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

23. Contingencies and commitments ...continued Credit extension to participating governments ...continued The undrawn commitments to participating governments for the current financial year amounts to $439,070,000 (2017: $367,969,000). 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 Grenada 73,553,000 50,532,000 Government of Commonwealth of Dominica 61,477,000 45,981,000 Government of St Vincent and the Grenadines 43,237,000 33,791,000 Government of Anguilla 9,451,000 14,107,000 Government of Antigua and Barbuda 13,553,000 7,176,000 Government of Montserrat 5,884,000 5,113,000 Total undrawn commitments 439,070,000 367,969,000 The Board has approved credit allocation to participating governments for the 2018/19 financial year in the amount of $561,126,000. Pending litigation There are nine (9) pending legal claims against the Eastern Caribbean Central Bank (the “Central Bank”) for which the likelihood of settlement appears remote. 1) Claim No. GDAHCV2001/0490 initiated by Capital Bank International Limited in 2001 is pending before the Grenada Supreme Court. The Claimant is seeking: (i) A declaration that it is entitled to be admitted to the membership of the Clearing House facility established by the Central Bank pursuant to the provisions of the Eastern Caribbean Central Bank Act 1983; and (ii) An order directing the Central Bank to admit the Claimant immediately as a member of the Clearing House facility operating in Grenada. At the High Court hearing of the case in September 2008, the court ordered that the trial of the matter be adjourned to a date to be fixed by the Registrar of the High Court on application by any of the parties to the matter. The Minister for Finance, in Grenada has since revoked the banking licence which was granted to Capital Bank International Limited, appointed a Receiver for the Bank and has also filed a petition before the court for the compulsory liquidation of the Bank.