ECCB 2015/2016 Annual Report

EASTERN CARIBBEAN CENTRAL BANK

In accordance with Article 5E (2)(b) of the ECCB Agreement, the ECCB relinquished control of the ABI Bank Limited with effect from 27 November 2015. The ECCB had assumed control of the ABI Bank Limited on 22 July 2011 in accordance with its emergency powers set out in Part IIA of the Eastern Caribbean Central Bank Agreement 1983 (as amended) set out as a schedule of the Eastern Caribbean Central Bank Agreement Act. Cap.142 (as amended) in the laws of Antigua and Barbuda. Effective 1 December 2015, the Honourable Sir K Dwight Venner, the second Governor of the ECCB, retired after 26 years of distinguished service to the Bank. In recognition of his long and yeoman service to the Bank and by extension, the ECCB member countries, at its 84 th Meeting the ECCB Monetary Council established a Committee to identify an appropriate manner to honour Sir Dwight’s legacy. On 1 February 2016, the ECCB welcomed Mr Timothy N. J. Antoine as its third Governor. Mr Antoine, a former Permanent Secretary in the Ministry of Finance, Grenada, has significant regulatory experience having served as a member of the ECCB Board of Directors for 12 years and as Chairman of the Grenada Authority for Regulation of Financial Institutions for seven years. On his first day in office Governor Antoine shared his vision for the ECCU and the ECCB: A New Vision For A New Era: 2016 - 2020 and Beyond .

Highlights of the Year

xii

ECCB A nnual R eport 2015/2016