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) Eastern Caribbean Central Bank Notes to the Financial Statem nts March 31, 2018 (exp essed in Eastern Caribbean dollars)

149

ECCB ANNUAL REPORT 2017/2018

EASTERN CARIBBEAN CENTRAL BANK NOTES TO THE FINANCIAL STATEMENTS

(expressed in Eastern Caribbean dollars)

March 31, 2018

20. Other Reserves …continued Revaluation Reserve: Available-for-sale investment securities The movements of the “Revaluation Reserve: Available-for-sale securities” as a result of changes in the fair values are as follows: Foreign investment securities $ Money market instruments $ Total $ 20. Other Reserves …continued Revaluation Reserve: Available-for-sale investment securities The movements of the “Revaluation Reserve: Available-for-sale securities” as a result of changes in the fair values are as follows: Foreign investment securities $ Money mark t instruments $ Total $

Balance at March 31, 2016 Balance at March 31, 2016 Rev luation of available-for-sale securities Revaluation of available-for-sale securities Revaluation transfer to profit or loss on disposal of available-for-sale securities transfer to pr fit or loss on di posal of available-for-s le s curities Balance at March 31, 2017 Balance at March 31, 2017 Rev luation of available-for-sale securities Revaluation of available-for-sale securities Revaluation transfer to profit or loss on disposal of available-for-sale securities transfer to pr fit or loss on di posal of available-for-s le securities Balance at March 31, 2018

22,041,092 (38,638,473) 22,041,092 (38 638 473) (827,468) (827,468) (17,424,849) (34,354,987) (17,424,849) 34 35 987 6,258,867 6,258,867 (45,520,969) (45,520,969)

7,664 22,048,756

7,664 -

22,048,756 (38,638,473) (38 63 473) (702,326) (702,326) (17,292,043) (34,354,987) (17,292,043) 34 354 987 6,358,817 (45,288,213) 6,358,817 (45,288,213)

-

125,142 125,142 132,806 132,806 - 99,950 232,756 99,950 232,756 -

Balance at March 31, 2018

21. Pension asset The Bank contributes to a defined pension scheme covering substantially all full-time employees. The assets of the plan are held separately in an independent trustee administered fund. The pension scheme is valued every three years by a firm of independent qualified actuaries, Bacon Woodrow & de Souza Limited – Actuaries and Consultants. The latest available full valuation was at March 31, 2016; it used the projected unit credit method, and showed that the fair value of the Fund’s assets at March 31, 2016 represented 116% of the benefits that had accrued to members as at that date. The fair value of the Fund’s assets at that time was $101.7 million (2013: $86.4 million) and the required future service contribution rate was 20.6% (2013: 20.2%) of pensionable salaries. The actuary performed a roll- forward of the valuation to March 31, 2018. The next detailed full valuation will be conducted as at March 31, 2019. 21. Pension asset The Bank contributes to a defined pension scheme covering substantially all full-time employees. The ass ts of the plan ar held separately i an independent t ustee admi istered fund. Th pensi n schem i valued every thre y ar by a firm of i dep ndent qualifi d ctuar es, Baco Woodrow & de Souza Limited – Actuaries and Consultants. The latest available ull val ation was at March 31, 2016; it used the projected nit credit method, and showed that the fair va ue of the Fund’s assets at March 31, 2016 represented 116% of the benefits that had accrued to members as at that date. The fair value of the Fund’s assets at that ime was $101.7 million (2013: $86.4 million) and th required future servic co tribution rate w s 20.6% (20 3: 20.2%) of pensionable sa aries. The actuary performed a roll- f rward of the valu tion to March 1, 2018. The ext detailed full valuation will be conducted as at March 31, 2019.

2018 $ 2018 $

2017 $ 2017 $

The amounts recognised in the statement of financial position are as follows: Present value of pension obligation The amounts recognised in the statement of financial position are as follows: Present value of pension obligation Fair value of plan as ets

(84,416,000) 111,364,000 (84,416,000) 111,3 4, 0 26,948,000 26,948,000 26,948,000 26,948,000

(79,144,000) 105,654,000 (79,144,000) 105 65 26,510,000 26,510,000 26,510,000 26,510,000

Fair value of plan assets

Present value of over funded surplus Present value of over funded surplus

Net asset recognised in the statement of financial position Net asset recognised in the statement of financial position

82