ECCB 2023-2024 Annual Report

Eastern Caribbean Central Bank Notes to the Financial Statements For the year ended 31 March 2024 (Expressed in Eastern Caribbean dollars)

22. Pension asset (continued) Funding

The Bank meets the balance of the cost of funding the defined benefit Pension Plan and must contribute at least 12% of members’ salaries to the Plan. The funding requirements are based on regular (at least every 3 years) actuarial valuations of the Plan and the assumptions used to determine the funding required may differ from those set out above. The estimated pension contributions to be paid into the defined benefit plan during the next (2025) financial year amounts to $3.0 million (2024: $3.0 million). 23. Related party balances and transactions Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The Bank considers the participating governments, board of directors and key management personnel as related parties. Participating governments The receivables from and payables to participating governments arise mainly from the Bank carrying out one of its key roles as banker to participating governments as provided for in part nine (ix) of the ECCB Agreement Act 1983. The year-end balances arising from transacting with participating governments are as follows: 2024 $ 2023 $ Due from participating governments Participating governments’ securities (note 10) 213,267,867 225,602,673 Participating governments’ advances (note 11) 61,946,545 152,201,810

Due to participating governments (note 17) Participating governments’ call accounts Participating governments’ fixed deposits accounts Participating governments’ operating accounts Participating governments’ fiscal reserve tranche II Participating governments’ drug service accounts Participating governments’ sinking fund call accounts Participating governments’ fiscal tranche I call accounts Participating governments’ debt restructuring escrow accounts

102,354,690 79,190,639 71,673,830 55,995,679 9,697,534 9,423,493 6,345,154

83,532,638

-

23,598,664 55,995,679 9,556,835 7,922,411 6,355,938

72,227 6,168 Interest income earned on participating governments securities and advances during the year was $9,564,632 (2023: $6,459,084). These accounts carry interest rates of 2.0% to 4.5% (2023: 2.0% to 3.5%) during the year.

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