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)

23. Related party balances and transactions (continued)

Participating governments (continued)

Interest expense on participating governments demand accounts during the year was $1,457,982 (2022: nil). These accounts carry interest rate of 0.0% to 1.40% (2022: 0.0%) during the year.

Eastern Caribbean Central Bank Pension Plan

The Bank provides management, investment and administrative support to the Pension Plan. Services in the amount of $594,966 were fully recovered from the Pension Plan during the year (2022: $794,623). Disclosures related to the Bank’s post -employment benefit plans are included in Note 22.

Key management personnel and compensation

The key management personnel responsible for planning, directing and controlling the activities of the Bank are the members of the Executive, the Senior Management and the Board of Directors.

The compensation of key management personnel is presented in the following table. Short-term employee benefits and post-employment benefits apply to Bank employees only.

2023 $

2022 $

Salaries and other short-term employee benefits

4,493,046

4,222,114

Board of Directors’ fees Post-employment benefits

240,000 165,967

240,000 169,595

4,899,013

4,631,709

The value of other transactions during the year and outstanding balances related to key management personnel as of 31 March 2023 was nil (2022: nil).

Transactions and balances with associated undertakings

2023 $

2022 $

300,000 764,654

Rental income

300,000 621,366

Dividends from associates

Demand and deposit liability accounts (note 17)

19,566,605 6,007,031

Eastern Caribbean Securities Exchange Eastern Caribbean Home Mortgage Bank

24,678,090 19,439,281

OECS Distribution and Transportation Company Limited

22,380

22,380

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