ECCB 2015/2016 Annual Report

EASTERN CARIBBEAN CENTRAL BANK

Association to host the 25 th OECS/ECCB Under-23 Netball Tournament in St Kitts from 18 to 22 July. The ECCB has been the official sponsor of the tournament since 1991, exhibiting its commitment to the physical and social development of the region’s young women and its strong belief in regional integration. Team Grenada’s fearless defence and accurate shooting earned them the championship trophy. The other six teams which participated in the tournament were: Antigua and Barbuda, The Commonwealth of Dominica, Montserrat, Saint Lucia, St Kitts and Nevis and St Vincent and the Grenadines. In addition to the athletic aspect of the tournament, the teams had the opportunity to participate in a professional development session which focused on barriers to communication. S tatement of F inancial P osition As at 31 March 2016, the Bank’s Total Assets stood at $5,004.4 million, an increase of $658.0 million (15.14 per cent) when compared to the position in the previous year. Foreign Assets increased by $707.5 million (17.92 per cent) primarily due to the purchase of foreign and regional currency notes from commercial banks and inflows of loans and grants to member governments from international institutions. The reinvestment of income on foreign assets and gains on the sale of foreign securities held within the ECCB’s foreign reserve portfolio also contributed to the increase. FINANCIAL PERFORMANCE

Chart III shows the trend in the Bank’s foreign assets from 2010 to 2016.

Chart III

Domestic Assets decreased by $49.5 million (12.44 per cent). The significant movements in that category were reported in Loans and Receivables – Participating Governments’ Securities, Loans and Receivables – Participating Governments’ Advances and Due from Local Banks. Loans and Receivables – Participating Governments’ Securities declined by $16.3 million (16.28 per cent) as member governments repaid debentures and the Bank reduced its holdings of member governments’ Treasury Bills during the period. The decline of $11.8 million (17.48 per cent) in Loans and Receivables – Participating Government Advances was due to a reduction in credit extended to member governments through the use of the overdraft facility during the period. The decrease of $9.6 million in Due from Local Banks was attributed to a commercial bank repayment of the Lombard credit facility during the period. Total Liabilities expanded by $669.3 million (16.36 per cent) over the year. The most significant increases in that category were reported in Commercial Banks’

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ECCB A nnual R eport 2015/2016