STRONG, DIVERSIFIED AND RESILIENT FINANCIAL SECTOR – KEY TO ECONOMIC DEVELOPMENT

Written by on October 19, 2017

The Eastern Caribbean Central Bank (ECCB) Strategic Plan 2017-2021 is promoting a strong, diversified and resilient financial sector as a necessity and enabler for economic growth in the Eastern Caribbean Currency Union (ECCU).

A more robust ECCU financial infrastructure and ecosystem are required to better facilitate investments, business start-up and expansion, and mitigate risks across the financial sector.

To that end, notable financial sector initiatives which the ECCB is spearheading include:

[] Deposit Insurance

[] Eastern Caribbean Asset Management Corporation (to purchase non-performing loans)

[] Eastern Caribbean Partial Credit Guarantee Corporation (to improve access to credit for small businesses)

[] Modernisation of the ECCU payment system

[] ECCU Credit Bureau

[] Appraisal Institute

[] Eastern Caribbean Financial Services Regulatory Commission (to regulate insurers, pension funds and credit unions); and

[] Support for the consolidation and amalgamation of indigenous banks.

The ECCB launched its Strategic Plan on 3 October. Under the theme: ‘Transforming the Eastern Caribbean Currency Union Together’.  The Plan outlines a vision for the currency union and the strategic goals which the ECCB seeks to accomplish over a five-year period.

 


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