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) (expressed in Eastern Caribbean dollars)

NOTES TO FINANCIAL STATEMENTS

March 31, 2016

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Pension asset … continued

21. Pension asset …continued Assumptions regarding future mortality are based on published mortality tables. The life expectancies underlying the value of the defined benefit obligation as at March 31, 2016 are as follows: 2016 2015 Life expectancy at age 60 for current pensioners in years Male 21.0 21.0 Female 25.1 25.1 Life expectancy at age 60 for current members age 40 in years Male 21.4 21.4 Female 25.4 25.4 Plan assets are comprised as follows: 2016 2015 $ $ Developed market equities 40,398,000 40,128,000 EC Government issued nominal bonds and treasury bills 11,157,000 13,257,000 USD denominated bonds 42,353,000 41,066,000 XCD cash and cash equivalents 2,789,000 2,768,000 USD cash and cash equivalents 3,069,000 3,158,000 Net current assets (1,206,000) (687,000) Fair value of Plan Assets at end of year 98,560,000 99,690,000 The largest proportion of assets is invested in debt instruments. Overseas equities in developed markets and USD denominated bonds have quoted prices in active markets. The value of the Eastern Caribbean government bonds are shown at their par values. The Plan’s assets are invested based on a strategy agreed with the Plan’s Trustees. There are no asset - liability matching strategies used by the Plan. 22. Related party balances and transactions Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The Bank considers the participating governments, board of directors and key management personnel as related parties. Participating Governments The receivables from and payables to participating governments arise mainly from the Bank carrying out one of its key roles as banker to participating governments as provided for in part nine (ix) of the ECCB Agreement Act 1983. Assumptions regarding future mortality are based on published mortality tables. The life expectancies underlying the value of the defined benefit obligation as at March 31, 2016 are as follows: he lar est r rti f assets is i este i debt instru ents. verseas equities in eveloped ar ets i t s t ri i ti r t . he al e f t e st r ri t l . it i Related party balances and transactions Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The Bank considers the participating governments, board of directors and key management personnel as related parties. Participating Governments The receivables from and payables to participating governments arise mainly from the Bank carrying out one of its key roles as banker to participating governments as provided for in part nine (ix) of the ECCB Agreement Act 1983.

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ECCB A nnual R eport 2015/2016

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