ECCB 2014-2015 Annual Report and Statement of Accounts

EASTERN CARIBBEAN CENTRAL BANK

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

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

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ECCB ANNUAL REPORT 2014/2015