Fulfilling its mandate of maintaining the stability of the EC Dollar and the banking system in the Eastern Caribbean Currency Union, amidst the current international financial crisis, is a major achievement as the Eastern Caribbean Central Bank (ECCB) marks its 28th anniversary on 1st October.
The on-going global financial and economic meltdown continues to present a number of challenges and threats to the stability of the ECCU financial system. However, the ECCB working in collaboration with its member governments, has been vigorously pursuing and implementing programmes and policies to protect the EC dollar; preserve the integrity of the ECCU financial system; and create an environment for the sustainable growth and development of the region, with the aim of improving the living conditions of the citizens of the ECCU.
Some of these initiatives include:
1. Establishment of the Resolution Trust Corporation (RTC) to restructure and provide financial support to the region’s commercial banks;
2. Working with the Office of the Superintendent Financial Institutions in Canada to adopt an advanced model of financial regulation;
3. Establishment of a Task Force on Debt, Growth and Development to examine the prospects for growth in the ECCU; and
4. Addition of the Entrepreneurship Module to the Bank’s Savings and Investment Course. This module provides participants with the fundamentals of conceiving a business idea, creating a business plan and setting up and managing a business.
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The ECCB was established on 1 October 1983 as the monetary authority for eight countries – Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines.
Members of staff at the ECCB Headquarters in St Kitts and Nevis will mark the Bank’s 28th anniversary by joining in a Mass of Celebration at the Immaculate Conception Co-Cathedral on Saturday, 1 October at 7:00 p.m.
