ECCB
ANNUAL REPORT 2014/2015
20
EASTERN CARIBBEAN CENTRAL BANK
and operations of the market. To provide hands-on
experience in the market, the CANEC-DMAS Project
funded a one-week attachment of a debt officer from
the Commonwealth of Dominica to the Debt and
Investment Unit in Saint Lucia, given the Unit’s
experience with the RGSM. In addition, officers
from the debt management units participated in an
E-Learning course with the Jamaica Stock Exchange
E-Campus on “Fundamentals of the Capital Market”.
Banking and Balance of Payments Based on
International Standards
Prudential Returns
The ECCB held two videoconferences with commercial
banks on 11 July and 16 October 2014, to discuss the
progress made to implement the revised prudential
returns, which was scheduled for implementation in
February 2015. Most of the banks have commenced
work on updating their systems, while others are in
the discussion phase with their software providers.
The date for implementation of the revised prudential
returns has been deferred to early 2016, to ensure that
both the ECCB and the commercial banks have the
appropriate software/systems in place to accommodate
the transition. During the period 17 to 28 November
2014, a team from the IMF’s Monetary and Financial
Statistics Department visited the ECCB to provide
technical assistance to staff in the compilation of
monetary data and financial soundness indicators for
the ECCU utilising the revised prudential returns.
Revision of the Balance of Payments Survey Forms
The Bank completed the revision of the Balance of
Payments (BOP) survey instruments in line with the
IMF Balance of Payments Manual, Sixth Edition.
The updated survey instruments now incorporate the
collection of stock financial data that are needed for
the completion of the International Investment Position
(IIP). The survey instruments were supplemented
with additional questions related to trade in services
and the Extended Balance of Payments (EBOPS) both
for revenue and expenditure items.
The Caribbean Regional Technical Assistance Centre
(CARTAC) provided technical and financial support
for the BOP revision exercise in 2014/2015. The
programme for finalising the survey instruments
included meetings with the CARTAC External Sector
Statistics Adviser in June and September 2014, to
discuss the forms; and with the ECCUCentral Statistics
Offices in November 2014 to solicit feedback. In
the first quarter of 2015, training missions were
conducted in all member countries where the revised
survey instruments were introduced to respondents. It
is expected that the revised survey instruments would
be utilised in the 2015 BOP compilation process.
Facilitation of Effective and Efficient Statistical
Systems
National Accounts Statistics
A workshop was held in December 2014 to enhance
the technical knowledge and skills of officers in the
National Statistical Offices to apply the 2008 System
of National Accounts (SNA) concepts and definitions
in the compilation of national accounts. The workshop
also sought to reinforce the officers’ capacity to
produce key national accounts statistics consistent
with international standards.
