report and statement of accounts for the financial year ended 31 march 2020 i Letter of Transmittal 1 Monetary Stability ii Mission and Vision Statements 4 Financial Sector Stability ii Core Values 13 Fiscal and Debt Sustainability iii Monetary Council 17 Growth, Competitiveness and Employment Table of Contents iv Board of Directors 21 Organisational Effectiveness v Organisational Chart 33 Financial Results vi Management Structure 37 Corporate Governance Framework viii Agency Offices 46 Areas of Focus for 2020-2021 ix Highlights of the Year 53 List of Commercial Banks Maintaining Clearing Accounts with the ECCB xi Governor’s Foreword 54 Independent Auditors’ Report and Financial Statements EASTERNEastern CARIBBEANCaribbean CENTRALCentral BANK Bank 19 June 2020 Sirs In accordance with Article 48(1) of the Eastern Caribbean Central Bank Agreement 1983, I have the honour to transmit herewith the Bank’s Annual Report and Statement of Accounts for the year ended 31 March 2020, duly certified by the External Auditors. I am, Letter of Your Obedient Servant Transmittal Timothy N. J. Antoine GOVERNOR The Honourable Victor F Banks The Honourable Joseph E. Farrell Premier Premier ANGUILLA MONTSERRAT The Honourable Gaston Browne Dr The Honourable Timothy Harris Prime Minister Prime Minister ANTIGUA AND BARBUDA ST CHRISTOPHER (ST KITTS) AND NEVIS The Honourable Roosevelt Skerrit The Honourable Allen Chastanet Prime Minister Prime Minister COMMONWEALTH OF DOMINICA SAINT LUCIA eDr Th Right Honourable Keith Mitchell The Honourable Camillo Gonsalves Prime Minister Minister for Finance GRENADA SAINT VINCENT AND THE GRENADINES Tel: (869) 465-2537 • Fax: (869) 465-9562/1051 E-mail:
[email protected] • Website: www.eccb-centralbank.org SWIFT: ECCBKN I | EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2019-2020 Advancing the good of the people of the currency mission union by maintainng monetary and financial stability and Statement promoting growth and development.