ECCB 2017-2018 Annual Report and Statement of Accounts

ECCB ANNUAL REPORT 2017/2018

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Eastern Caribbean Central Bank Notes to the Financial Statements March 31, 2018 (expressed in Eastern Caribbean dollars) EASTERN CARIBBEAN CENTRAL BANK NOTES TO THE FINANCIAL STATEMENTS (expressed in Eastern Caribbean dollars) March 31, 2018 Carrying value Fair value 2018 2017 2018 2017 $ $ $ $ Financial assets Balances with other central banks 6,223,088 11,856,639 6,223,088 11,856,639 Balances with foreign banks 64,548 52,855 64,548 52,855

53 Loans and receivables – participating governments’ securities 83,189,928 73,334,339 83,189,928 73,334,339 Loans and receivables – participating governments’ advances 43,330,371 40,496,304 43,330,371 40,496,304 Accounts receivable 12,848,670 10,022,357 12,848,670 10,022,357 1,665,471,365 1,785,044,235 1,665,471,365 1,785,044,235 Financial liabilities Demand and deposit liabilities – domestic 4,861,299,250 4,737,355,128 4,861,299,250 4,737,355,128 Demand and deposit liabilities – foreign 10,425,453 10,284,983 10,425,453 10,284,983 IMF government general resource accounts 1,162,925 1,133,444 1,162,925 1,133,444 4,872,887,628 4,748,773,555 4,872,887,628 4,748,773,555

Money market instruments and money at call 1,508,844,830 1,616,346,185 1,508,844,830 1,616,346,185 Balances with local banks 3,221,502 1,838,469 3,221,502 1,838,469 Due from local banks - 21,037,397 - 21,037,397 Term deposits – domestic 7,748,428 10,059,690 7,748,428 10,059,690

3. Financial risk management …continued f) Fair value Fair value is the arm’s length consideration for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties, who are under no compulsion to act and is best evidenced by a quoted market price, if one exists. (i) Financial instruments not measured at fair value The table below summarises the carrying amounts and fair values of those financial assets and liabilities not presented in the Bank’s statement of financial position at their fair value: