ECCB
ANNUAL REPORT 2014/2015
36
EASTERN CARIBBEAN CENTRAL BANK
Article 7 (2) of the ECCB Agreement states, “The
Council shall meet not less than twice each [calendar]
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 met for three regular
meetings on 25 July 2014, 31 October 2014 and
24 February 2015.
The Ministerial Subcommittees of the Monetary
Council on Banking, and Fiscal and Debt met during
the year via videoconference to address issues related
to the respective sectors.
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 such
matters 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 Directors are required to consider
the interests of all the members of the ECCU in their
decision-making process.
The Board consists of ten Directors. Eight of the
Directors, one from each of the eight territories,
are appointed by the Monetary Council on the
recommendation of the respective Participating
Government. They are appointed for terms not
exceeding three years and are eligible for re-
appointment in accordance with Article 9 (2) of the
ECCB Agreement. The Governor and the Deputy
Governor are Executive Directors. They are appointed
Governor Venner (Front Row - right) and Members of the ECCB Monetary Council following the Handing Over Ceremony
for the Change in Chairmanship of the Council held in St Vincent and the Grenadines on 25 July 2014
Front Row L-R - Honourable Hubert Hughes - Anguilla, Dr The Right Honourable Keith Mitchell - Grenada,
Dr The Honourable Ralph Gonsalves - St Vincent and the Grenadines, Back Row L-R: Honourable Reuben Meade - Montserrat,
Hon Roosevelt Skerrit - Commonwealth of Dominica, Honourable Dr Kenny Anthony - Saint Lucia,
Honourable Gaston Browne - Antigua and Barbuda
