ECCB 2016/2017 Annual Report

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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 STATEMENTS

(expressed in Eastern Caribbean dollars)

March 31, 2017

22. Related party balances and transactions … continued The year end balances arising from transacting with participating governments are as follows: 2017 $

2016 $

Receivables from participating governments Loans and receivables: participating governments’ securities (note 9) Loans and receivables: participating governments’ advances (note 10) 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

73,334,339 40,496,304

83,912,190 55,692,292

184,250,591 51,292,706 48,073,159 9,232,393 8,012,380 4,600,762 59,618,256

251,904,354 60,983,784 31,769,487 14,374,111 7,989,695 3,806,137

184,306 Interest income earned on receivables during the year was $6,220,772 (2016: $7,131,302). The receivables carry interest rates of 3.5% to 9% (2016: 3.5% to 9%) per annum. Interest expense on payables during the year was $581,671 (2016: $161,353). The payables carry interest rates of 0.19% to 0.51% (2016: 0.01% to 0.23%) 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: 2017 $ 2016 $ Staff mortgage loans Loans outstanding at beginning of year 374,963 472,968 Loans movement during the year (90,393) (98,005) Loans outstanding at end of year 284,570 374,963 Term deposits Bank of Nova Scotia, St. Kitts 566,802 612,129 CIBC FirstCaribbean International, St Kitts 613,063 642,335 1,179,865 1,254,464

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