ECCB 2017-2018 Annual Report and Statement of Accounts

ECCB ANNUAL REPORT 2017/2018

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Inaugural Meeting of ECCU Attorneys General and Chief Parliamentary CounselS The first meeting with ECCU Attorneys General and Chief Parliamentary Counsels will be convened during April 2018 via videoconference to discuss various matters including the Eastern Caribbean Currency Union Electronic Conveyancing System Project and Legislative Updates. Be Advisor of Choice to Our Participating Governments in Pursuit of Fiscal and Debt Sustainability Provide Policy Advice to Participating Governments and Facilitate Capacity Building of Member Countries for Effective Debt Management The Bank will: •  • Provide support to member countries to update their MTDS; •  • Collaborate with the Commonwealth Secretariat with the testing of its new debt system, Meridian, and explore opportunities to obtain real time access to member countries’ debt data to allow for more timely reporting; •  • Undertake Debt Management Performance Assessments for member countries to assess improvements in their debt practices and policies; •  • Continue to provide support to member countries to modernise their Public Debt Management legislation upon request; •  • Update the Financial Programme/Debt Sustainability Analysis to monitor the Debt to GDP target; and •  • Provide technical assistance to issuing governments on the RGSM in the development of an Investor Relations Programme (IRP). FISCAL AND DEBT SUSTAINABILITY

As the Bank seeks to ensure a safe environment for the transmission of messages, member governments who have access to SWIFT Alliance will be provided with a more secured SWIFT application - SWIFT Alliance Lite2. In keeping with its focus of excellent banking services, the Bank will work closely with the governments to ensure that training is provided before they go live with the system. Promote Development of Financial Sector to Increase Citizen Access to Credit and Other Financial Services The ECCB will continue to collaborate with The World Bank on advancing the work completed under the FIRST Project and the implementation of a strategy and action plan for the development and diversification of the financial sector. The Bank and World Bank will also work with Participating Governments on the necessary steps for achieving operationalisation of the ECPCGC in 2018 and in particular, the establishment of the Board of Directors and the recruitment of staff. Advocate for the Establishment of a Single Financial Space The Bank intends to pursue the following initiatives in keeping with its vision for a strong and resilient financial system and for the development of the single financial and economic space: Eastern Caribbean Currency Union Electronic Conveyancing System Project The legislativedrafting phase of the Project is scheduled for completion by September 2018. The drafting phase involves consequential revision, modernisation and drafting of the harmonised land registration legislation related to the harmonised land registration law which permits the conduct of land transactions by electronic means.