ECCB
ANNUAL REPORT 2014/2015
12
EASTERN CARIBBEAN CENTRAL BANK
As part of the Technical Assistance Programme for
Strengthening the Resilience of the ECCU Financial
System, which is being facilitated by the IMF and The
World Bank, the ECCB enhanced the streamlining of
its offsite assessment procedures, on-site examination
processes and supervisory framework, through the
update of policies, guidelines and regulations.
The ECCB also sought to strengthen its legislative
tools and to this end, received assistance through the
Technical Assistance Programme, towards drafting
amendments to theECCBAgreement; a revisedBanking
Act; revised foreclosure legislation and legislation for
the operationalisation of an Eastern Caribbean Asset
Management Corporation (ECAMC). The ECCB
Monetary Council agreed to the establishment of the
ECAMC to serve the primary purpose of managing
impaired assets within the context of the exercise of
the ECCB’s special emergency powers or during the
course of regulation and supervision of challenged
banks.
Additionally, the ECCB, with assistance from a
Subcommittee of Appraisers of the ECCU Commercial
Banks, spearheaded the formation of the Eastern
Caribbean Appraisal Institute (ECAI). The need for
the institute arose due to the absence of standards and
a uniform approach towards the conduct of appraisals
in the region.
The Bank further advanced the coordination efforts
for the implementation of a compliance framework for
the United States Foreign Account Tax Compliance
Act (FATCA). Work on establishing the framework
progressed in the individual member countries,
managed by the respective Ministries of Finance.
Additionally, work on the establishment of the enabling
legal and regulatory environment to support an
advanced credit reporting system in ECCU countries
was nearing completion. The ECCB collaborated
with the International Finance Corporation (IFC)
to host credit bureau sensitisation workshops for
member countries with the aim of increasing industry
awareness of credit reporting and credit bureaus.
The ECCB continued to collaborate with regional
counterparts on financial stability matters through its
membership and participation in various groupings
including the Regulatory Oversight Committee, the
Caribbean Group of Banking Supervisors, and the
Association of Banking Supervisors of the Americas.
The Bank also participated in the work of the Regional
Financial Stability Coordinating Council, which was
established to manage specific regional financial
stability projects, in response to the effects of the
global economic and financial crisis.
The Bank further advanced
the coordination efforts for the
implementation of a compliance
framework for the United States
Foreign Account Tax Compliance
Act (FATCA)
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