ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 - 2024

5 October: Via videoconference or other approved medium from the Bank’s Headquarters in Saint (St Kitts) and Nevis to the offices of the respective Council members or Alternate members. 2023 Meetings of the ECCB Monetary Council • 105 th Meeting - 19 July 2023, (Face-to-Face) Saint Vincent and the Grenadines • 106 th Meeting - 20 October 2023 (Virtual) The Ministerial Subcommittee on Insurance, a subcommittee within the ECCB Monetary Council, is chaired by Honourable Gaston Browne, Prime Minister and Minister for Finance, Antigua and Barbuda. The Chair is supported by Honourable Dr Irving McIntyre, Minister for Finance, Commonwealth of Dominica; and Honourable Camillo Gonsalves, Minister for Finance, Saint Vincent and the Grenadines. The Ministerial Subcommittee guides the work of the Monetary Council on policy matters affecting the insurance sector. The Committee oversees the implementation of the decisions taken by the Monetary Council pertinent to the regulation, supervision and rationalisation of the insurance sector. Meetings are convened on a calendar year basis. In 2023, one Meeting of the Ministerial Subcommittee on Insurance was held virtually on 3 April 2023. 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 Ministerial Subcommittee on Insurance Meetings

Hotel. Subsequent to the Council meeting, Minister Gonsalves engaged media personnel and presented the Communiqué of the 105 th Meeting of the Monetary Council. Minister Gonsalves will hand over the Chairmanship in July 2024 to the Council Member for Anguilla. New Monetary Council Member Honourable Dennis Cornwall, Minister for Finance, Government of Grenada, was welcomed to the ECCB Monetary Council in 2023. By virtue of acquiring the portfolio of the Minister with responsibility for Finance, and in keeping with the Articles of the ECCB Agreement Act, the Honourable Minister was appointed to the Monetary Council effective 3 April 2023. M eetings of the M onetary C ouncil 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.” Monetary Council Meetings are held on a calendar year basis. The ECCB Monetary Council Rules further clarify the location for meetings: 5 February : At the principal office of the Eastern Caribbean Central Bank, Bird Rock, Basseterre, Saint Christopher (St Kitts) and Nevis; 5 July: In the country of the Participating Government whose representative is due to assume Chairmanship of the Council; and

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