ECCB 2016/2017 Annual Report

144

ECCB ANNUAL REPORT 2016/2017

Eastern Caribbean Central Bank Notes to the Financial Statements March 31, 2017 (expressed in Eastern Caribbean dollars) Eastern Caribbean Central Bank Notes to the Financial Statem nts March 31, 2017 (expressed in Eastern Caribbean dollars) aster ari ea e tral Bank otes to the Financial State ents March 31, 2017 (expressed in Eastern Caribbean dollars)

EASTERN CARIBBEAN CENTRAL BANK NOTES TO THE FINANCIAL STATEMENTS

(expressed in Eastern Caribbean dollars)

March 31, 2017

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 s curities $ 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 $ oney market instruments $ Total $ Balance at arch 31, 2015 17,300,883 (1,765) 17,299,118 Revaluation of available-for-sale securities 8,055,121 - 8,055,121 Revaluation transfer to profit or loss on disposal of available-for-sale securities (3,314,912) 9,429 (3,305,483) Balance at March 31, 2015 Balance at March 31, 2015 Revaluation of available-for-sale securities evaluation transfer to pr fit or loss on disposal of available-for-sale securities 17,300,883 8,055,121 17,300,883 8,055,121 (3,314,912) (1,765) (1,765) - 17,299,118 8,055,121 17,299,118 8,055, 21 (3,305,483) Revaluation of available-for-sale securities Revaluation transfer to profit or loss on disposal of available-for-sale securities -

9,429 9,429 7,664 7,664 7,664 -

(3,314,912) 22,041,092 (38,638,473) 22,041,092 (38,638,473) 22,041,092 (38,638,473) (827,468) (17,424,849) (827,468) (17,424,849) (827,468) (17,424,849)

(3,305,483) 22,048,756 (38,63 ,473) 22,048,756 (38,638,473) 22,048,756 (38,638,473) (702,326) (17,292,043) (702,326) (17,292,043) (702,326) (17,292,043)

Balance at March 31, 2016 Balance at March 31, 2016 Revaluation of available-for-sale securities e al ati transfer to pr fit or loss on disposal of available-for-sale securities Balance at arch 31, 2016 Revaluation of available-for-sale securities Revaluation transfer to profit or loss on disposal of available-for-sale securities Revaluation of available-for-sale securities Revaluation transfer to profit or loss on disposal of available-for-sale securities Balance at March 31, 2017 Balance at March 31, 2017 Balance at March 31, 2017

-

-

125,142 132,806 125,142 132,806 125,142 132,806

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, 2016; it used the projected unit credit method, and showed that the fair value of the Fund’s assets at March 31, 2016 represented 116% of the benefits that had accrued to members as at that date. The fair value of the Fund’s assets at that time was $101.7 million (2013: $86.4 million) and the required future service contribution rate was 20.6% (2013: 20.2%) of pensionable salaries. The actuary performed a roll- forward of the valuation to March 31, 2017. The next detailed full valuation will be conducted as at March 31, 2019. 21. Pension asset The Bank contributes to a defined pension scheme covering substantially all full-time employees. The assets of the plan are held s parately in a independent trustee administered fund. The pension scheme is valued every thr e years by firm of independent qualifi d actuaries, Bacon Woodrow & de Souza Limited – Actuaries and Consultants. The latest available full valuation was at March 31, 2016; it used the projected unit credit method, and showed th t the fair value of the Fund’s assets at March 31, 2016 represented 116% of the benefits that had accrued to members as at that date. The fair value of the Fund’s assets at that time was $101.7 million (2013: $86.4 million) and the required future service contribution rate was 20.6% (2013: 20.2%) of pensionable salaries. The actuary performed a roll- forward f the valuation to March 31, 2017. The ext detailed full valuation will be conducted as at March 31, 2019. 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 oodrow & de Souza Limited – Actuaries and Consultants. The latest available full valuation was at arch 31, 2016; it used the projected unit credit method, and showed that the fair value of the Fund’s assets at arch 31, 2016 represented 116% of the benefits that had accrued to members as at that date. The fair value of the Fund’s assets at that time was $101.7 million (2013: $86.4 million) and the required future service contribution rate was 20.6% (2013: 20.2%) of pensionable salaries. The actuary performed a roll- forward of the valuation to arch 31, 2017. The next detailed full valuation will be conducted as at March 31, 2019.

2017 $ 2017 $ 2017 $

2016 $ 2016 $ 2016 $

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

(79,144,000) 105,654,000 (79,144,000) 105,654,000 26,510,000 (79,144,000) 105,654,000 26,510,000 26,510,000 26,510,000 26,510,000 26,510,000

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

Fair value of plan assets Present value of over funded surplus 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 Net asset recognised in the statement of financial position

80 80

80