2019-2020 Annual Report and Statement of Accounts

FINANCIAL SECTOR STABILITY

harmonisation of secured transactions legislation to support the use of movable assets as collateral with the establishment of an electronic registry for the ECCU. Representatives of the Bank also participated remotely in a workshop on Secured Transactions held in Saint Lucia in November 2019. Assistance was provided to the IFC for the distribution of a Secured Transactions and Collateral Diagnostic Baseline Survey to the commercial banks and credit unions in the ECCU. In pursuit of ensuring a strong, diversified and resilient financial sector, the Bank also: 1. provided technical feedback on ECCU financial stability issues to both internal and external stakeholders such as the SRUs; 2. continued to play a pivotal role in compiling and maintaining databases on the insurance and credit union sectors. The data are crucial in analysing and ultimately mitigating risks posed by the non-bank financial sector; 3. developed a questionnaire to assess the extent of financial inclusion in the region and consumer payment preferences; 4. prepared and presented the following papers: (i) A Proposed Framework for Identifying Systemically Important Commercial Banks and Credit Unions in the ECCU , at the Central Bank of Barbados 39 th Annual Review Seminar in July 2019; (ii) An Early Warning Model of Financial Stress for the ECCU , at the 51 st Annual Monetary Studies Conference, which was held at the ECCB Headquarters in November 2019.

Meet the Board of Directors of the Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC)

Secured Transactions/Collateral Registry The Secured Transactions/Collateral Registry initiative is in its infancy stage as advocacy continues with relevant stakeholders.

Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) Preparations are being made to launch the Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC). During the last quarter of the financial year, a road show to inform the public about its work and offerings commenced. The objective of the ECPCGC is to facilitate additional financial intermediation for Micro, Small and Medium Enterprises (MSMEs). Six of the ECCB member countries are members of the ECPCGC: Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Saint Christopher (St Kitts) and Nevis, Saint Lucia, and Saint Vincent and the Grenadines. To benefit from the ECPCGC, owners of MSMEs will apply to their local lender for a loan.

Front Row: L-R –Rasona Davis-Crump - Nominee of the Government of Antigua and Barbuda; Michael Spencer - Chairperson, Nominee of the Eastern Caribbean Currency Union Bankers’ Association; Chief Executive Officer - Carmen Gomez-Trigg; Andrew Skerritt - Nominee of the Government of Saint Christopher (St Kitts) and Nevis; Annette Mark - Nominee of the Government of Saint Vincent and the Grenadines; Back Row: L-R – Stanford Harold Simon - Nominee of the Government of Grenada; Dr Stephen Louis - Nominee of the Government of Saint Lucia; Alexander Stephenson - Deputy Chairperson, Nominee of the Government of the Commonwealth of Dominica; Yves-Patrick Randolph Ephraim - Nominee of the Antigua and Barbuda Chamber of Commerce; Stephen Lander - Nominee of the Dominica Association of Industry and Commerce

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