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ECCB A
nnual
R
eport
2015/2016
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EASTERN CARIBBEAN CENTRAL BANK
currency union. Those included:
• Enactment of an amended ECCB Agreement Act
1983 in all member states with improved powers
and tools for intervening in licensed institutions;
• Enactment of a new Banking Act and new
legislation for the operationalisation of an Eastern
Caribbean Asset Management Corporation
(ECAMC) for the management of non-performing
assets in each member territory;
• Resolution of the ABI Bank Ltd which was under
conservatorship;
• Development of a strategy for addressing the
threats posed to access of correspondent banking
services by ECCU banks, as a result of de-risking
initiatives by major international banks; and
• Facilitating the finalisation of plans to ensure
that member states are in compliance with
regulatory requirements for the Foreign Account
Tax Compliance Act (FATCA) by the extended
deadline date of September 2016.
The Bank also pursued development of the financial
sector in order to facilitate improvements in the
financing of the private sector, in the context of a Single
Economic and Financial Space. The World Bank’s
FIRST project and The Savings Bank Foundation
for International Cooperation (SBFIC) initiative are
expected to provide a comprehensive diagnosis of the
financial system, with respect to access, depth and
efficiency.
Fiscal and debt sustainability initiatives were focused
on providing technical support and policy advice to
member states in the implementation of programmes
aimed at achieving the 60.0 per cent Debt to GDP
target by 2030. To this end, the Bank, in collaboration
with the Caribbean Technical Assistance Centre
(CARTAC) held an ECCU Fiscal Framework Boot
Camp, which developed scenario-based strategies for
countries to achieve the 60.0 per cent Debt to GDP
ratio by 2030. Member states were also given support,
through the Canadian-funded Debt Management
Advisory Service (DMAS) Unit at the ECCB, in the
development of Medium Term Debt Strategies.
The Bank acknowledges that high and sustained
private sector driven growth is needed to significantly
improve key macroeconomic indicators such as the
unemployment rate, the fiscal and debt balances
and overall standard of living of ECCU citizens.
To this end, the Bank has been instrumental in the
establishment of the OECS Business Council and
in undertaking research to address structural and
institutional impediments affecting growth in member
states.
Improving corporate relations, especially strengthening
relationships with key stakeholders and citizens
of the region, was also a major work programme
activity. That was achieved through a set of targeted
community outreach programmes, such as the OECS
Essay Competition, Best Corporate Citizen Award
Among ECCU Commercial Banks and sponsorship of
the OECS Under-23 Netball Tournament.
The Bank also pursued development of the financial sector in order to facilitate
improvements in the financing of the private sector, in the context of a Single
Economic and Financial Space.