ECCB 2017-2018 Annual Report and Statement of Accounts

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ECCB ANNUAL REPORT 2017/2018

Participants of the Consultative and Legislative Drafting Workshop held in St Vincent and the Grenadines - April 2017. Front row - 3 rd from left: Council Member for Antigua and Barbuda, Hon Gaston Browne; Council Member for St Vincent and the Grenadines, Dr the Hon Ralph Gonsalves; Deputy Governor, Trevor Brathwaite

Amendments to the Banking Act 2015 The Bank, in consultation with the banking industry, undertook a review of the Banking Act 2015 with the view to propose necessary amendments. Amendments were drafted and were the subject of a Consultative and Legislative Drafting Workshop held in St Vincent and the Grenadines in April 2017. In February 2018, the Monetary Council approved the draftAmendments and on 5 March 2018, the amendments to the Banking Act were dispatched to member territories for enactment. Credit Reporting Legislation The Bank secured the approval for the Credit Reporting Bill and Regulations to establish the Eastern Caribbean Currency Union Credit Bureau and has committed to encourage member governments to bring the legislation into force. To date, three member governments have passed the Act.

Eastern Caribbean Partial Credit Guarantee Agreement Five member governments have

enacted

the Credit Guarantee Corporation Agreement into law. Eastern Caribbean Partial

Eastern Caribbean Currency Union Electronic Conveyancing System Project The Bank engaged the services of a legislative drafting consultant to spearhead the ECCU Electronic Conveyancing System Project. The expected result of this project is a harmonised land registration legislation that is more responsive to modern financial and commercial practices.