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ECCB ANNUAL REPORT 2016/2017
T
he financial year 2016/17 marked my first full year
in office. It was a highly successful year filled with
several highs and one major low.
Our major low was the loss of the Hon Sir K Dwight
Venner on 22 December 2016. Sir Dwight was
our longest serving Governor, having served from
1 December 1989 to 30 November 2015.
On a brighter note, our ECCB family had occasion
to celebrate when the Monetary Council agreed to
name the main building at the Bank’s Headquarters in
Sir Dwight’s honour. It was a wonderful time of
celebration and healing for all of us and especially
Lady Venner and his immediate family. We took some
comfort from the fact that this decision was taken
prior to Sir Dwight’s passing and he knew of our plans.
As I said then and I quote:
“
May his name, emblazoned on our ECCB Campus,
bear perpetual testimony to his colossal contribution,
not just to the Eastern Caribbean Central Bank, but to
our Caribbean people and civilisation.
”
With reference to the Bank’s performance, the key
results for this year include:
y
y
Maintenance of a strong EC dollar with a
backing ratio which stood at 97.39 per cent as
at 31 March 2017;
y
y
Improved soundness of ECCU banks;
y
y
Restored profitability - EC$6.3 million, which
was a particularly welcomed development after
three consecutive years of losses;
y
y
Launch of aweekly public education programme
-
ECCB Connects
;
y
y
Launch of a Country Outreach Programme
which facilitated a deeper engagement with
ECCB member governments, Opposition
leaders and social partners such as businesses,
labour unions, churches, civil society and the
media.
y
y
Development of a Bank-wide Enterprise Risk
Management function
and the appointment of
a Chief Risk Officer.
On the international scene, global growth continued
to be at all-time lows for too long, recording 3.1 per
cent for 2016. In addition, there were several major
Making Strides Towards the Socio-Economic
Transformation of the ECCU
Timothy N. J. Antoine
GOVERNOR