ECCB 2017-2018 Annual Report and Statement of Accounts

154 Eastern Caribbean Central Bank Notes to the Financial Statem ts March 31, 2018 (exp essed in Eastern Caribbean dollars) ECCB ANNUAL REPORT 2017/2018 Eastern Caribbean Central Bank Notes to the Financial Statements March 31, 2018 (expressed in Eastern Caribbean dollars) (expressed in Eastern Caribbean dollars)

EASTERN CARIBBEAN CENTRAL BANK NOTES TO THE FINANCIAL STATEMENTS

March 31, 2018

22. Related party balances and transactions … continued Interest income earned on loans and advances during the year was $9,893 (2017: $13,107). The loans carry an interest rate of 4% (2017: 4%) per annum. The repayment terms of the loans vary. The outstanding loans are primarily for mortgages and are secured by the mortgaged property. Key management personnel compensation The salaries, fees and benefits paid to the Board of Directors and key management personnel of the Bank during the year amounted to $3,748,138 (2017: $3,604,245). The following is an analysis of these amounts: 2018 $ 2017 $ Salaries and other short-term employee benefits 3,361,638 3,264,471 Board of Directors’ fees 239,500 192,774 Post-employment benefits 147,000 147,000 3,748,138 3,604,245 22. Related party balances and transactions … continued Interest income earned on loans and advances during the year was $9,893 (2017: $13,107). The loans carry an inter st rat of 4% (2017: 4%) per annum. Th ep yment terms of the loans vary. The outstanding loans are primarily for mortgages and are secur d by the mortgaged property. Key management personnel compensation The salaries, fees and benefits paid to the Board of Directors and key management personnel of the Bank during th year amounted to $3,748,138 (2017: $3,604,245). The following is an a alysis of these amounts: 2018 $ 2017 $ Salaries and other short-term employee benefits 3,361,638 3,264,471 Bo rd of Directors’ fees 239,500 192,7 4 P st-employment ben fits 147,0 47,000 3,748,138 3,604,245 Article 40 (1) of the ECCB Agreement Act 1983 stipulates that “the Bank may, subject to such terms and conditions as the Board may prescribe, make temporary adv nces to each Participating Govern ent to meet its seasonal needs…”. This can take the for of ECCB’s dir ct investment in government securities, overdrafts on operating account and temporary advances. The approved credit allocation to participating governments for the current financial year is $563,605,000 (2017: $502,254,000). The details are presented in the table below: 2018 $ 2017 $ Government of Saint Lucia 122,801,000 106,334,000 t Kitts and Nevis 09,114, 4,9 5, Antigua a Barbuda 95,043, 1,711, Grenad 73,55 , 58,387, St Vincent and the Grenadines 69,971, ,465, Commonwealth of Dominica 3,063, 45,981, Anguilla 24,176, 21,328, Montserrat 5,884, 5,113, Total credit allocation 563,605,000 502,254,000 23. Contingencies and commitments Capital commitments At March 31, 2018, commitments for capital expenditure was $3,145,520 (2017: Nil). Credit extension to participating governments 23. Contingencies and commitments Capital commitments At March 31, 2018, commitments for capital expenditure was $3,145,520 (2017: Nil). Credit extension to participating governments Article 40 (1) of the ECCB Agreement Act 1983 stipulates that “the Bank may, subject to such terms and conditions as the Board may prescribe, make temporary advances to each Participating Government to meet its seasonal needs…”. This can take the form of ECCB’s direct investment in government securities, overdrafts on operating accounts and temporary advances. The approved credit allocation to participating governments for the current financial year is $563,605,000 (2017: $502,254,000). The details are presented in the table below: 2018 $ 2017 $ Government of Saint Lucia 122,801,000 106,334,000 Government of St Kitts and Nevis 109,114,000 104,935,000 Government of Antigua and Barbuda 95,043,000 101,711,000 Government of Grenada 73,553,000 58,387,000 Government of St Vincent and the Grenadines 69,971,000 58,465,000 Government of Commonwealth of Dominica 63,063,000 45,981,000 Government of Anguilla 24,176,000 21,328,000 Government of Montserrat 5,884,000 5,113,000 Total credit allocation 563,605,000 502,254,000

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