ECCB 2017-2018 Annual Report and Statement of Accounts

ECCB ANNUAL REPORT 2017/2018

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financial institutions with clarity on the use of polymer substrate for the ECCB Banknotes; •  • Review of currency services and costs with a view to eliminate loss making coins. •  • Continue activities related to the withdrawal of the 1 cent and 2 cent coins; •  • Improve business relations with the commercial banks in the ECCU through ‘Know Your Money Seminars, Counterfeit Training Sessions and Treasury Officers Workshops; and •  • Provide opportunities for training, development and mentoring of staff in the area of counterfeiting and treasury operations and supervision. The Bank will implement the following cost-saving and operational efficiency solutions: Upgrade the current currency management solution This solution will facilitate new operations, including the processing of polymer notes. Building Management Solution The building management solution will centralise the administration of the mechanical and electrical equipment on the ECCB Campus. The objective of this project is to increase operational efficiency and reduce energy cost. Implementation of IP Telephony Phase II After the successful launch of the IP Telephony migration that resounded the ECCB’s “One Voice” across the territories, Phase II of the project will complement the solution in offering SIP Trunks to reduce cost for international calls. The successful implementation of this project should further reduce communication costs to the Bank while improving organisational effectiveness and efficiency.

ORGANISATIONAL EFFECTIVENESS

Enhance Organisational Effectiveness to Ensure Responsiveness and Service Excellence Return the Bank to Profitability Through Operational Cost Efficiencies Financial Performance For the 2018/19 financial year, the Bank will focus on the following key initiatives and programmes toward enhancing its financial performance: •  • Monitor financial performance and place emphasis on expenditure control to contain total expenditure in line with income from foreign reserve assets; •  • Improve the Bank’s accounting framework by implementing new standards, thereby ensuring financial results are reported fairly in accordance with International Financial Reporting Standards; •  • Collaborate with all departments in the planning and budgeting process considering the Bank’s on-going operations and strategic priorities to achieve the goals set out in the five-year Strategic Plan 2017-2021; and •  • Continue to leverage automation in work processes to achieve greater efficiencies in operations. Currency Mangement The Bank will continue to review the operations and systems to ensure that its currency services are delivered in the most efficient and cost effective manner. The activities that will be undertaken are: •  • Management of the migration process for the change in substrate for the ECCB banknote from paper to polymer; •  • Execution of a consultation and sensitisation programme that would provide the public and