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Central Bank of Barbados 2015 Annual Report 4 Central Bank of Barbados 2015 Annual Report

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Central Bank of Barbados 2015 Annual Report 4 Central Bank of Barbados 2015 Annual Report CENTRAL BANK OF BARBADOS 2015 ANNUAL REPORT 4 CENTRAL BANK OF BARBADOS 2015 ANNUAL REPORT TABLE OF CONTENTS LETTER OF TRANSMITTAL 5 VISION, MISSION STATEMENT AND CORPORATE PROFILE 6 OUR VALUES 7 GOVERNOR’S MESSAGE 8 ECONOMIC REVIEW 10 BOARD OF DIRECTORS 13 SENIOR MANAGEMENT 14 ADMINISTRATION 15 • BOARD MATTERS 15 • INTERNAL AUDIT AND RISK MANAGEMENT 16 • INFORMATION TECHNOLOGY AND SECURITY 16 • BUSINESS CONTINUITY AND PHYSICAL DEVELOPMENT 17 CENTRAL BANK OPERATIONS 18 • BANKING SUPERVISION 18 • INTERNATIONAL RELATIONS 19 • MONEY, CREDIT AND CAPITAL MARKETS 20 • CURRENCY MANAGEMENT 21 • SOCIAL AND CULTURAL INITIATIVES 24 • COMMUNICATIONS OUTREACH 25 • PEOPLE AND PROGRAMMES 27 PUBLICATIONS AND PAPERS PRESENTED 29 ADOPTION OF FINANCIAL STATEMENTS 2015 32 FINANCIAL STATEMENTS AND REPORTS 34 CENTRAL BANK OF BARBADOS 5 2015 ANNUAL REPORT LETTER OF TRANSMITTAL CENTRAL BANK OF BARBADOS www.centralbank.org.bb R. DeLisle Worrell, Ph.D Governor Tom Adams Financial Centre P.O. Box 1016, Spry Street Bridgetown BB11126, Barbados, W.I. March 30, 2016 The Hon. Christopher Sinckler, MP Minister of Finance and Economic Affairs Government Headquarters Bay Street St. Michael Dear Minister In accordance with Section 52(2) of the Central Bank Act, Cap 323C, Laws of Barbados, I have the honour to submit to you in your capacity as Minister of Finance, the Bank’s Annual Accounts for the year ended December 31, 2015 as certified by the External Auditors in accordance with Section 51 of the Act, together with the Report on its operations during 2015. The original of the Auditors’ Report and Certificate was forwarded to you with my letter of March 24, 2016. Sincerely, R. DeLisle Worrell 6 CENTRAL BANK OF BARBADOS 2015 ANNUAL REPORT OUR VISION The Vision of the Central Bank of Barbados is to create and maintain a caring, happy, dynamic, world-class organisation nurtured within a cooperative culture. MISSION STATEMENT The Mission of the Central Bank of Barbados is to foster an economic and financial environment conducive to sustainable economic growth and development. CORPORATE PROFILE The Central Bank of Barbados, set up by the Government in 1972 as a statutory organisation, is responsible for: • regulating the issue, supply, availability and international exchange of money; • promoting monetary stability; • promoting a sound financial structure; • fostering development of the money and capital markets; and • fostering credit and exchange conditions conducive to the orderly and sustained economic development of Barbados. CENTRAL BANK OF BARBADOS 7 2015 ANNUAL REPORT OUR VALUES The Bank’s pursuit of its mission is guided by a set of fundamental principles and values. These define the approach to be taken by management and staff in the performance of their duties and in their interaction with each other, and with the Bank’s several publics. These principles and values are as follows: INNOVATION AND HIGH PERFORMANCE We believe that new ideas, the promotion of critical thinking, inquisitiveness, nimbleness and flexibility will enhance our ability to achieve high performance in all of our endeavours. INTEGRITY AND TRANSPARENCY We acknowledge that our performance, success and reputation hinge on the highest “We acknowledge standards of ethical behaviour. We therefore promise to provide open communication that our and to be consistent in our application of policies across the organisation. We will always performance, practise honesty and fiscal responsibility in all of our undertakings as a way of building success and trust among our stakeholders and getting public support for our policy initiatives. reputation hinge on the highest RESPECT AND EMPATHY standards of ethical behavior.” We are committed to building relationships through respect for each other, respect for diversity and open dialogue. We will promote and acknowledge behaviours that demonstrate genuine care and concern for the well-being and welfare of others. ACCOUNTABILITY We will be accountable to all of our stakeholders by being timely, open and accurate with our information and data, and in our actions. We will ensure the safety and security of all assets and resources under our responsibility, so as to engender the peace of mind of all our publics. DEVELOPMENT AND INCLUSIVENESS We value the development of our staff through education, training and shared knowledge and experiences. We also encourage their participation and involvement in the decision- making process. 8 CENTRAL BANK OF BARBADOS 2015 ANNUAL REPORT GOVERNOR’S MESSAGE The Bank worked closely with the Ministry of Finance and Economic Affairs to maintain balance in the foreign sector using fiscal policy. This involved continuing the supportive framework of monthly Economic Policy Review Committee meetings with the Minister of Finance, at which senior officers of the Bank and the Ministry of Finance and Economic Affairs provided updates on economic developments and the fiscal consolidation programme. This Committee’s work is supported by the Cash Flow Committee, which is now chaired by the Governor. This committee meets before each Treasury Bill issue to determine the magnitude of the Bank’s intervention, based on our forecast of Government’s financing needs and the amount of financing available to Government from Dr. DeLisle Worrell, Governor banks, insurance companies, pension funds and private sources. These two Committees, and the flow of information and analysis which reaches them, are critical components of Barbados’ economic policy framework. The Bank focussed on effective communication, leveraging its capacity to issue economic information in print, video and electronic format, thereby enabling a wider cross section of the Barbadian public to follow our activities. In a thirteen-part television series entitled “Economic Policies That Work: The Caribbean Experience” and in monthly economic letters published in local newspapers, the Bank enriched understanding of how the economy works, and outlined measures necessary for its sustainability. The Bank also underscored how critical improved productivity and efficiency, fiscal consolidation and growth of the foreign exchange earning “The Bank focussed sector are to the health of the economy. on effective communication, The Bank again exposed the Barbadian public to international economists and other leveraging its intellectuals. These included Mr. Per Callesen, former Governor of the Central Bank of capacity to Denmark, who shared that country’s experience in maintaining a fixed exchange rate. issue economic Mr. Michael McGrath, the IMF’s Alternate Director for Canada, Ireland and the Caribbean information in also chronicled the highlights, successes and shortcomings of Ireland’s very austere print, video and economic adjustment programme. Dr. Peter Blair Henry, Dean of New York University’s electronic format...” Leonard N. Stern School of Business, was our second Distinguished Visiting Fellow. Noted Caribbean investor, entrepreneur and engineer, Dr. Nicholas Brathwaite, was the 40th Sir Winston Scott Memorial Lecturer. Governor Worrell (right) presents a copy of the book “Fiscal Sustainability and Debt in Small Open Economies” to Governor Brian Wynter of the Central Bank of Jamaica. CENTRAL BANK OF BARBADOS 9 2015 ANNUAL REPORT The Bank, in association with the UWI and the Caribbean Centre for Money and Finance, launched “Fiscal Sustainability and Debt in Small Open Economies”, an important book on public debt in the Caribbean, which seeks to provide a new and more accurate measure of debt and fiscal sustainability. The book is available on the Bank’s website at www.centralbank.org.bb. Efforts to enhance promotion of the Central Bank’s credit insurance and credit guarantee schemes continued. However, there was limited demand for the schemes owing to continued high liquidity in the Banking system. Central Bank officersDenisa Belgrave and Linel Franklin (2nd and 3rd from left, respectively) conduct a training session related to the re-launch of the Savings Bond Programme. On May 26, 2015, the Bank re-launched the Savings Bond Programme on behalf of the “The response of Government of Barbados, and expanded its promotion. The response of the public was the public was overwhelmingly positive and the Savings Bond campaign was one of the Bank’s more overwhelmingly influential initiatives during the year. The Savings Bond campaign also served to restore positive and the confidence in and deepen public understanding of all Government securities, not just Savings Bond bonds. Thus many ordinary citizens now have a better idea of how to manage their savings campaign was and target their investments. Our campaign has reached the diaspora which is now more one of the Bank’s attracted to the purchase of Government securities. The success of the revamped Savings more influential Bond made it possible for the Bank to strengthen its interest rate policy, given that the initiatives during Bank conducts its monetary policy entirely through the purchase and sale of securities. the year.” The Bank announced its decision, effective April 2015, to no longer set a minimum savings deposit rate, but to allow rates to be market determined. The Treasury Bill rate continued to be the benchmark used by the Bank to signal the intended direction of interest rates in the market, and the Bank entered the market on several occasions in an effort to bring down the Treasury Bill rate. The Bank’s other policy instruments remained unchanged during 2015. The securities reserve requirement was 10 percent, and the cash
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