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Governor of the Eastern Caribbean Central Bank (ECCB) Timothy Antoine

ECCB records second year of profit

[Press release] The Eastern Caribbean Central Bank (ECCB) has recorded a net profit $10.8 million for the 2017-2018 financial year, up by $4.4 million from the previous year.

Governor, Timothy N. J. Antoine attributes the Bank’s profit to prudent financial stewardship.

In its Annual Report and Statement of Accounts for the financial year ended 31 March 2018, which was published on 28 June, the ECCB outlines the other key achievements for the financial year, including the launch of the ECCB Strategic Plan 2017-2021: Transforming the Eastern Caribbean Currency Union Together. The Plan, which was launched in October 2017, serves as the overarching framework for the Bank’s mandate and highlights the Bank’s vision for the socio-economic transformation of the currency union.

For the upcoming financial year, the ECCB will focus on resilience-building in all dimensions with particular attention to:

* Support for the implementation of the Action Plan emanating from the Growth and Resilience Dialogue with ECCU Social Partners;

* Implementing the new risk-based management infrastructure for licensed financial institutions;

* Building capacity in member countries to undertake public finance management;

* Operationalisation of the Eastern Caribbean Partial Credit Guarantee Corporation; and

* Implementation of cost-savings and operational efficiency solutions at the Bank including changing the substrate for the EC banknotes to polymer to increase their security and durability.

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