ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 -2024

F acilitate the E stablishment of a M odern I nsolvency /B ankruptcy F ramework in the ECCU In the upcoming year, the Bank, in collaboration with member governments and regional and international stakeholders, will continue to support initiatives geared towards the development of a modern insolvency and bankruptcy framework in the ECCU. That will be achieved through the establishment of modern legislation and by strengthening capacity among key stakeholders. R egional S tandards S etting B ody The Bank commenced consultation with stakeholders on the establishment of the Regional Standards Setting Body starting with presentations to LFIs under the Banking Act 2015. During the 2024/2025 financial year, consultations will continue with presentations to national regulators, Attorneys General and chief parliamentary councils. E stablishment of ECCU C redit B ureau The ECCB will support the launch of the Credit Bureau operations throughout the ECCU, provide regulatory oversight of the licensed Credit Bureau’s implementation of credit reporting operations, and continue to conduct credit reporting education and awareness activities. S trengthening AML/CFT S upervisory F ramework The ECCB will continue to assist member countries with their implementation of AML/ CFT risk based regulation methodologies, train regulators in beneficial ownership, and facilitate AML/CFT training for the ECCU legal fraternity

and law enforcement agencies.

S ecured T ransaction and C ollateral R egistry The ECCB will coordinate with the International Financial Corporation (IFC) to facilitate the ECCU Secured Transaction and Collateral Registry (STCR) initiative across the ECCU. The focus for the period will be on legislative drafting and consultations for the countries. Discussions will also advance on working with Saint Lucia to establish the Regional Collateral Registry. Further technical assistance will be provided to the national and regional regulators to design stress testing and scenario analysis, develop the reporting framework and identify the data needs for climate-related financial risks. Additional training and awareness will also be undertaken. The Bank is establishing various committees, technical working groups and related task forces as part of the wider regional and national coordinating and delivery mechanisms for the GFSI. Those mechanisms will also support the development and implementation of the green finance strategy and climate risk framework, tools and roadmaps commencing 2024/2025. The execution of those institutional and regional coordination arrangements are also being facilitated via a trilateral Memorandum of Understanding (MoU) partnership agreement to be executed with participation from ministries of environment, ministries of finance/planning, I ntegrating C limate -R elated F inancial R isks in F inancial S upervision G reening the F inancial S ystem I nitiative (GFSI)

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