List of Commercial Banks Maintaining Clearing Accounts with the ECCB
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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. To be a model institution deliverng exceptional service and Vision influential policy advise to support the development of a Statement thriving currency union. • Service Excellence core • Teamwork and Truth Telling values • Accountability • Results II | EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2019-2020 Dr The Right Hon Keith Mitchell The Hon Victor Banks The Hon Gaston Browne The Hon Roosevelt Skerrit Grenada Anguilla Antigua and Barbuda Commonwealth of Dominica CHAIRMAN Monetary Council As at 31 March 2020 The Hon Joseph E Farrell Dr The Hon Timothy Harris The Hon Allen Chastanet The Hon Camillo Gonsalves Montserrat Saint Christopher (St Kitts) Saint Lucia Saint Vincent and the Grenadines and Nevis III | EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2019-2020 Appointed Directors Executive Directors Dr Aidan Harrigan John Skerritt Anguilla Montserrat Whitfield Harris, Jr Hilary Hazel Antigua and Barbuda Saint Christopher (St Kitts) and Nevis board of Timothy N. J. Antoine Governor Directors CHAIRMAN As at 31 March 2020 Rosamund Edwards Esther Rigobert Commonwealth of Dominica Saint Lucia Ophelia Wells-Cornwall Edmond Jackson Grenada Saint Vincent and the Grenadines Trevor Brathwaite Deputy Governor IV | EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2019-2020 Organisational Chart As at 31 March 2020 *Chief Director, Operations (vacant) V | EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2019-2020 Executive Committee Management Structure As at 31 March 2020 Timothy N. J. Antoine Trevor Brathwaite D Tracy Polius Governor Deputy Governor Chief Director (Policy) Senior Management Team Wayne Myers John Venner Yvonne Jean-Smith Raquel Leonce Christopher Louard Merlese O’Loughlin Cindy Parris-Gilbert Senior Director Senior Adviser/Unit Head Director Director Director Director Director Support Services Advisory Services Unit Internal Audit Banking and Monetary Bank Supervision Legal Services Management Information Management Department Governor’s Immediate Office Department Operations Department Department Department Systems Department Sharmyn Powell Senator Samuel Teresa Smith Rosbert Humphrey Shermalon Kirby Jolene Newton Patricia Welsh Karen Williams Director/Chief Risk Officer Director Director Director (Ag) Director (Ag) Director (Ag) Director (Ag) Senior Project Specialist/Unit Head Office of Corporate Accounting Statistics Currency Management Corporate Relations Human Resource Research Projects and Tech. Assistance Unit Strategy and Risk Management Department Department Department Department Department Department Governor’s Immediate Office VI | EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2019-2020 Senior Management Team Accounting Department Human Resource Department Shanna Herbert - Deputy Director Merva Mallelieu - Deputy Director (Ag) Banking and Monetary Operations Department Internal Audit Department Francis Fontenelle - Senior Banking Specialist Maria Cumberbatch - Senior Audit Specialist Allison Stephen - Senior Banking Specialist Lynette Griffin- Deputy Director Niall Pistana - Deputy Director Management Information Systems Department Legal Specialist Gillian Skerritt - Aldrin Phipps - Information Systems Specialist Chay Grant - Deputy Director (Ag) Management Lyle Mark - Deputy Director Bank Supervision Department Research Department Structure Humphrey Magloire - Senior Information Systems Specialist Rohan Stowe - Deputy Director As at 31 March 2020 Shawn Williams - Senior Bank Supervision Specialist Shernnel Thompson- Deputy Director (Ag) Allison Crossman - Deputy Director Angela Rouse - Deputy Director Laurel Seraphin-Bedford - Deputy Director Statistics Department Seana Benjamin-Mack - Deputy Director Corporate Relations Department Juletta Edinborough - Deputy Director Beverley Edwards-Gumbs - Deputy Director Leah Sahely - Deputy Director Currency Management Department Support Services Management Department Norman Sabaroche - Deputy Director Danny Caine - Chief of Security Adaeze Matthew-Hanley -Deputy Director (Ag) Governor’s Immediate Office (Projects and Technical Assistance Unit) Kennedy Byron - Senior Project Specialist Sybil Welsh - Senior Project Specialist VII | EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2019-2020 Country Managers Shirmaine Lynch-Harrigan Linda Felix-Berkeley ECCB Agency Office ECCB Agency Office P O Box 1385 St Matthew and Monckton Streets The Valley St George’s ANGUILLA GRENADA Telephone: 264 497 5050 Telephone: 473 440 3016 Facsimile: 264 497 5150 Facsimile: 473 440 6721 E-mail: [email protected] E-mail: [email protected] Albert Lockhart Angela Estwick Elritha Miguel ECCB Agency Office ECCB Agency Office ECCB Agency Office P O Box 741 P O Box 484 P O Box 839 Agency Sagicor Financial Centre 2 Farara Plaza Frenches House Factory Road Brades Frenches Offices St John’s MONTSERRAT Kingstown As at 31 March 2020 ANTIGUA AND BARBUDA Telephone: 664 491 6877 ST VINCENT AND THE GRENADINES Telephone: 268 462 2489 Facsimile: 664 491 6878 Telephone: 784 456 1413 Facsimile: 268 462 2490 E-mail: [email protected] Facsimile: 784 456 1412 E-mail: [email protected] E-mail: [email protected] Sherma John Beverly Henry-Felix (Temporary) ECCB Agency Office ECCB Agency Office P O Box 23 P O Box 295 3rd Floor Financial Centre Ground Floor Kennedy Avenue Financial Administrative Centre Roseau Point Seraphine COMMONWEALTH OF DOMINICA Castries, LC04 101 Telephone: 767 448 8001 SAINT LUCIA Facsimile: 767 448 8002 Telephone: 758 452 7449 E-mail: [email protected] Facsimile: 758 453 6022 E-mail: [email protected] VIII | EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2019-2020 29 May 2019 The new family of EC Polymer Notes was launched during an official ceremony in Grenada. Chairman of the ECCB Monetary Council, Dr the Right Honourable Keith Mitchell, Prime Minister and Minister of Finance for Grenada and Governor of the ECCB, Timothy N. J. Antoine were the key speakers. The new $50 was the first in the series to be released. It features a portrait of the former Governor of the ECCB, the late Honourable Sir K Dwight Venner. The Chairman of the Monetary Council presented an encapsulated $50 note to the wife of the late Governor, Lady Lynda, during the ceremony. 15 June 2019 The ECCB, in collaboration with the OECS Commission, the Caribbean Netball Association and the Saint Vincent and the Grenadines Netball Association, hosted the inaugural OECS/ECCB International Governor, ECCB, Timothy N. J. Antoine (right) presents Netball Series in Saint Vincent and the Grenadines. Five teams from across the OECS competed in the encapsulated $50 Polymer note to ECCB Monetary Council Highlights of tournament held from 15-21 June. Team Grenada captured the Gloria Ballantyne Championship Chairman, Dr The Right Honourable Keith Mitchell at official launch the Year Trophy. of family of EC polymer notes The Series replaced the OECS/ECCB Under-23 Netball tournament, which the ECCB sponsored from 1991-2018. 23 July 2019 The Bank launched the Eastern Caribbean Currency Union (ECCU) Public Debt and Market Information Web Portal, the new source of accurate and timely market and investor information for ECCB Member Governments. The portal was developed in collaboration with the Member Governments and the International Monetary Fund (IMF) and was one of the deliverables of the ECCB Strategic Plan 2017-2021. 7 September 2019 The face of the ECCU banking system changed with the ECCB’s approval of the application for the transfer of the assets and liabilities of the Bank of Nova Scotia (BNS) to the Republic Financial