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ECCB ANNUAL REPORT 2016/2017
Banking Act
– The Banking Act 2015 has commenced
in all eight ECCB member territories. The ECCB is now
the licensing authority for banks in the currency union
within a single banking space.
Amendment to the Eastern Caribbean Central Bank
Agreement
- The ECCB Agreement Amendment 2015
is now in full effect.
Eastern Caribbean Partial Credit Guarantee
Corporation Agreement and Bill
– The World Bank
commenced a project aimed at providing licensed
financial institutions with credit guarantees to improve
access to financing for SMEs, thus boosting economic
growth. This is to be accomplished by establishing
and capitalising a Regional Partial Guarantee Facility
in the ECCU. The Agreement establishing the Eastern
Caribbean Partial Credit Guarantee Corporation has
been executed by seven member governments. The
ECCB will be the regulator of the Eastern Caribbean
Partial Credit Guarantee Corporation.
Eastern Caribbean Asset Management Corporation
Agreement and Bill
–The eight Participating
Governments have passed the enabling legislation
for the establishment of the Eastern Caribbean
Asset Management Corporation (ECAMC) and have
commenced the Act.
Credit Reporting Legislation
– The Credit Reporting Bill
and Regulations were finalised and approved by the
Monetary Council for enactment by ECCU Parliaments
by September 2017.
RESOLUTION OF INTERVENED BANKS IN
ANGUILLA
Through the combined efforts of the ECCB, the
Government of Anguilla, the British Government
through the Foreign Commonwealth Office, the
IMF and the Caribbean Development Bank (CDB), a
resolution strategy for the intervened banks in Anguilla
- Caribbean Commercial Bank (Anguilla) Limited (CCB)
and the National Bank of Anguilla Limited (NBA) - was
implemented on 22 April 2016.
The ECCB therefore relinquished control of the banks
in accordance with Article 5E (2)(b) of the ECCB
Agreement and appointed a Receiver under Section
137 of the Banking Act of Anguilla, No. 6 of 2015. As at
the date of relinquishment, both institutions ceased to
carry on banking business in Anguilla.
Representatives from the Ministries of Finance and Attorneys General Offices in the ECCU met on 10 and 11 January 2017 at the St Kitts Marriott
Resort to discuss the draft legislation for the establishment of the Eastern Caribbean Partial Credit Guarantee Corporation