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 (expressed in Eastern Caribbean dollars) elated party balances and transactions continued 22.

NOTES TO FINANCIAL STATEMENTS

March 31, 2016

22. Related party balances and transactions … continued The year end balances arising from transacting with participating governments are as follows: 2016 $ 22. Related party balances and transactions … continued The year end balances arising from transacting with participating governments are as follows: 2016 $ T ti i ti t r as fo l s: Receivables from participating governments Loans and receivables: participating governments’ securities (note 9) Loans and receivables: participating governments’ advances (note 10) Receivables from participating governments r i l : rti i ti r t ’ securiti s ( t 9) Loans and receivables: participating governments’ advances (note 10) 83,912,190 55,692,292 83,91 ,1 0 55,692,292

2015 $ 2015 $

100,225,950 67,490,727 100,225,950 67,490,727

Payables to participating governments (note 16) Participating governments’ call accounts Participating governments’ fiscal reserve tranche II Participating governments’ operating accounts Participating governments’ sinking fund call accounts Participating governments’ fiscal tranche I call accounts Participating governments’ drug service accounts Participating governments’ debt restructuring escrow accounts Participating governments’ securities account Payables to participating governments (note 16) call accounts fiscal reserve tra che II operating accounts s nking fund call accounts fiscal tran he I all accounts rug s rvice accounts d bt restructuring escrow accounts Participating governments’ securities account

251,904,354 60,983,784 31,769,487 14,374,111 7,989,695 3,806,137 251 04 35 60 983 7 4 31 769 487 14 374 111 7 989 695 3,806 137 184,306 184,306

123,429,515 67,979,568 33,603,044 5,039,385 7,313,939 2,546,758 123 42 15 67 979 568 33 603 044 5 039 385 7 313 939 2,546 758 167,332 67 332

- 28,115,243 Interest income earned on receivables during the year was $7,131,302 (2015: $9,352,891). The receivables carry interest rates of 3.5% to 9% (2015: 3.5% to 9%) per annum. Interest expense on payables during the year was $161,353 (2015: $1,881). The payables carry interest rates of 0.01% to 0.23% (2015: 0.01% to 0.07%) per annum. A number of transactions were entered into with related parties in the normal course of business. These include loans and other transactions. The volume of related party transactions and outstanding balances at the year-end are as follows: 2016 $ 2015 $ Staff mortgage loans Loans outstanding at beginning of year 472,968 759,596 Loans movement during the year (98,005) (286,628) Loans outstanding at end of year 374,963 472,968 Term deposits Bank of Nova Scotia, St. Kitts 612,129 654,481 CIBC FirstCaribbean International, St Kitts 642,335 370,270 1,254,464 1,024,751 - 28,115,243 Int rest income earn d on receivables during the year was $7,131,302 (2015: $9,352,891). The receivables carry interest rates of 3.5% to 9% (2015: 3.5% to 9%) per annum. In rest expense on payables during the year was $161,353 (2015: $1,881). The payables carry interest rates of 0.01% to 0.23% (2015: 0.01% to 0.07%) per annum. A n mber of transactions were entered into with relat d parties in the normal course of busi ess. These include loans and other transactions. The volume of related party transactions and outstanding balances at the year-end are as follows: 2016 $ 2015 $ Staff mortgage loans s outstanding at beginning of year 472,968 759,596 Loans movement during the year (98,005) (286,628) Loans outstanding at end of year 374,963 472,968 Term dep sits Bank of Nova Scotia, St. Kitts 612,129 654,481 CIBC FirstCaribbean International, St Kitts 642,335 370,270 1,254,464 1,024,751 , ( : $9,352,891). The cei ca r interest rates of 3.5 to 9% (2015: 3.5% to 9%) per annum. Interest expense on payables during the year was $161,353 (2015: $1,881). The payables carry interest rates of 0.01% to 0.23% (2015: 0.01% to 0.07%) per annum. A number of transactions ere entered into with related parties in the normal course of business. These i l l s ther transactions. The volume of related party transactions and outstanding b lances a as fo l s:

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ECCB A nnual R eport 2015/2016

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