ECCB launches 40th Anniversary Celebrations

By ECCB

BASSETERRE, St Kitts – The Eastern Caribbean Central Bank (ECCB) launched its year-long 40th Anniversary Celebrations at a ceremony at the Sir Cecil Jacobs Auditorium, ECCB Headquarters, on 19 January.

Prime minister of Saint Lucia and chairman of the ECCB Monetary Council, Philip J Pierre, delivered the keynote address and declaration. In his address, prime minister Pierre lauded the ECCB’s achievements in its efforts to serve the people of the Eastern Caribbean Currency Union (ECCU).

“Over the past 40 years, the ECCB has continually adapted to the changing needs of its member countries and its external environment,” said prime minister Pierre. He also congratulated the bank on turning 40 and stated that the people of the region will continue to rely on the ECCB as they navigate the ever-changing landscape of financial and economic development.

In his remarks, Governor of the ECCB, Timothy N.J. Antoine, issued a clarion call for a strong decade of resilience and transformation which he referred to as ‘a big push’ in the areas of wealth creation; food and nutrition security; energy security; and digital transformation. Governor advised that “as a region, we cannot change our history, we cannot change our geography but collectively we can elevate our development trajectory through innovation and collective action.”

The event’s programme included the recognition of various individuals. Prime minister and ECCB Monetary Council Member for Saint Christopher (St Kitts) and Nevis, Dr Terrance M Drew, made a special presentation to the Dr Sir Kennedy A Simmonds, KCMG, the only living signatory to the ECCB Agreement 1983.

The winners of the ECCB 40th Anniversary logo, theme and stamp competitions were also recognised for their achievements.

Meanwhile, the ECCB is taking steps to establish an office for financial market conduct.

As part of its mandate to ensure financial stability within the region, the Eastern Caribbean Central Bank (ECCB) is working to empower consumers and protect businesses through the introduction of an office for financial market conduct also known as the office of Financial Ombudsman.

Speaking on this week’s episode of ECCB Connects, chief director (policy), Tracy Polius, says that financial market conduct refers to the regulations of the business engagement of financial firms with their customers to achieve particular objectives. This includes the establishment of clear frameworks to ensure the market does not engage in unethical business practices and that the market is furnished with adequate information for participants to make sound financial decisions.

Polius points out that the regular man on the street stands to benefit from the introduction of this office in several ways including, having access to a basic suite of financial services including financial literacy and financial inclusion. This she says, will enhance knowledge and provide empowerment to citizens to improve the way business is done in a complex financial environment.

Polius adds that the importance of regulatory framework allows for transparency and predictability where people are aware of the rules that govern the market.  The next steps in developing the framework for the office of financial market conduct will involve further research to determine the structure of the model, followed by the governing policy guidelines.