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 (continued) Commitments (continued) Credit limits to participating governments (continued) The Board has approved a total credit limit to participating governments for the 2024/25 financial year in the amount of $847,500,000.

Contingencies Pending litigations

The Bank is subject to various claims, disputes and legal proceedings, in the normal course of business. There are several legal claims which have been brought against the Bank. Provision is made for such matters when, in the opinion of management as advised by the Bank’s Legal Counsel, it is probable that a payment will be made by the Bank, and the amount can be reasonably estimated. In respect of claims asserted against the Bank for which, according to the principles outlined above, no provision has been made, management is of the opinion that such claims are without merit and can be successfully defended.

25. Cash and cash equivalents

2024 $

2023 $

727,803,023 166,233,126 1,179,342 1,074,234

1,029,909,586 137,783,494 17,814,003 1,150,207 1,020,689

Money market instruments and money at call (note 6) Regional and foreign currencies Balances with other central banks (note 5)

Balances with local banks Balances with foreign banks (note 5)

44,863

896,334,588

Total cash and cash equivalents

1,187,677,979

26. Net interest income

2024 $

2023 $

Interest income (calculated using the effective interest method) Foreign investment securities (net of amortisation) Money market instruments and money at call Participating governments’ securities and advances

98,125,115 52,085,329 9,564,632 54,297

53,512,398 25,322,139 6,459,084 61,077 4,699,040

Other interest income Mortgage-backed securities

-

159,829,373

90,053,738

116