ECCB 2018-2019 Annual Report and Statement of Accounts

ORGANISATIONAL EFFECTIVENESS

Strengthen the forward looking and robust research agenda In support of more effective and efficient monitoring of the financial sector and financial sector stability, the Bank continued to refine revisions to prudential returns. The Bank convened video conferences and workshops with commercial banks and other ECCB licensed non- bank financial institutions to discuss the contents of the revised prudential returns and the changes required for upload of the data through a secure web-based server powered by SAS. Discussions were held with these institutions on the next steps and an implementation date was set following those discussions. Implementation is scheduled for 2020. As part of its mandate, the ECCB conducts research on issues that affect its member governments. These issues are often the core of policy discussions within member countries and at the ECCB, and serve to elucidate and influence polic design in a thoughtful manner. To this end, the Bank produced several papers and policy briefs in the financial year, which are directly linked to its strategic goals.

Chief Director (Policy) Appointed In keeping with the Bank’s new organisational structure, D Tracy Polius, a national of Saint Lucia, assumed the position of Chief Director (Policy) on 7 January 2019. The Chief Director (Policy) is responsible for providing the vision, leadership and management for the development

Maintain a Strong and Stable EC Dollar ƒ ƒ The Optimal Level of Reserves for the ECCU

of a coherent and coordinated policy and research programme that supports the Bank’s Strategic Plan and facilitates delivery on its mandate as outlined in Article 4 of the ECCB Agreement. The executive functions will include: serving as the management liaison to the Executive Committee on policy matters relating to the Bank’s strategic goals and facilitating discussions pertaining to challenges (internal and external) in advancing policy initiatives and submission of findings to the Executive Committee. Polius is an economist with a blend of experience in public policy, commercial banking and academia. She has worked with the Government of Saint Lucia in various capacities including: Deputy Director of Economic Affairs from 2002 to 2007 and Permanent Secretary, Planning and National Development from 2014 to 2017. Immediately prior to this appointment, she served as Permanent Secretary in the Departments of Housing and Physical Planning from 2017 to 2018. She also worked as a Research Fellow at the Caribbean Centre for Money and Finance, UWI, where she served as co-editor of the Journal of Business, Finance and Economics in Emerging Economies among other duties.

Ensure a Strong, Diversified and Resilient Financial Sector ƒ ƒ A Proposed Framework for Identifying Systemically Important Commercial Banks and Credit Unions in the ECCU ƒ ƒ Proposed Framework for Identifying Systemically Important Commercial Banks and Credit Unions in the ECCU – A Country Assessment

Be Advisor of Choice to our Participating Governments in Pursuit of Fiscal and Debt Sustainability ƒ ƒ An Evaluation of the Post Crisis Fiscal Performance of ECCU Member Countries ƒ ƒ The Economic Impact of Caribbean Premier League (CPL) on the ECCU Countries Actively Promote the Economic Development of our Member Territories ƒ ƒ Failure to Launch: Unleashing the ECCU’s Global Competitiveness Potential ƒ ƒ The Impact of Oil Price Fluctuations on Macroeconomic Variables in the ECCU ƒ ƒ Locked and Loaded: The US-China Trade War – Should the ECCU Worry? ƒ ƒ What is Driving Tourism Flows to the ECCU? Insights from a Gravity Model ƒ ƒ The Impact of the Closure of Petrotrin on ECCU Member States

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