2019-2020 Annual Report and Statement of Accounts

AREAS OF FOCUS

Enhancing Organisational Effectiveness Transform Citizen Engagement and Stakeholders’ Relations Management Built on Transparency. Accountability and Knowledge Sharing The Bank remains committed to strengthening its engagement with key stakeholders through various avenues and will continue its advocacy efforts on behalf of the citizens of the Eastern Caribbean Currency Union (ECCU). In this regard, the Bank will forcus on the following initiatives for the financial year 2020/2021: 1. Consultations on the draft harmonised Registered Land Bill across the member countries. 2. Finalisation of the Virtual Assets Bill for dispatch to member countries for passage. 3. Expanding the Primary School Mentorship Programme by launching the ECCB Primary School Mentorship Radio Programme in all eight ECCB member countries. 4. Enhancing the Financial Information Month initiative by introducing the Grassroots Programme. 5. Monitoring and assessing for future enhancements, the new ECCB Creative Youth Competition for Secondary Schools and Community Colleges. 6. Implementing an ECCB Blog to raise awareness and enhance citizen’s knowledge of issues related to the Central Bank and its strategic goals. It is also expected to serve as a medium for promoting constructive dialogue on key policy issues and soliciting feedback for shaping policy and decision making. 7. Integrating data analytics into its core functions to support improved analysis and reporting to key stakeholders such as the Board of Directors and the Monetary Council. To this end, the Bank will optimise the use of SAS as a tool for data visualisation and data analytics and build the competence of its staff in data analytics. Return the Bank to Profitability Through Operational Cost Efficiencies 1. The second phase of generating electricity from a renewable source, Phase II Solar Canopy Project commenced on 6 January 2020 and is expected to be completed by 31 August 2020. The Phase II solar array is expected to produce 685kw DC/546kw AC. The projected reduction in electricity costs for the Sir K Dwight Venner building is approximately 50 per cent. 2. During the 2020/2021 financial year, an energy audit will be performed to identify areas that can lower the consumption of electricity. One area already identified is the replacement of all compact fluorescent lights (CFL) with LED lights with an expected 50 per cent decrease in consumption. Strengthen the Research Agenda 1. In 2020/2021, the ECCB will continue work on the handbook, “Promoting Growth, Stability and Sustainability in the ECCU” which will be a compilation of analytical pieces on policy issues that affect the ECCU. 2. Research and other analytical work will continue on financial sector stability issues and the establishment of the Financial Stability and Macro-Prudential Policy Committee. 3. Further research work is planned on the impact of the COVID-19 pandemic on the Tourism Industry in the ECCU in collaboration with country officials and other organisations. Revamp the Human Resource Strategy to Support Talent Development and Management In the 2020/2021 financial year, the Bank will provide flexible and proactive options for staff development and organisational readiness to support the Bank’s strategic goals. Some of these key areas are highlighted below: 1. Continued Performance Management support to all departments; 2. Application of an internal training calendar to provide planned learning opportunities for staff monitoring and support for targeted capacity building; 3. Focused and targeted staff engagement activities; 4. Review of the Bank’s Leave Benefits; 5. Continued monitoring of the Bank’s compensation and benefits package to ensure competitiveness in attracting best talent;

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| EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2019-2020