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

21. Pension asset …continued

2018

2017

$

$

The movement in the fair value of plan assets over the year is as follows: Plan assets at start of year

105,654,000 7,383,000 (1,304,000) 2,206,000 551,000 (2,941,000) (185,000)

98,560,000 6,837,000 2,059,000 2,289,000 572,000 (4,471,000) (192,000)

Interest income

Return on Plan assets, excluding interest income

Employer contributions Contributions by plan participants

Benefits paid Expense allowance

111,364,000

105,654,000

2018

2017

$

$

The amounts recognised in the statement of profit or loss are as follows: Current service cost

3,020,000 (1,937,000)

3,529,000 (1,105,000)

Net interest on net defined benefit asset

85,000 185,000

-

Past service cost

Administration expenses

192,000

1,353,000

Total expense included in staff costs (note 27)

2,616,000

2018

2017

$

$

The amounts recognised in other comprehensive loss were as follows: Experience (losses) gains

(415,000)

12,370,000

415,000

Total amount recognised in other comprehensive loss

12,370,000

2018

2017

%

%

The principal actuarial assumptions used were as follows: Discount rate

7.0 5.0

7.0 5.0

Average individual salary increases