ECCB 2017-2018 Annual Report and Statement of Accounts

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ECCB ANNUAL REPORT 2017/2018

Single Insurance and Pension Market Project and Eastern Caribbean Financial Services Commission The ECCB continued to support the Single Insurance and Pension Market Project (SIPMP) in recognition of the relevance of this initiative in contributing to ECCU financial stability and resilience. The expected outcome of this initiative is a single ECCU market for insurance and pensions, governed by uniform, International Association of Insurance Supervisors (IAIS) benchmarked legislation and regulated by a single regulator, the Eastern Caribbean Financial Services Commission (ECFSC). Accomplishments during the financial year included: •  • Appointment of a dedicated Project Manager and the establishment of a Project Management Office; •  • Finalisation of the draft ECFSC Agreement and Agreement Bill; •  • Review of the Pension and Association of Underwriters sections of the draft legislation; •  • Completion of the invitation stage of the Request for Proposal process to select the host country for the ECFSC.

Improve Payments Infrastructure to Adapt to Evolving Market Expectations The ECCB, in collaboration with the Caribbean Regional Technical Assistance Centre (CARTAC) and the International Monetary Fund (IMF) conducted a workshop for Caribbean regulators on Principles of Financial Markets Infrastructure in the Caribbean over the period 10 to 13 April 2017. Most Central Banks in the Caribbean attended. In case of those countries which do not have a Central Bank, by virtue of their political arrangements, senior officials from their respective Ministries of Finance attended. The objective of the workshop was to underline the importance of adhering to the principles of Financial Market Infrastructure (FMI) in maintaining the financial stability of a monetary union. At the workshop, participants reaffirmed their commitment to the adoption of the Committee on Payment and Settlement System (CPSS) and the Technical Committee of the International Organisation of Securities Commission (IOSCO) Principles for FMI.

Participants and facilitators of the Principles for Financial Market Infrastructure in the Caribbean Workshop held at the ECCB Headquarters 10 - 13 April 2017

Click view Opening Ceremony of FMI Workshop