ECCB 2018-2019 Annual Report and Statement of Accounts

ORGANISATIONAL EFFECTIVENESS

29 th Annual Conference With Commercial Banks T he 29 th Annual Conference With Commercial Banks was held over the period 8 to 9 November 2018 under the theme, “Fit for the Times! Transforming the ECCU Financial System.” The over 100 participants included, academicians and practitioners from across the ECCU and the international community. The Conference was divided into two sub-themes: (i) Financial Innovation and Inclusion in the ECCU and (ii) Protecting Our Financial System. Financial Innovation and Inclusion in the ECCU The three areas covered were: (1) The Cash-Less Transition, What’s Next? (2) Integrated Payments Infrastructure: Implications for Commercial Banks and (3) Near Bank Financial Institutions? Are the Rules of Engagement Still Appropriate? The discussions highlighted the developments in the financial systems towards a cash less society and focussed on the nature of the payments by individuals within and outside the ECCU including: mobile banking, mobile money, digital currency and digital fiat currencies. The participants also analysed integrated payments infrastructures and their implications for commercial banks. The panellists noted that an integrated payments infrastructure could lead to cost effective financial products while allowing for collaboration with partners in the industry and empowering the consumer. The discussions also highlighted that with data, firms are able to generate revenue, make policy decisions, and develop the most appropriate infrastructure for achieving strategic objectives. The panellists explored the regulatory stance regarding Near-Bank Financial Institutions (NBFIs). During the discussion, it was noted that NBFIs are important for enhancing financial inclusion. Although these institutions continue to evolve, there is a need to relook the regulatory and supervisory framework for all institutions, including the NBFIs within the financial system. Protecting Our Financial System. The topic discussed was: ECCU Household Debt: A Crisis in the Making? In examining the issues of household debt, the presenters put forward thought provoking perspectives and discussed key facets of the topic, including the level of deposits relative to household debt, the ECCU’s financial system in relation to other Latin American and Caribbean Countries and what steps can be taken, if any, to ensure that the financial system remains resilient.

The conference culminated with a closed business session with commercial banks and Non-Bank Financial Institutions, ECCU Ministries of Finance and the ECCB.

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