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 otes to Financial State ents arch 31, 2016 (expressed in Eastern aribbean dollars) (express d in Eastern Caribbean dollars)

EASTERN CARIBBEAN CENTRAL BANK

NOTES TO FINANCIAL STATEMENTS

March 31, 2016

21 . Pension asset …continued 21 . Pension asset …continued 21 . Pension asset …continued Pension asset continued

21.

2016 $ 2016 $ 2016 $

2015 $ 2015 $ 2015 $

Reconciliation of amount reported in the statement of financial position: Pension asset, beginning of year Reconciliation of amount reported in the statement of financial position: Pension asset, beginning of year Net pe sion costs duri the year R -measurements recognised in other comprehensive loss econciliation of a ount reported in the state ent of financial position: Pens asset, beginning of year et pe sion costs duri the year - easure ents reco nis d in other co prehensive loss Net pension costs during the year Contributions to pension scheme ontributions to pensio cheme Re-measurements recognised in other comprehensive loss

20,517,000 (2,334,000) (6,048,000) 2,332,000 20,517,000 (2,334, ) (6,048, ) 2,332,000 14,467,000 20,517,000 (2,334 000) 6 048 000 2 332 14,467,000 14,467,000

17,572,000 (2,423,000) 3,049,000 2,319,000 17,572,000 (2,423, ) 3,049,000 2,31 , 0 17,572,000 (2 423 000) 3 049 2 319 00

Contributions to pension scheme Pension asset, end of year e sio asset, e of year

Pension asset, end of year 20,517,000 Effective April 1, 2007, the Bank adjusted its contribution to the Pension Fund from 16% to 12% to benefit from the current overfunded position of the pension fund and as prescribed by rule 4(3) of the Pension Fund Trust Deed and Rules (1992). 20,517,000 Effective April 1, 2007, the Bank adjusted its contribution to the Pension Fund from 16% to 12% to benefit from the current ov rfunded po ition of the pensi fund and as prescribed by rule 4(3) of the Pe sion Fund Trust Deed and Rules (1992). 20,517,000 ffective pril 1, 2007, the ank adjusted its contribution to the ension Fund fro 16 to 12 to benefit fro the current ov rfu ded position of the pension fund and as prescribed by rule 4(3) of the ension und rust eed and Rul s (1992). f e , 0 th B n u te t he Pen io un o 1 % o 12% r t fu e p s rust eed and ules (1992). e si

2016 $ 2016 $ 2016 $

2015 $ 2015 $ 2015 $

The movement in the defined benefit obligation over the year is as follows: Beginning of year The movement in the defined benefit obligation over the year is as foll ws: Beginning of year Curre t service cost e e t i t e efi e e efit li ti er t e e r is s f ll s: e i i f ear rr t s r i st e

79,173,000 3,665,000 5,438,000 583,000 (1,754,000) (3,012,000) 84,093,000 79,173,000 3 665, 5 438 583 (1,754 ) 3 012 84,093,000 ,000 3,665, 5,438, 583, ( ,754, ) (3,012, ) , , ,

74,907,000 3,554,000 5,151,000 580,000 (2,344,000) (2,675,000) 79,173,000 74,907,000 3,554, 0 5,1 1, 0 580, 0 (2,344 ) ,675, ) 79,173,000 74,907,000 3,554,00 5,151,00 580,00 ( ,344, 00) (2,675, , ,

Current service cost Inter s cost I t r st st Interest cost Contributions by plan participants tri ti s l rti i ts Contributions by plan participants Actuarial gain t ri l i

Actuarial gain Benefits paid Benefits paid fits id

2016 2016

2015 2015

% %

%

The defined benefit obligation is allocated between the Plan’s members as follows: Active and promoted members The defined benefit obligation is allocated between the Plan’s members as follows: Active and promoted members fit li ti i ll t t t l ’s f ll : ti r t r r fi

%

85.0 85.0 15. . . 0 15.0 2016 2016

85.0 85.0 . 15.0 2015 2015 15. . 0

Deferred members Deferred members P nsioners i

Pensioners

The weighted average duration of the defined benefit obligation at the year end The weighted average duration of the defined benefit obligation at t e year end i t ti t i it li ti t t ar

.

16.4 years 16.4 years rs .

16.4 years 16.4 years

24% of the benefits for active members are for those over age 55 and are vested. 40% of the defined benefit obligation for active members is conditional on future salary increases. 24% of the benefits for active members are for those over age 55 and are vested. 40% of the defined benefit obligation for active members is conditional on future salary increases. its ti th o a re st d. ti ti i iti l f t r l r i r . 24% of the benefits for active members are for those over age 55 and are vested. 40% of the defined benefit obligation for active members is conditional on future salary increases. t

79 79 9

115

115

ECCB A nnual R eport 2015/2016