ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 - 2024

Technical assistance was sought from the IMF to review the policy.

submitted to key stakeholders including, the Financial Secretaries, Attorneys General, ECCU Banker’s Association, Credit Unions and Single Regulatory Units (SRUs)/Financial Services Regulatory Commission (FSRC), for a third round of reviews. The feedback from stakeholders informed the final draft of the Bill which will be presented to the ECCB Board of Directors in June 2024 and the Monetary Council in July 2024. C redit R eporting B ill The remaining two member countries have enacted the Credit Reporting Bill. Since then, the Regulations were published by all member countries. This paves the way for the operationalisation of the credit bureau in the ECCU. The development of a credit reporting infrastructure would allow for the local credit markets to function more efficiently. This will provide financial institutions and other lending institutions with an additional mechanism to evaluate the creditworthiness of their customers and monitor their credit circumstances. D evelopment of the L egal and R egulatory I nfrastructure to S upport the E stablishment of a M acro P rudential R isk -B ased P olicy F ramework in the ECCU, I nclusive of F inancial S tability L egislation The Bank engaged its partners to further articulate the policy proposal for the establishment of a macroprudential risk-based policy framework in the ECCU inclusive of Financial Stability Legislation.

It is anticipated that the drafting of legislation will begin on completion of the policy following distillation of the feedback from IMF. B anking A ct A mendments The Bank commenced the drafting of the legislative amendments to the Banking Act to ensure the creation of a regulatory environment that is consistent with best banking and supervisory practices. H armonised I nsolvency and B ankruptcy L egislation The ECCB continued its efforts to promote the development of a modern insolvency and bankruptcy framework in the ECCU. In this regard, the ECCB participated in the review of the CARICOM Draft Model Insolvency Bill which provides for, inter alia, updated provisions relating to the regulation of insolvency and bankruptcy, providing for the appointment of a Supervisor of Insolvency, the licensing of trustees, corporate and individual insolvency, and the rehabilitation of insolvent debtors. The ECCB also continued to explore avenues for funding capacity building initiatives to member countries. V irtual A sset B usiness B ill The Bank continued to follow up with member governments on the enactment of the Virtual Asset Business Bill. The Bill has now been passed in seven of the eight ECCB member countries.

The Bank also secured technical assistance

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