ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

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•  • Work with member countries to develop a Model Insolvency Law (MIL) that can be adopted in all ECCU jurisdictions. The MIL will also assess the suitability of a Model Secured Transaction Law for the ECCU, and facilitate the implementation of a regional secured transactions initiative if deemed appropriate; and •  • Undertake further research and analysis on the concept of a Regional Development Financial Institution to support growth and transformation of the ECCU’s private sector within the context of a single financial and economic space. Establishment of a Single Financial Space •  • In collaboration with the OECS, the Bank will finalise an action plan for the implementation of the single financial space across the currency union over an established timeframe. Deposit Insurance •  • The Bank, in collaboration with the technical working group, will prepare a policy paper on the establishment of a Deposit Insurance Fund for the ECCU Financial System and coordinate the drafting of deposit insurance legislation for the ECCU, based on the Monetary Council’s policy selection and approval. ECCU Credit Bureau In collaboration with the ECCB’s technical working group, the Bank will accelerate the establishment and operationalisation of an ECCU Credit Bureau with particular attention on the following: •  • Follow up with member territories on the passage of the Harmonised Credit Reporting Bill and Regulations;

•  • Finalise the Request for Proposal (RFP) process; •  • Finalise and implement the process for selection of a credit bureau operator; •  • Coordinate the requests for training for the credit bureau regulator; and •  • Assist with the conduct of industry and public education. Single Insurance and Pensions Market Project and Eastern Caribbean Financial Services Commission The ECCB will continue to support the Single Insurance and Pensions Market Project (SIPMP), and the establishment of the Eastern Caribbean Financial Services Commission (ECFSC) in line with Goal Three of the ECCB Strategic Plan, to enhance the non-bank financial sector risk management. During the financial year, the following initiatives will be pursued: •  • Finalisation of the Commission Agreement; •  • Finalisation of Host Agreement and administrative arrangements for the establishment, and operationalisation of the ECFSC Headquarters; and •  • Finalisation and passage of the Insurance and Pensions Act and Commission Agreement Act. •  • In order to increase the participation of investors on the RGSM, the Bank will assist member governments to develop formal investor relations programmes during the financial year. Efforts will also focus on disseminating information on fiscal and debt indicators through the redevelopment of national websites; and •  • As part of the development of the RGSM, market intelligence surveys will be undertaken FISCAL AND DEBT SUSTAINABILITY Regional Government Securities Market (RGSM)