ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Notes to the Financial Statements For the year ended 31 March 2023 (Expressed in Eastern Caribbean dollars)

17. Demand and deposit liabilities – domestic (continued)

During the year, the following balances earned interest at 0.0% to 1.40% (2022: 0.0%): fiscal tranche I, bankers’ call accounts and fixed deposits, participating governme nts ’ and statutory bodies’ fixed deposits and ECHMB ’s 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’ f iscal tranche II call account. As the Bank recorded a net loss, there was no transfer to the fund in the current financial year (2022: nil).

2023 $

2022 $

Balance at beginning of year Loan repayments during the year

57,911,565

56,495,679

-

334,114

(500,000)

COVID-19 grant Volcano relief grant

(750,000) (1,000,000)

-

56,495,679

Balance at end of year

55,995,679

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.

2023 $

2022 $

Balance at beginning of year

7,099,521 5,311,224

12,410,745

Transfers

900,000 75,193

Interest on account

- -

Withdrawals

(7,030,000)

12,410,745

Balance at end of year

6,355,938

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