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 them: ‘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