ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

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•  • Launch of a new and improved website; and •  • Greening of the ECCB Campus.

Financial Stability •  • Operationalisation of the Eastern Caribbean Asset Management Corporation (ECAMC); •  • Amendments to the Banking Act; •  • Publication of a Financial Stability Report; •  • Completion of preparatory work for the Eastern Caribbean Appraisal Institute; and •  • Completion of preparatory work for a Deposit Insurance Scheme. Fiscal and Debt Sustainability •  • Setting of interim fiscal and debt targets by member governments in pursuit of a target of 60.0 per cent Debt-GDP by 2030; and •  • Wider acceptance and commencement of the adoption of fiscal responsibility legislation. Growth, Competitiveness and Employment •  • Raising the growth trajectory from 2.2 per cent in 2016 to 3.0 per cent in 2017, towards a 5.0 per cent per annum; •  • Enactment of the enabling legislation for the Eastern Caribbean Partial Credit Guarantee Corporation; •  • Enactment of the enabling legislation for the ECCU Credit Bureau; and •  • Implementation of the Action Plan emanating from the ECCU Growth Dialogue. Enhancing Organisational Effectiveness •  • Revision of the ECCB’s Foreign Reserve Management Framework; •  • Launch and implementation of the Bank’s Strategic Plan; •  • Leadership development of the Bank’s senior leaders; •  • Up-skilling of all staff;

Given the breathtaking pace of change in the global financial landscape, the ECCB intends to be agile and responsive. In this regard, the Bank will focus more on payment systems reforms including, FinTech and its implications, not just for regulation, but for the development of ECCB member countries.

Without doubt, these are challenging, but exciting times.

I recognise the Deputy Governor, Managing Director (retired and acting), management and staff for their hard work and support undergirded by our S.T.A.R. mantra. I thank Mrs. Jennifer Nero, retired Managing Director for her 22 years of yeoman service and extend my best wishes to her for a happy retirement. I am compelled also to record my appreciation of the Monetary Council and the Board of Directors for their support in this new era.

Timothy N. J. Antoine GOVERNOR