts of the plan ar held separately i an independent t ustee admi istered fund. Th pensi n scheme is valued every thre y ars by a firm of i dep ndent qualified actuaries, Bacon Woodrow & de Souza Limited – Actuaries and Consultants. The latest avail ble full valuation was at Ma ch 31, 2013; it used he projected unit credit method , and show d that the fair value of the Fund’s assets at March 31, 2013 represented 107% of the benefits that had accrued to members as at that ate. The fair value of the Fund’s assets at that time was $ 86.4 million (2009: $69.3 illion) and the required futu e service contribution rate was 20.2% (2009: 18.6%) f pensionable salar es. The actuary p rformed a roll- f rward of the valuation to March 31, 2016. The next detailed fu l valuation s at March 31, 2016 is in progress. i a t i ut s t defin d pe si scheme covering substantially all full-time ployees. The o d s p t l i an indep ent trust e admini tered fund. The pension scheme e a fir of independent qualified actuaries, Bacon W odrow & de Souza i ite – Actuaries and Consultants. The latest avail ble full valu tion was at March 31, 2013; it used the projected unit credit method, and showed that the fair value of the Fund’s assets at March 31, 2013 represented 107% of the benefits that had accrued to members as at that date. The fair value of the Fund’s assets at that time was $86.4 million (2009: $69.3 million) and the required future service contribution rate was 20.2% (2009: 18.6%) of pensionable salaries. The actuary performed a roll-forward of the valuation to March 31, 2016. The next detailed full valuation as at March 31, 2016 is in progress.

21.

2016 $ 2016 $

2015 $ 2015 $

The amounts recognised in the statement of financial position are as follows: Present value of pension obligation The amounts recognised in the statement of financial position are as follows: Present value of pension obligation Fair value of plan as ets

(84,093,000) 98,560,000 (84,093,000) 98 560 14,467,000 14,467,000 14,467,000 14,467,000

(79,173,000) 99,690,000 (79,173,000) 99,690,0 20,517,000 20,517,000 20,517,000 20,517,000

Fair value of plan assets

Present value of over funded surplus Present value of over funded surplus

Net asset recognised in the statement of financial position Net asset recognised in the statement of financial position

114

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ECCB A nnual R eport 2015/2016

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