ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

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Asset Management Corporation (ECAMC) and have commenced the Act.

Banking Act – The Banking Act 2015 has commenced in all eight ECCB member territories. The ECCB is now the licensing authority for banks in the currency union within a single banking space. Amendment to the Eastern Caribbean Central Bank Agreement - The ECCB Agreement Amendment 2015 is now in full effect. Eastern Caribbean Partial Credit Guarantee Corporation Agreement and Bill – The World Bank commenced a project aimed at providing licensed financial institutions with credit guarantees to improve access to financing for SMEs, thus boosting economic growth. This is to be accomplished by establishing and capitalising a Regional Partial Guarantee Facility in the ECCU. The Agreement establishing the Eastern Caribbean Partial Credit Guarantee Corporation has been executed by seven member governments. The ECCB will be the regulator of the Eastern Caribbean Partial Credit Guarantee Corporation. Eastern Caribbean Asset Management Corporation Agreement and Bill –The eight Participating Governments have passed the enabling legislation for the establishment of the Eastern Caribbean

Credit Reporting Legislation – The Credit Reporting Bill and Regulations were finalised and approved by the Monetary Council for enactment by ECCU Parliaments by September 2017.

RESOLUTION OF INTERVENED BANKS IN ANGUILLA

Through the combined efforts of the ECCB, the Government of Anguilla, the British Government through the Foreign Commonwealth Office, the IMF and the Caribbean Development Bank (CDB), a resolution strategy for the intervened banks in Anguilla - Caribbean Commercial Bank (Anguilla) Limited (CCB) and the National Bank of Anguilla Limited (NBA) - was implemented on 22 April 2016. The ECCB therefore relinquished control of the banks in accordance with Article 5E (2)(b) of the ECCB Agreement and appointed a Receiver under Section 137 of the Banking Act of Anguilla, No. 6 of 2015. As at the date of relinquishment, both institutions ceased to carry on banking business in Anguilla.

Representatives from the Ministries of Finance and Attorneys General Offices in the ECCU met on 10 and 11 January 2017 at the St Kitts Marriott Resort to discuss the draft legislation for the establishment of the Eastern Caribbean Partial Credit Guarantee Corporation