ECCB 2017-2018 Annual Report and Statement of Accounts

137

ECCB ANNUAL REPORT 2017/2018

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

12. Financial assets held for trading

The Bank’s derivatives relate to currency forwards. Currency forwards represent commitments to purchase foreign currency and are initially recognised at fair value on the date that a derivative contract is entered into and are subsequently remeasured at their fair value. The following is an analysis of the currency forwards held with positive fair value as at March 31, 2018:

Notional value of contracts 129,700 13,213,200

Notional value of contracts EC$ equivalent

Fair value of contracts $

Currency sold /purchased

Value date of contracts

493,243 44,784,185

333

GBP EUR

April 16, 2018

656,538

April 16/May 24, 2018

45,277,428

656,871

Current 656,871 The following is an analysis of the currency forwards held with positive fair value as at March 31, 2017

Notional value of contracts 11,440,119 1,910,200 8,266,098

Notional value of contracts EC$ equivalent

Fair value of contracts $

Currency sold /purchased

Value date of contracts

CAD EUR AUD

23,230,346 5,534,914 17,077,196

April 5, 2017 April 17, 2017 April 21, 2017

101,628 21,007 16,549

45,842,456

139,184

Current

139,184