Eastern Caribbean Central Bank 2024-2025 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2024 - 2025

Areas of Focus 2025-2026

establishing the Board of Directors; advertising for a Chief Executive Officer (CEO) and Administrative Assistant; and preparing the necessary documentation and initiatives to facilitate the launch of the ECDIC, including a public awareness campaign as part of financial literacy education. Secured Transaction and Collateral Registry Reform The focus for 2025/2026 will be on engaging policy and legislative consultants to research and draft secured transactions and collateral registry legislation for the ECCU countries, with the exception of Saint Lucia, which has already enacted the law for secured transactions and collateral registry. With assistance from the IFC, CDB and the Collateral Registry in Saint Lucia, the goal is to champion and assist the seven other ECCU member states in researching, conducting stakeholder consultations, bill writing, capacity building, and public awareness for project reform. Establishment of the ECCU Credit Bureau Looking ahead to fiscal year 2025/2026, the ECCB remains committed to ensuring the full integration of all remaining banks and credit unions into the Credit Bureau system. This will ensure that the Credit Bureau has a complete and accurate representation of credit-related data across the financial system. This integration will also foster a more transparent and efficient credit market by: 1. Enhancing risk assessment and credit decision-making by lenders; 2. Reducing information asymmetry between borrowers and lenders; 3. Supporting responsible lending practices; and

4. Promoting financial stability and inclusion across the ECCU region.

A comprehensive dataset will help lenders better evaluate creditworthiness, leading to more competitive loan terms for borrowers and an overall healthier financial ecosystem. To achieve full integration, the ECCB is actively engaging with the remaining banks and credit unions to encourage and support their participation in the Credit Bureau system. This includes conducting targeted stakeholder consultations, and training sessions with the Credit Bureau to address operational and technical challenges. The ECCB is also working closely with national regulators and financial institutions to ensure compliance with the Credit Reporting Act, while providing technical assistance to facilitate a smooth onboarding process. Additionally, the ECCB is strengthening institutional capacity by helping financial institutions align their internal processes with credit bureau standards, and is continuously monitoring progress to ensure the full integration of all relevant entities across the ECCU. A key priority in 2025/2026 will be the onboarding of secondary credit information providers, which will enhance the completeness and accuracy of credit portfolios, thereby providing a more comprehensive financial profile of data subjects. According to Section 27 of the Credit Reporting Act, secondary credit information providers (CIPs) include: 1. Utilities (such as water, electricity, and telecommunications providers); 2. Insurance companies;

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