ECCB 2017-2018 Annual Report and Statement of Accounts

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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

16. Demand and deposit liabilities - domestic …continued During the year the following balances earned interest at rates ranging from 0.67% to 1.40% (2017: 0.19% to 0.51%) per annum: fiscal tranche I, bankers’ call accounts and fixed deposits, participating governments and statutory bodies’ fixed deposits and ECHMB operating accounts. Participating governments’ fiscal reserve tranche II The Monetary Council has approved the establishment of a fiscal reserve fund. In accordance with the Bank’s profit distribution policy, forty per cent (40%) of the annual share of distributable profits to member governments is transferred to the participating governments’ fiscal tranche II call account. There was no allocation from profit to the fund in the current financial year (2017: Nil). 2018 $ 2017 $ Balance at beginning of year 51,292,706 60,983,784 Hurricane Relief Grants (3,250,000) - Loans to participating governments - (20,000,000) Loan repayments during the year 16,199,216 10,308,922 Balance at end of year 64,241,922 51,292,706 Participating governments’ fiscal tranche I call accounts These accounts earn interest at the prevailing call rate offered by the Bank and are readily accessible by the respective governments. There was no allocation from profit to the fund in the current financial year (2017: Nil). 2018 $ 2017 $

8,012,380

Balance at beginning of year

7,989,695

65,978

Interest on account

22,685

(1,209,000)

Transfers

-

Balance at end of year

6,869,358

8,012,380