ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

• 26 August 2022 • 18 November 2022

for terms not exceeding three years and are eligible for re-appointment. The Governor and the Deputy Governor are appointed by the Monetary Council for a period not exceeding five years and are eligible for re-appointment. The Governor The Governor serves as Chairman of the Board of Directors. As Chief Executive Officer of the Bank, the Governor is responsible to the Board for the implementation of policies and the day-to-day management of the Bank. He is required to attend all meetings of the Monetary Council. The Governor has the authority to act, contract and sign instruments and documents on behalf of the Bank, and may by resolution of, and to the extent deemed appropriate by the Board, delegate such authority to other officers. The Deputy Governor In accordance with the ECCB Agreement, “During the absence or disability of the Governor or during any vacancy in the office of the Governor, the Deputy Governor shall exercise the powers and duties of that office. The Board shall make provision for the simultaneous absence or disability of the Governor and the Deputy Governor.” Like the Governor, the Deputy Governor is to devote the whole of his/her professional time to the service of the Bank while holding office. Meetings of the Board of Directors The Board is required to meet as often as the business of the Bank may require; but not less than once every three (3) calendar months. During any given year, the Board convenes four (4) meetings. Five Directors at any meeting constitutes a quorum. Within the governance framework, six subcommittees assist with the execution of the mandate of the Board: 1. Board Audit and Risk Committee

Monetary Council Policy Sessions To further inform and provide context to the work of the Monetary Council and given the significant challenges facing the ECCU region, the Council continued its series of Monthly Monetary Council Policy Sessions in 2022. The following were the areas of focus for the Policy sessions convened in 2022: ; Feasibility of Deploying of an Economic Growth Lending Instrument in the ECCB - 21 January 2022 ; Financial Stability - 29 April 2022 ; Credit Risk Management - Resolving High NPLs in the ECCU - 2 September 2022 The Board of Directors The powers of the Bank are vested in the Board of Directors. The Board of Directors is responsible for the policy and general administration of the Bank. According to the ECCB Agreement Act Article 8 (2), “The Board shall have power to make, alter or revoke regulations, notices and orders for the purpose of giving effect to the provisions of this Agreement.” The Board of Directors is responsible for submitting recommendations to the Monetary Council on such matters as the external value of the EC dollar; the denomination, composition, form and design of the currency to be issued; the terms and conditions for temporary advances to participating governments and interest rates. Appointed Directors are required to consider the interests of all the members of the ECCU in their decision-making process. Composition of the Board of Directors The Board consists of the Governor, Deputy Governor and one Director appointed by each Participating Government. The Appointed Directors are installed

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