ECCB 2017-2018 Annual Report and Statement of Accounts

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ECCB ANNUAL REPORT 2017/2018

Chairman of the ECCB Monetary Council and Council Member for the Commonwealth of Dominica, Hon Roosevelt Skerrit, presents plaque to former Council Member for St Vincent and the Grenadines, Hon Dr Ralph Gonsalves in recognition of his outstanding and dedicated service on the Council and his contribution to the resolution of the BAICO/CLICO matter

In a brief ceremony during the 90 th Monetary Council Meeting in St Kitts and Nevis, the Monetary Council bade farewell to Dr Gonsalves and gave merit to his outstanding, long and dedicated service particularly in the on-going resolution of the BAICO/CLICO matter. Dr Gonsalves’ tenure on the ECCB Monetary Council spanned from March 2001 to November 2017. Board of Directors The powers of the Bank are vested in the Board of Directors which is responsible for the policy and general administration of the Bank. According to the ECCB Agreement Act Article 8 (2), “ The Board shall have power to make, alter or revoke regulations, notices and orders for the purpose of giving effect to the provisions of this Agreemen t.” The Board of Directors

During the financial year, the Council convened three meetings: 1. 88 th Meeting of the Monetary Council on 21 July 2017; 2. 89 th Meeting of the Monetary Council on 20 October 2017; and 3. 90 th Meeting of the Monetary Council on 16 February 2018. At its 90 th meeting in February 2018, the Council welcomed the Honourable Camillo Gonsalves, Minister for Finance, as the new Monetary Council member representing St Vincent and the Grenadines. Minister Gonsalves, whose appointment to the Council became effective 10 November 2017, replaced Dr the Honourable Ralph Gonsalves.