ECCB 2016/2017 Annual Report

156

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

28. Administrative and general expenses

2017 $

2016 $

7,449,169 7,371,906 2,830,123 1,350,282 999,165 985,772 852,986 830,362 823,383 706,607 686,092 546,602 520,373 460,875 376,128 300,696 266,849 204,139 172,047 99,967 91,600 83,379 63,791 50,026 16,541

General supplies and services Professional and consulting fees

7,342,360 6,305,329 2,493,251 399,866 723,389 635,645 728,422 748,081 742,747 709,364 684,975 411,343 577,458 381,350 280,296 244,051 377,634 194,141 178,625 144,986 30,691 108,844 73,051 63,972 17,099 1,315,109 25,912,079

Utilities expenses

Training, recruitment and resettlement Travel tickets, accommodation and subsistence

Conference and meetings Rental Expense Contribution to ECSRC

Legal fees

Insurance expense Telephone costs Staff vacation grant

Supervisory and regulatory expenses

Special projects

Repairs and maintenance Other staff expenses and amenities

Contingencies

Subscriptions and fees Community outreach Cafeteria subsidy

Directors' travel and subsistence Advertising and promotion

Affiliate groups

Contribution to staff association

Printing and postage

-

Impairment loss on financial assets

Total administrative and general expenses

28,138,860

29. Dissolution of Subsidiary Effective 21 December 2015, Caribbean Assets and Liabilities Management Services (CALMS) Limited, a 100% owned subsidiary of the ECCB was wound up. Accordingly, the Bank has derecognised related assets and liabilities of CALMS Ltd. The assets were represented by cash at bank, which was subsequently transferred to ECCB. The net assets represent the gain on dissolution of subsidiary of $11,544 which is included in other income for the year ended March 31, 2016.