ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

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Making Strides Towards the Socio-Economic Transformation of the ECCU

comfort from the fact that this decision was taken prior to Sir Dwight’s passing and he knew of our plans. As I said then and I quote: “ May his name, emblazoned on our ECCB Campus, bear perpetual testimony to his colossal contribution, not just to the Eastern Caribbean Central Bank, but to our Caribbean people and civilisation. ” With reference to the Bank’s performance, the key results for this year include: y y Maintenance of a strong EC dollar with a backing ratio which stood at 97.39 per cent as at 31 March 2017; y y Improved soundness of ECCU banks; y y Restored profitability - EC$6.3 million, which was a particularly welcomed development after three consecutive years of losses; y y Launch of aweekly public education programme - ECCB Connects ; y y Launch of a Country Outreach Programme which facilitated a deeper engagement with ECCB member governments, Opposition leaders and social partners such as businesses, labour unions, churches, civil society and the media. y y Development of a Bank-wide Enterprise Risk Management function and the appointment of a Chief Risk Officer. On the international scene, global growth continued to be at all-time lows for too long, recording 3.1 per cent for 2016. In addition, there were several major

Timothy N. J. Antoine GOVERNOR

T he financial year 2016/17 marked my first full year in office. It was a highly successful year filled with several highs and one major low. Our major low was the loss of the Hon Sir K Dwight Venner on 22 December 2016. Sir Dwight was our longest serving Governor, having served from 1 December 1989 to 30 November 2015. On a brighter note, our ECCB family had occasion to celebrate when the Monetary Council agreed to name the main building at the Bank’s Headquarters in Sir Dwight’s honour. It was a wonderful time of celebration and healing for all of us and especially Lady Venner and his immediate family. We took some