Financial Stability Responsibility Of Monetary Council
Basseterre, April 10, 2003 Members of the ECCB Monetary Council have emphasised their collective responsibility in maintaining the financial stability of the ECCU. At an extraordinary sitting in Antigua and Barbuda the Council considered proposals for amendments to the uniform Banking Act and a plan for the implementation of an integrated regulatory framework, which would serve to improve the mechanisms for the supervision of the financial system. Council supported in principle the amendments to the uniform Banking Act, and agreed to an amendment to facilitate the reciprocal exchange of information, in the area of domestic banking, between the ECCB and other financial supervisors, subject to a Memorandum of Understanding. Members also agreed on the criteria for the qualification of persons serving as directors of financial institutions. Council did not reach a consensus on the matter of the Central Bank having the authority to issue and revoke licences under the Act. Council also discussed the way forward in addressing the situation in Dominica, noting that there was a need for national consensus in order to create the enabling environment for the successful execution of the stabilization programme. Members acknowledged the importance of an informed public in such situations and endorsed the implementation of an Economic and Financial Literacy Programme for the ECCU. The meeting which was held on Tuesday, April 01, 2003 at the Royal Antiguan Hotel was chaired by the Prime Minister of Grenada, Dr the Honourable Keith Mitchell, and was convened on the recommendation of the Council at its 47th Meeting on February 28, 2003 in St Kitts. Other Council members attending the meeting were the Prime Minister of Antigua and Barbuda, Honourable Lester Bird, the Prime Minister of Dominica, Honourable Pierre Charles, Honourable Margaret Annie Dyer Howe, Minister of Agriculture, Montserrat, and Prime Minister Dr the Honourable Ralph Gonsalves of Saint Vincent and the Grenadines. Council Alternates in attendance were Mr Carl Harrigan, Financial Secretary, Anguilla, and Mr Wendell Lawrence, Financial Secretary, St Kitts. The Monetary Council is the highest decision making body of the ECCB.
Eastern Caribbean Central Bank
P O Box 89, Basseterre,
St. Kitts
Contact Person: Elizabeth Tempro, Director, Corporate Relations Department
Phone: (869) 465-2537
Fax: (869) 466-2873
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