ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

authorised printers of the EC banknotes. 4. Continue training in ‘ Know Your Money ’ for cash handlers throughout the Eastern Caribbean Currency Union on the features of the EC polymer banknotes. 5. Initiate public campaigns on the replacement of the Queen Elizabeth II on the bank notes and coins. 6. Conduct Expert Witness training in matters relating to ECCB Banknotes for police and other law enforcement officers in the ECCU. 7. Participate in additional commemorative coin programmes with international partners/ agencies and Bank’s own commemorative programme. 8. Continue operational involvement in the Digital EC Currency pilot project. Legislative Agenda Revisions to the ECCB Agreement The Bank will seek the approval of the Monetary Council on the proposed amendments to the Eastern Caribbean Central Bank Agreement to enhance the legal framework for accountability and transparency in the Bank’s decision making structures for autonomy, accountability and transparency in an effort to strengthen the Bank’s governance framework. Once approved, an amendment Bill will be drafted for submission to member countries. Deposit Insurance Legislation The Bank will accelerate its efforts towards the creation of a deposit insurance system in the ECCU. Following the finalisation of the Agreement and Bill, consultations will be held with stakeholders across the ECCU region. This consultative process will culminate in the submission of deposit insurance legislation to member countries for enactment.

critical element in the risk management infrastructure supporting the ECCU financial sector. It will also be aligned with the prudential supervision of licensees which would result in a robust modern institutional framework that will mitigate the risk levels within the sector. Legal and Regulatory Infrastructure - Macro Prudential Risk-Based Policy Framework in the ECCU The Bank will advance efforts in developing the legal and regulatory infrastructure to support the establishment of a macro prudential risk based policy framework in the ECCU inclusive of Financial Stability Legislation. This legislation will confer the statutory mandate for financial stability in the ECCB, as the macro prudential regulator, and will include a framework to facilitate coordination and cooperation among the respective financial supervisory authorities to address issues of systemic risk and crisis response coordination. Following completion of the policy documents, the legislation will be drafted for submission to member countries. The Bank, in collaboration with member governments and regional and international stakeholders, will support initiatives to bring the region closer to developing a modern insolvency and bankruptcy framework in the ECCU. This will be achieved through the establishment of modern legislation and by strengthening capacity among key stakeholders. Virtual Assets Business Legislation During the 2023-2024 Financial Year the Bank will continue to support member countries in completing the legislative framework for virtual assets regulation and supervision in the ECCU. Establishment of a Modern Insolvency/ Bankruptcy Framework in the ECCU

The legislation will herald the establishment of a deposit insurance system in the ECCU which will be a

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