ECCB 2014-2015 Annual Report and Statement of Accounts

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”.

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.

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

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ECCB ANNUAL REPORT 2014/2015