ECCB 2015/2016 Annual Report

Eastern Caribbean Central Bank Notes to Financial Statements March 31, 2016 (expressed in Eastern Caribbean dollars) EASTERN CARIBBEAN CENTRAL BANK (expressed in Eastern Caribbean dollars)

NOTES TO FINANCIAL STATEMENTS

March 31, 2016

21. Pension asset …continued

21.

i

t

ti

2016

2015

$

$

The movement in the fair value of plan assets over the year is as follows: Plan assets at start of year

99,690,000 6,968,000 (7,802,000) 2,332,000 583,000 (3,012,000) (199,000)

92,479,000 6,475,000 705,000 2,319,000 580,000 (2,675,000) (193,000)

Interest income

Return on Plan assets, excluding interest income

Employer contributions Contributions by plan participants

Benefits paid Expense allowance

98,560,000

99,690,000

2016

2015

$

$

The amounts recognised in the statement of income or loss are as follows: Current service cost

3,665,000 (1,530,000) 199,000 2,334,000

3,554,000 (1,324,000) 193,000 2,423,000

Net interest on net defined benefit asset

Administration expenses

Total expense included in staff costs (note 27)

2016

2015

$

$

The amounts recognised in other comprehensive loss were as follows: Experience (losses)/gains

(6,048,000)

3,049,000

(6,048,000)

Total amount recognised in other comprehensive loss

3,049,000

2016

2015

%

%

The principal actuarial assumptions used were as follows: Discount rate

7.0 6.0

7.0 6.0

Average individual salary increases

80

116

ECCB A nnual R eport 2015/2016