ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

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(expressed in Eastern Caribbean dollars) Eastern Caribbean Central ank Notes to the Financial Statements March 31, 2017 (expressed in Eastern Caribbean dollars) 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 STATEMENTS

March 31, 2017

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

2017 $ 2017 $

2016 $ 2016 $

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 pension costs during the year Re-measurements recognised in other comprehensive loss Re-measurements recognised in other comprehensive loss Net pension costs during the year Contributions to pension scheme

14,467,000 (2,616,000) 12,370,000 2,289,000 14,467,000 (2,616,000) 12,370,000 2,289,000 26,510,000 26,510,000

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

Contributions to pension scheme Pension asset, end of year 14,467,000 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). Pension asset, end of year 14,467,000 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).

2017 $ 2017 $

2016 $ 2016 $

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 follows: Beginning of year Current service cost Current service cost Interest cost ontributions by plan participants

84,093,000 3,529,000 5,732,000 572,000 (10,311,000) (4,471,000) 79,144,000 84,093,000 3,529,000 5,732,000 572,000 (10,311,000) (4,471,000) 79,144,

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

Interest cost Actuarial gain Benefits paid Actuarial gain Benefits paid

Contributions by plan participants

2017 2017

2016 2016

% %

% %

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 Deferred members

77.0 77.0 0 23.0 23.0 2017 0

85.0 85.0 0 15.0 15.0 2016 0

Deferred members Pensioners

Pensioners

2017 14.9 years The weighted average duration of the defined benefit obligation at the year end The weighted average duration of the defined benefit obligation at the year end 33% of the benefits for active members are for those over age 55 and are vested. 33 of the defined benefit obligation for active members is conditional on future salary increases. 14.9 years 33% of the benefits for active members are for those over age 55 and are vested. 33% of the defined benefit obligation for active members is conditional on future salary increases.

2016 16.4 years 16.4 years

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