ECCB 2025-2026 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2025 - 2026

Legislative Agenda

T he Bank, in collaboration with member countries, continued to make strides in advancing the regional legislative agenda. Under Pillar 1, Financial Stability, the following legislative initiatives were advanced: Banking (Amendment) Bill, 2024 Progress was achieved towards the enactment of the Banking (Amendment) Bill, 2024. The Bill features enhancements to the regulatory framework which embody banking and supervisory best practices. In particular, the Bill introduces a new area of market conduct supervision which supports consumer protection, promotes financial literacy and inclusion and market integrity. At its 108 th Meeting convened on 19 July 2024, the ECCB Monetary Council considered and approved the Banking (Amendment) Bill, 2024 for passage in member countries. The Bill and explanatory Memorandum were submitted to member countries on 20 November 2024 for the consideration of Cabinets and subsequent enactment by the respective Parliaments. To date, the Bill has been Gazetted in Saint Vincent and the Grenadines, Antigua and Barbuda and Saint Christopher (St Kitts) and Nevis and is awaiting Gazetting in Grenada and Montserrat. Deposit Insurance Corporation Agreement Bill Member countries advanced the enactment of the Eastern Caribbean Deposit Insurance Agreement Bill.

the domestic sphere of each member country. It provides the framework for bringing the ECCU in line with international best practices with respect to having a comprehensive financial safety net system. Its purpose is to ensure the financial intermediation process is not severely disrupted by negative events, such as bank failures. The Agreement, along with the Bill, was submitted on 24 January 2025 to member countries for the consideration of their respective Cabinets and enactment by their Parliaments. The Deposit Insurance Corporation Agreement has been signed by all member countries. To date, the Deposit Insurance Corporation Agreement Bill has been passed in Grenada, Antigua and Barbuda and Saint Vincent and the Grenadines. Eastern Caribbean Asset Management Corporation Agreement (Amendment) Bill In February 2024, the Monetary Council approved the Eastern Caribbean Asset Management Corporation Agreement (Amendment) Bill. The objective of the Bill is to clarify that the Eastern Caribbean Asset Management Corporation (ECAMC) is eligible for appointment as a receiver of a financial institution under the Banking Act, 2015. The Bill was submitted to member countries in March 2024 and, to date, has been passed in Grenada, Montserrat, Saint Lucia, Saint Christopher (St Kitts) and Nevis and Saint Vincent and the Grenadines.

This initiative is not relevant to Antigua and Barbuda as the legislation in Antigua and Barbuda already

The Bill is meant to operationalise the Eastern Caribbean Deposit Insurance Agreement within

54