ECCB 2016/2017 Annual Report

146

ECCB ANNUAL REPORT 2016/2017

(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

2017

2016

$

$

The movement in the fair value of plan assets over the year is as follows: Plan assets at start of year

98,560,000 6,837,000 2,059,000 2,289,000 572,000 (4,471,000) (192,000)

99,690,000 6,968,000 (7,802,000) 2,332,000 583,000 (3,012,000) (199,000)

Interest income

Return on Plan assets, excluding interest income

Employer contributions Contributions by plan participants

Benefits paid Expense allowance

105,654,000

98,560,000

2017

2016

$

$

The amounts recognised in the statement of profit or loss are as follows: Current service cost

3,529,000 (1,105,000) 192,000 2,616,000

3,665,000 (1,530,000) 199,000 2,334,000

Net interest on net defined benefit asset

Administration expenses

Total expense included in staff costs (note 27)

2017

2016

$

$

The amounts recognised in other comprehensive loss were as follows: Experience gains (losses)

12,370,000

(6,048,000)

12,370,000

Total amount recognised in other comprehensive loss

(6,048,000)

2017

2016

%

%

The principal actuarial assumptions used were as follows: Discount rate

7.0 5.0

7.0 6.0

Average individual salary increases