ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

August 2022; and z In December 2022, the Honourable Minister for Finance – Commonwealth of Dominica, Dr Irving McIntyre, replaced the Honourable Prime Minister, Roosevelt Skerritt. By virtue of holding the portfolio of the Minister with responsibility for Finance in their respective member countries; and in keeping with the Articles of the ECCB Agreement Act, the Honourable Dr Drew and the Honourable Dr McIntyre were duly appointed as the Monetary Council Members. Meetings of the Monetary Council Statutory Meeting Dates Article 7 (2) of the ECCB Agreement states, “The Council shall meet not less than twice each [calendar] year to receive from the Governor the Bank’s report on monetary and credit conditions and to provide directives and guidelines on matters of monetary and credit policy to the Bank and for such other purposes as are prescribed under this Agreement.” The ECCB Monetary Council Rules further clarify the location for meetings: ; February: At the principal office of the Eastern Caribbean Central Bank, Bird Rock, Basseterre, Saint Christopher (St Kitts) and Nevis; ; July: In the country of the Participating Government whose representative is due to assume chairmanship of the Council; and ; October: Via videoconference or other approved medium from the Bank’s Headquarters in Saint Christopher (St Kitts) and Nevis to the offices of the respective Council members or Alternate members. Monetary Council Meetings convened during the 2022 calendar year: • 101 st Meeting - 25 February 2022 (Virtual) • 102 nd Meeting - 22 July 2022 (Face-to-face)

Saint Lucia • 103 rd Meeting - 25 November 2022 (Virtual)

Special Meeting of the Monetary Council The ECCB Monetary Council Rules also make provision for Special Meetings of the Council: “...such other meetings shall be held as the Chairman may determine or upon receipt by the Chairman of a written request signed by not less than two (2) members and expressly stating the reason for the request.” A Special of the Monetary Council was held on 8 April 2022 to receive and approve recommendations on addressing the CLICO International Life (CIL) Resolutions and allowed for the Council to further discuss and reach consensus on the way forward to address the challenges of payments to Eastern Caribbean policy holders. The Ministerial Subcommittee on Insurance, under the Chairmanship of the Honourable Prime Minister and Minister for Finance, Antigua and Barbuda, Gaston Browne, supports the Monetary Council. The Committee’s mandate is to engage the ECCU insurance regulators on policy matters affecting the insurance sector; and to oversee the implementation of the decisions taken by the Monetary Council pertinent to the regulation, supervision and rationalisation of the insurance sector. The other members of the Subcommittee are: Honourable Minister for Finance, Commonwealth of Dominica, Dr Irving McIntyre, and Honourable Minister for Finance, Saint Vincent and the Grenadines, Camillo Gonsalves. Ministerial Subcommittee on Insurance Meetings held during the calendar year 2022: • 1 April 2022 Ministerial Subcommittee on Insurance Meetings

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