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)

24. Commitments and contingencies

Commitments

Capital commitments

As at 31 March 2023, commitments for capital expenditure amounted to $16,624,910 (2022: nil). No provision has been made in these financial statements for the unexpended capital commitments as at reporting date although appropriate funding has been approved.

Credit limits 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 it s 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 limits to participating governments for the current financial year is $780,000,000 (2022: $750,000,000). The details are presented in the table below:

2023 $

2022 $

Government of Saint Lucia

158,608,000 145,784,000 131,219,000 109,228,000 88,591,000 78,244,000 30,808,000

156,245,000 152,112,000 142,297,000 111,254,000 94,573,000 81,129,000 34,585,000

Government of Saint Christopher (St Kitts) and Nevis

Government of Antigua and Barbuda

Government of Grenada

Government of Saint Vincent and the Grenadines Government of Commonwealth of Dominica

Government of Anguilla Government of Montserrat

7,518,000

7,805,000

750,000,000

Total credit limit

780,000,000

The total credit available to participating governments as of 31 March 2023 amounts to $398,424,000 (2022: $441,600,000). The details are presented in the table below:

2023 $

2022 $

Government of Saint Christopher (St Kitts) and Nevis

145,784,000 109,228,000 51,264,000 30,808,000 51,365,000 31,488,000 14,145,000

152,112,000 111,254,000 55,975,000 34,585,000 16,629,000 11,410,000

Government of Grenada

Government of Commonwealth of Dominica

Government of Anguilla Government of Saint Lucia

Government of Saint Vincent and the Grenadines

Government of Antigua and Barbuda

8,654,000 7,805,000

Government of Montserrat

7,518,000

441,600,000

Total credit limit

398,424,000

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