ECCB
ANNUAL REPORT 2014/2015
13
EASTERN CARIBBEAN CENTRAL BANK
B
anking
S
ervices
In fulfilling its mandate to maintain financial stability,
the Bank increased its focus on its role as banker
to member governments and commercial banks
in accordance with Parts VIII and IX of the ECCB
Agreement Act (1983). Towards this end, the Bank:
•
•
Continued to enhance its role as fiscal agent
to member governments and provided advice
and support on issues related to cash flow
management;
•
•
Facilitated the maintenance of financial stability
by providing the necessary liquidity support to
the financial system; and
•
•
Continued its efforts to reduce settlement risk
and improve the quality of service provided
through its management of the Regional
Government Securities Market (RGSM)
operations.
P
ayments
S
ystem
The Bank moved forward with its efforts to modernise
the payment system to facilitate the realisation of
the single financial space by collaborating with
the commercial banks and the Eastern Caribbean
Automated Clearing House Services Incorporated
(ECACHSI). The first phase of the implementation
of the Eastern Caribbean Automated Clearing House
(ECACH) was completed successfully in the ECCB
member countries. The ECACH will offer customers
the benefit of having their cheques settled within a
shorter timeframe and cheques drawn on a commercial
bank in one participating country but processed at a
commercial bank in another participating country will
be cleared in the same timeframe as cheques drawn and
processed at commercial banks in the same country.
The Bank also continued to ensure that the
communication, settlement and back office functions
of the Banking and Monetary Operations Department
were executed with precision in order to minimise the
inherent risks.
L
egal
S
ervices
Legislative Agenda
The Bank made significant strides in pursuing
its Legislative Reform Programme aimed at
strengthening the resilience of the ECCU financial
sector. Following consultations with the Attorneys
General and Financial Secretaries of the participating
governments, the Monetary Council approved the
following pieces of legislation for submission to the
respective governments for passage:
1. Amendment to the Eastern Caribbean Central
Bank Agreement
- Consistent with the basic
principles on dealing with banks facing
challenges, the framework on a ‘going concern’
resolution vis-à-vis a weak financial institution
(emergency powers), Part IIA of the Agreement,
has been augmented by including, by reference,
The first phase of the implementation
of the Eastern Caribbean Automated
Clearing House (ECACH) was
completed successfully in the ECCB
member countries
]
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