ECCB 2017-2018 Annual Report and Statement of Accounts

Eastern Caribbean Central Bank Notes to the Financial Statements March 31, 2018 (expressed in Eastern Caribbean dollars) ECCB ANNUAL REPORT 2017/2018 128

EASTERN CARIBBEAN CENTRAL BANK NOTES TO THE FINANCIAL STATEMENTS

(expressed in Eastern Caribbean dollars)

March 31, 2018

6. Term deposits

2018 $

2017 $

Fixed Deposits: - Bank of Nova Scotia, St. Kitts

6,327,488 1,316,636

7,063,600 2,874,489

- CIBC FirstCaribbean International Bank, St. Kitts

7,644,124

9,938,089

104,304

Interest receivable

121,601

Total term deposits

7,748,428

10,059,690

Current

7,748,428

10,059,690

The deposits held with Bank of Nova Scotia, St. Kitts (BNS) and CIBC FirstCaribbean International Bank – St. Kitts (CIBC/FCIB) are not available for use in the Bank’s day-to-day operations. These balances are pledged as liquidity support for loans and advances issued by BNS and CIBC/FCIB to the Bank’s employees, at rates that are relatively low in comparison to the normal market rates in the ECCU. These term deposits earned interest at rates of 2.5% (2017: 2.5%) per annum during the year.