STRONG, DIVERSIFIED AND RESILIENT FINANCIAL SECTOR – KEY TO ECONOMIC DEVELOPMENT
Written by ECCB 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.