2018 Financial Stability Report

2) To contribute to the mobilisation and allocation of long-term savings for investment in housing; 3) To support the development of a system of housing finance and provide leadership in the housing and home finance industry; 4) To promote the growth and development of the money and capital market; and 5) To improve underwriting practices and efficiency in processing mortgages and to promote services and benefits related to such mortgages. As at December 2018, total assets of the ECHMB was EC$261.9m, of which, $42.9m is comprised of mortgage loans (which refer to purposes 1-3) while investment assets comprised $204.3m (relates to purpose four 4), which is approximately 78.0 per cent of ECHMB’s assets. The Bank’s investment securities are held in a diverse range of financial institutions, corporations and governments both locally, regionally and internationally. Equity instruments are held with the ECSE.

• To facilitate market development.

VI. THE SINGLE REGULATORY UNITS The Single Regulatory Units (SRUs) in each territory regulate and supervise financial institutions, which are not licensed under the Banking Act. These include international (offshore) banks, insurance companies, credit unions, cooperative societies, building societies and money services businesses. The main functions of the SRUs are to: • Provide more effective protection for consumers; • Assist with minimising systemic risk; • Promote market confidence; and • Contribute towards strengthening the performance of financial institutions. Role of ECHMB in the Financial Sector of the ECCU The Eastern Caribbean Home Mortgage Bank (ECHMB) was founded on 09 August 1994. The primary purposes of the Bank as established by its charter are: 1) To develop and maintain a secondary market for residential mortgages in the member territories; VII.

Financial Stability Report 2018

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