ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 - 2024

M odernisation of the A ppraisal S tandards in the ECCU

D eposit I nsurance The Bank advanced its objective to establish a Deposit Insurance System (DIS) for the ECCU financial system to protect small, less sophisticated depositors. The DIS will include deposit

The Modernisation of Appraisal Standards in the ECCU project ended in 2023/24, with the submission of the report from the Royal

Institution of Chartered Surveyors consultants.

insurance legislation, a Deposit Insurance Corporation, and a Deposit Insurance Fund. Substantive feedback on the draft Deposit Insurance

The Bank advanced its objective to establish a Deposit Insurance System for the ECCU financial system to protect small, less sophisticated depositors.

Appraisal Standards, particularly in the context of the ECCU, establish the guidelines and requirements

for appraisers to develop and report on their analyses, opinions, and conclusions of real estate being used as collateral. The standards also help to promote and maintain integrity and trust in the valuation profession.

Policy and Bill was received from stakeholders throughout the financial year. The Bill will be finalised and submitted to the respective member countries during the 2024/25 financial year for enactment. I mplementation of ISO20022 The ECCB continued efforts towards its readiness for full implementation of the new International Organisation for Standardisation (ISO) standard (ISO20022) by November 2025, by ensuring that the requirements were adequately captured in the design of the new Banking solution. This new standard for payment messaging will provide enhancements and improved efficiencies in the processing of financial transactions. G reening the F inancial S ystem I nitiative The ECCB’s commitment to building climate change resilience across the region strengthened focus on harnessing the power of the financial system to realise low-carbon transition in member states as work advanced

The project was implemented in 2022 to address the rising non-performing loans (NPL’s).

The overall objective of the project was to strengthen and harmonise the valuation standard and reporting frameworks within the ECCU. It also sought to increase the technical capacity of staff at financial institutions and regulatory authorities and establish a uniform approach and methodology for appraisals of real estate in the ECCU. The scope of the project covered: (i) stakeholder mapping and engagements; (ii) delivery of training to ECCB staff, licensed financial institutions and regional appraisers, (iii) a review and update of the ECCU Prudential Standards; and (iv) recommendations for achieving consistency and increasing confidence in valuations.

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