ECCB 2018-2019 Annual Report and Statement of Accounts

ORGANISATIONAL EFFECTIVENESS

Return the Bank to Profitability Through Operational Cost Efficiencies Indicative Rates Application The ECCB developed an upgraded Indicative Rates Application which is expected to go live in the first quarter of the 2019/2020 financial year. The application will result in cost savings and improve efficiency as it facilitates the automatic distribution of the indicative rates to the Bank’s clients.

IP Telephony Solution Implementation of IP Telephony Phase II: The installation of SIP Trunks was completed in June 2018. The Bank is now realising a reduction in the cost for international calls.

Greening of the Campus Project The Greening of the Campus inclusive of the Solar Canopy Project was conceptualised to serve as a cost effective measure for the Bank.

The pilot phase of the Solar Canopy component of the project commenced during the year. The design and engineering of the canopies were completed. The canopies are structured for parking beneath each one and will provide shade and light to the area and energy support to the Bank thereby positively contributing to the Banks organisational effectiveness mandate. The selection process for the general contractor for the project has started and is expected to be completed by 30 April 2019. Phase I of the project is expected to be completed by September 2019. The Phase two preparation is concurrently being planned and that Phase is expected to be completed by the end of March 2020. Change in Substrate of EC Banknotes During the year, the Bank concentrated on the design phase for the implementation of the change in banknote substrate for the ECCB family of banknotes from paper to polymer as approved by the Monetary Council. The Bank, in collaboration with De La Rue International Ltd, completed the design and printing of the new family of polymer banknotes to start circulation in the first quarter of the 2019/20 financial year. In preparation for the launch of the New Family of ECCB Banknotes, the Bank executed a public education campaign throughout the ECCU on the use and features of the polymer banknotes. Through this initiative, it is expected that fewer banknotes would be issued, as the polymer banknotes would last longer in circulation.

Eliminate Loss-Making Coins The Bank continued its thrust to eliminate loss-making coins and the withdrawal of the one and two-cent coins. This is projected to be completed in 2020.

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