ECCB 2017-2018 Annual Report and Statement of Accounts

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ECCB ANNUAL REPORT 2017/2018

ECCU Credit Bureau During the next financial year, it is expected that the Credit Reporting Bill and Regulations will be passed in the other member countries. Following this, the selection process for the credit operation and the supervisory framework will be undertaken, followed by the commencement of the development process for the ECCU Credit Bureau. Improve Payments Infrastructure to Adapt to Evolving Market Expectations The Bank is expected to deliver on the following activities in the upcoming financial year: •  • Reactivation of the Eastern Caribbean Payments Council (ECPC) with revised Terms of Reference. The Payments Council will serve as a forum for supporting efficient payments and settlements and maintaining orderly conditions in the ECCU Payments System; •  • Establishment of rules and procedures for the Real Time Gross Settlement (RTGS) system that are consistent with the law and undertake changes in Eastern Caribbean Automated Clearing House (ECACH) access policies to ensure that the infrastructure is optimised; •  • Definition of the criteria for designation of funds transfer systems under the Payment System Act; •  • Provision of support for the full implementation of the Electronic Funds Transfer (EFT) system; •  • Development of regulations for various aspects of the payment system covered under the Payment SystemAct especially thedevelopment of electronic wallets; and •  • Coordination of a meeting of all financial sector regulators to review the licensing regimes of payment models under the various pieces of payments system legislation.

Solution (SES). The upgraded version of the SES will become the central repository for all data collected by the ECCB (including other financial institutions, External Sector, Real Sector, Debt, Fiscal and the Regional Government Securities Market (RGSM)) and will enhance the experience of existing and new data providers, compilers and users of the data. Develop Macro Prudential Framework The ECCB will continue to work towards the development of a fully-fledged macro prudential framework for the ECCU region. Planned activities for 2018/19 include: •  • Preparation and publication of the ECCU Financial Stability Report 2017; •  • Discussions and consultations towards the passage of legislation to codify the financial stability mandate; •  • Development of an interconnectedness map of the ECCU financial sector; •  • Development of a macro prudential stress testing framework for the financial sector; •  • Presentation of a framework to identify systemically important financial institutions; and •  • Furtherance of the research work in relation to financial risk. Deliver New Risk Management Infrastructure to Support ECCU Financial Sector Deposit Insurance Fund The Bank will finalise its policy paper on deposit insurance and, based on the policy selection and approval, coordinate the drafting of deposit insurance legislation for the ECCU. The establishment of a Deposit Insurance Fund for the ECCB member countries will strengthen the new risk management infrastructure.