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ECCB ANNUAL REPORT 2016/2017
Article 7 (2) of the ECCB Agreement states, “The Council
shall meet not less than twice each year to receive
from the Governor the Bank’s report on monetary
and credit conditions and to provide directives and
guidelines on matters of monetary and credit policy to
the Bank and for such other purposes as are prescribed
under this Agreement.” During the financial year, the
Council convened three regular meetings:
•
•
85
th
Meeting of the Monetary Council
22 July 2016;
•
•
86
th
Meeting of the Monetary Council
21 October 2016; and
•
•
87
th
Meeting of the Monetary Council
2 March 2017.
Board of Directors
The Board of Directors is responsible for the policy and
general administration of the Bank. According to the
ECCB Agreement Act, “The Board shall have power to
make, alter or revoke regulations, notices and orders
for the purpose of giving effect to the provisions of
this Agreement.” It makes recommendations to the
Monetary Council on suchmatters as the external value
of the EC dollar; the denomination, composition, form
and design of the currency to be issued; the terms and
conditions for temporary advances to participating
governments; and interest rates.
The Board consists of 10 Directors. Eight are appointed
by the Monetary Council upon the recommendation
of the respective Participating Governments. These
Directors are appointed for a three-year term and are
eligible for re-appointment in accordance with Article
9 (2) of the ECCB Agreement.
The other two members of the Board are Executive
Directors. They are the Governor, who serves as
Chairman, and the Deputy Governor. The Executive
Directors are appointed for a five-year term and are
eligible for re-appointment.
During the financial year, two new members were
welcomed to the Board of Directors: Mr John
Skerritt of Montserrat to serve from August 2016 and
Ms Cointha Thomas of Saint Lucia to serve from
October 2016.
The Board meets at least once every quarter in a
calendar year. During the year, the Board convened
fivemeetings. Five Directors at any meeting constitutes
a quorum.
Three subcommittees assist with the work of the
Board:
1. Board Audit and Risk Committee;
2. Board Investment Committee; and
3. Board Budget and Human Resources Committee.
The Governor
The Governor serves as chairman of the Board of
Directors. As Chief Executive Officer of the Bank, he is
responsible to the Board for the implementation of the
Bank’s policies and the day to day management of the
institution. He attends all meetings of the Monetary
Council.
The Governor has the authority to act, contract and
sign instruments and documents on behalf of the Bank,
and may by resolution of, and to the extent deemed
appropriate by the Board, delegate such authority to
other officers.