ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 - 2024

Participating in and the capturing of first place in a Healthy Business Challenge (HBC), an annual initiative of the St Kitts Ministry of Health, also formed part of the key health and wellness initiatives of the Bank. The HBC assessed

its further development. The specific objectives were as follows: ; Determine whether the roles and responsibilities for the management of the RGSM were clearly defined and effectively executed; ; Evaluate the efficiency and effectiveness of the operations of the RGSM; and ; Assess the development of the RGSM for compliance with strategic direction and best practice. The RGSM is a local currency bond market developed in November 2002, for the primary issuance of government debt securities for the ECCB participating governments. The RGSM also provides a cheaper financing alternative for the member governments. The RGSM is of strategic importance to the development of the region as it provides more sustainable and diversified financing for the ECCU governments, while expanding investment opportunities for regional and international investors. An internal audit of the Payment System Development and Oversight function was conducted over the review period. The ECCU payment system encompasses all payments, settlements, and depository activities, processes, mechanisms, infrastructure, institutions, and users within the ECCU. The purpose of the audit was to determine whether the development and oversight function was compliant with the Committee on Payment and Settlement Systems (CPSS) and the International Organisation of Securities Commissions (IOSCO) responsibilities for central banks, market regulators and other

Members of ECCB Staff Association receive 2023 Healthy

participating institutions in three categories- healthy eating, physical activity and overall health and wellness. In October 2023, staff and spouses participated in a free on- site health screening initiative in collaboration with the St Kitts and Nevis Ministry of Health, Wellpoint Medical & Oncology, and the Windsor University School of Medicine. The initiative offered the option for breast screening and general health screening. Business Challenge 1 st place award from Chief Medical Officer Over the financial year, assurance was provided on Project BOOST, the project that oversees the replacement of the Bank’s current Enterprise Resource Planning (ERP) solution. Two staff members were assigned fulltime to monitor the project’s deliverables and escalate any risks that were materialising. An audit of the Regional Governments Securities Market (RGSM) was conducted. The purpose of the audit was to evaluate the effectiveness of the processes utilised in the management of the RGSM, and to assess the efforts made towards INTERNAL AUDIT FUNCTION

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