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)

24. Commitments and contingencies Commitments Capital commitments

As at 31 March 2024, commitments for capital expenditure amounted to $7,634,166 (2023: 16,624,910). 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 its 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 $840,000,000 (2023: $780,000,000). The details are presented in the table below:

2024 $

2023 $

164,615,000 164,934,000 148,933,000 119,036,000 102,749,000 90,081,000 41,353,000 8,299,000

Government of Saint Lucia

156,245,000 152,112,000 142,297,000 111,254,000 94,573,000 81,129,000 34,585,000 7,805,000

Government of Saint Christopher (St Kitts) and Nevis Government of Antigua and Barbuda Government of Saint Vincent and the Grenadines Government of Commonwealth of Dominica Government of Grenada

Government of Anguilla Government of Montserrat

Total credit limit

840,000,000

780,000,000

The total credit available to participating governments as of 31 March 2024 amounts to $560,723,000 (2023: $398,424,000). The details are presented in the table below: 2024 $ 2023 $ Government of Saint Christopher (St Kitts) and Nevis 164,934,000 152,112,000 Government of Grenada 119,036,000 111,254,000 Government of Saint Lucia 104,878,000 16,629,000 Government of Commonwealth of Dominica 66,814,000 55,975,000 Government of Anguilla 41,353,000 34,585,000 Government of Antigua and Barbuda 30,431,000 8,654,000 Government of Saint Vincent and the Grenadines 24,978,000 11,410,000 Government of Montserrat 8,299,000 7,805,000 Total credit available 560,723,000 398,424,000

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