2019-2020 Annual Report and Statement of Accounts

Greening the Campus Project

Return the Bank to Profitability Through Operational Cost Efficiencies Greening of the Campus Project The first phase of generating electricity from a renewable source, the Phase I Solar Canopy Project was commissioned on 11 December 2019. The Phase I solar array produces 494kw DC/400kw AC electrical power and has reduced the electrical costs associated with the Phase 2 building at the ECCB headquarters by approximately $44,000.00 per month or 60.0 per cent. Launch of New Family of EC Polymer Notes The Bank launched its new family of EC polymer banknotes on 29 May 2019, making it the first central bank in the Caribbean to do so. The transition from paper to polymer was part of the Bank’s cost-cutting measures. Polymer is stronger and more durable than paper. Polymer banknotes are estimated to last at least three times longer than paper notes. This also makes them more environmentally friendly. One of the key features of the new notes is a unique tactile feature specifically designed to assist blind and visually impaired individuals with identifying the denomination of each note. While the main design elements of the paper notes (images, landmarks and colour) were replicated on the polymers notes, one notable change was the depiction of the image of the former Governor of the ECCB, the late Honourable Sir K Dwight Venner, on the back of the $50, in honour of his legacy and service to the Bank. The orientation of the notes was also changed from landscape to portrait. Installation of New Hardware - Computers The Bank is undertaking a refresh cycle to upgrade dated desktop computers which are inefficient and unable to meet the computing demands of the modern corporate environment. During the second half of 2019, this process was started with the first batch of computers. The second batch included laptops and computers and were prepared to ensure staff had the equipment required for telecommuting in light of COVID-19 pandemic. Upgrade ECCB Cabling Infrastructure In 2018, the Bank began a project to upgrade the old data cable infrastructure at its Headquarters. The purpose of this initiative is to ensure that the Campus has a modern and efficient data network to enable increased productivity. The ECCB is working with a vendor and has completed the upgrade in a number of areas. Other areas are scheduled for completion in the financial year 2020/21. Remote Access Solution The new Remote Access solution was launched in June 2019 allowing staff the capability to securely work remotely with selected access to the Bank’s IT resources. In light of the recent coronavirus pandemic, the Bank has been able to leverage this investment and scale up the solution to allow staff to telecommute securely, thus protecting staff while the Bank continues to serve the ECCU region during this challenging time.

| EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2019-2020 22