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 Notes to Financial Statements March 31, 2016 (expressed in Eastern Caribbean dollars) (expressed in Eastern Caribbean dollars)

EASTERN CARIBBEAN CENTRAL BANK

NOTES TO FINANCIAL STATEMENTS

March 31, 2016

28. Administrative and general expenses 28. Administrative and general expenses

2016 $ 2016 $

2015 $ 2015 $

28.

7,342,360 6,305,329 2,493,251 1,315,109 748,081 742,747 728,422 723,389 709,364 684,975 635,645 577,458 411,343 399,866 381,350 377,634 280,296 244,051 194,141 178,625 144,986 108,844 7,342,360 6 05 29 2 493 251 1 315 109 748 081 2 747 28 422 3 389 09 64 684 975 35 64 577 458 411 343 399 866 81 350 77 634 280 296 44 051 19 14 78 625 44 986 08 844 73 051 6 972 30 691 17 0 9 73,051 63,972 30,691 17,099 25,912,079 25,912,079

General supplies and services Professional and consulting fees Impairment loss on financial assets Contribution to ECSRC General supplies and services Prof ssional and consulting fees Utilities expenses Impa rm nt lo s on financial assets Contribution to ECSRC Legal fees Utilities expenses

7,297,771 5,723,211 2,941,225 7,297,771 5 723 21 2 941 25 - 786,598 398 275 717 732 1,098 923 7 5 614 656 991 33 049 28 10 405 513 - 786,598 398,275 717,732 1,098,923 795,614 656,991 633,049 283,109 405,513 269,013 77,448 301,725 578,762 199,388 54,088 110,673 141,475 86,720 108,891 59,632 10,800 65,199 269 0 77 448 301 725 578 62 199 388 54 0 110 673 41 4 5 86 720 108 891 59 632 10 800 65 199 23,801,825 23,801,825

Legal fees Rental Expense Insurance expense Telephone costs R ntal Expense Insurance expense Telephone costs Confere ce and meetings Travel tickets, accommodation and subsistence Trave tick ts, accommodation and subsistence Conference and meetings Supervisory and regulatory expenses Training, recruitment and resettlement Supervisory regulatory expenses taff acation grant Tr ining, recruitment and resettlement Special projects Staff vacation grant

Special projects Contingencies Cont ngenci s Repa rs a d maintenance Other t ff expe s s and amenities Subscriptions and fees Repairs and maintenance Other staff expenses and amenities Subscriptions and fees Commun ty outreach Community outreach Cafeteria subsidy Advertising and promotion Contribution to staff association Directors' travel and subsistence Printing and postage afeteria subsidy Advertising an promotion ffiliate groups Contribution to staff association Directors' travel and subsistence Printing and post ge Affiliate groups

Total administrative and general expenses Total administrative and general expenses

29. Dissolution of Subsidiary Effective 21 December 2015, Caribbean Assets and Liabilities Management Services (CALMS) Limited, a 100% owned subsidiary of the ECCB was wound up. Accordingly, the Bank has derecognised related assets and liabilities of CALMS Ltd. The below reconciliation shows the net assets of CALMS at the date of dissolution. The assets were represented by cash at bank, which was subsequently transferred to ECCB. The net assets represent the gain on dissolution of subsidiary of $11,544 which is included in other income for the year ended March 31, 2016. 2016 $ Assets 16,564 Liabilities (5,000) Share capital (20) Net assets 11,544 29. Dissolution of Subsidiary Effective 21 December 2015, Caribbean Assets and Liabilities Management Services (CALMS) Limited, a 100% owned subsidi ry of the ECCB was wound up. Accordingly, the Bank has derecognised related ass ts and liabilities of CALMS Ltd. The below reconciliation shows the net assets of CALMS at the date of dissolution. The assets were represented by cash at bank, which was subsequently transferred to ECCB. The net assets repr sent th gain on dissolution of subsidiary of $11,544 which is included in other income for the year ended March 31, 2016. 2016 $ Assets 16,564 Liabilities (5 000) Sh re capital (2 ) Net assets 11,544 Diss l ti f si i 21 Dec mber 2015, Caribbean Assets and Liabilities Manageme t Services (CALMS) Limited, a 100% owned subsidiary of the ECCB was wound up. Accordingly, the Bank has derecognised related ass ts a d liabiliti s of CALMS Ltd. The below reconciliation shows the net assets of CALMS at the date of dissolution. The assets were represented by cash at bank, which was subsequently transferred to ECCB. The net assets represent the gain on dissolution of subsidiary of $11,544 which is included in other income for the year ended March 31, 2016.

29.

89 89

125

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ECCB A nnual R eport 2015/2016