ECCB 2014-2015 Annual Report and Statement of Accounts

EASTERN CARIBBEAN CENTRAL BANK

As part of the Technical Assistance Programme for Strengthening the Resilience of the ECCU Financial System, which is being facilitated by the IMF and The World Bank, the ECCB enhanced the streamlining of its offsite assessment procedures, on-site examination processes and supervisory framework, through the update of policies, guidelines and regulations. The ECCB also sought to strengthen its legislative tools and to this end, received assistance through the Technical Assistance Programme, towards drafting amendments to theECCBAgreement; a revisedBanking Act; revised foreclosure legislation and legislation for the operationalisation of an Eastern Caribbean Asset Management Corporation (ECAMC). The ECCB Monetary Council agreed to the establishment of the ECAMC to serve the primary purpose of managing impaired assets within the context of the exercise of the ECCB’s special emergency powers or during the course of regulation and supervision of challenged banks. Additionally, the ECCB, with assistance from a Subcommittee of Appraisers of the ECCU Commercial Banks, spearheaded the formation of the Eastern Caribbean Appraisal Institute (ECAI). The need for The Bank further advanced the coordination efforts for the implementation of a compliance framework for the United States Foreign Account Tax Compliance Act (FATCA) ] [

the institute arose due to the absence of standards and a uniform approach towards the conduct of appraisals in the region. The Bank further advanced the coordination efforts for the implementation of a compliance framework for the United States Foreign Account Tax Compliance Act (FATCA). Work on establishing the framework progressed in the individual member countries, managed by the respective Ministries of Finance. Additionally, work on the establishment of the enabling legal and regulatory environment to support an advanced credit reporting system in ECCU countries was nearing completion. The ECCB collaborated with the International Finance Corporation (IFC) to host credit bureau sensitisation workshops for member countries with the aim of increasing industry awareness of credit reporting and credit bureaus. The ECCB continued to collaborate with regional counterparts on financial stability matters through its membership and participation in various groupings including the Regulatory Oversight Committee, the Caribbean Group of Banking Supervisors, and the Association of Banking Supervisors of the Americas. The Bank also participated in the work of the Regional Financial Stability Coordinating Council, which was established to manage specific regional financial stability projects, in response to the effects of the global economic and financial crisis.

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ECCB ANNUAL REPORT 2014/2015