Financial Stability and Statement Promoting Growth and Development
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report and statement of accounts for the financial year ended 31 march 2021 i Letter of Transmittal 1 Monetary Stability ii Mission and Vision Statements 5 Financial Sector Stability ii Core Values 13 Fiscal and Debt Sustainability iii Monetary Council 17 Growth, Competitiveness and Employment Table of iv Board of Directors 20 Organisational Effectiveness Contents v Organisational Chart 35 Financial Results vi Management Structure 39 Corporate Governance viii Agency Offices 48 Areas of Focus: 2021 - 2022 ix Highlights of the Year 55 List of Commercial Banks Maintaining Clearing Accounts with the ECCB xi Governor’s Foreword 56 Independent Auditors’ Report and Financial Statements iii EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021 EasternEastern CaribbeanCaribbean CentralCentral Bank Bank 16 June 2021 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 2021, duly certified by the External Auditors. I am, Your Obedient Servant Timothy N. J. Antoine Letter of GOVERNOR The Honourable Dr Ellis Lorenzo Webster The Honourable Joseph E Farrell Premier Transmittal Premier MONTSERRAT ANGUILLA Dr The Honourable Timothy Harris The Honourable Gaston Browne Prime Minister Prime Minister SAINT CHRISTOPHER (ST KITTS) AND NEVIS ANTIGUA AND BARBUDA The Honourable Allen Chastanet The Honourable Roosevelt Skerrit Prime Minister Prime Minister SAINT LUCIA COMMONWEALTH OF DOMINICA The Honourable Camillo Gonsalves The Honourable Gregory Bowen Minister for Finance Minister for Finance SAINT VINCENT AND THE GRENADINES GRENADA 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 2020/2021 Advancing the good of the people of the currency Mission union by maintaining monetary and financial stability and Statement promoting growth and development. To be a model institution delivering exceptional service and Vision influential policy advice to support the development of a Statement thriving currency union. • Service Excellence core • Teamwork and Truth Telling • Accountability values • Results ii EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021 Dr The Hon Timothy Harris The Hon Dr Ellis Lorenzo Webster The Hon Gaston Browne The Hon Roosevelt Skerrit Saint Christopher (St Kitts) Anguilla Antigua and Barbuda Commonwealth of Dominica and Nevis Monetary CHAIRMAN Council As at 31 March 2021 The Hon Gregory Bowen The Hon Joseph E Farrell The Hon Allen Chastanet The Hon Camillo Gonsalves Grenada Montserrat Saint Lucia Saint Vincent and the Grenadines iii EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021 Appointed Directors Executive Directors Kathleen Rogers 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 2021 Denise Edwards Esther Rigobert Commonwealth of Dominica Saint Lucia Trevor Brathwaite Ophelia Wells-Cornwall Edmond Jackson Deputy Governor Grenada Saint Vincent and the Grenadines iv EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021 Organisational Chart As at 31 March 2021 *Chief Director, Operations (vacant) v EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021 MANAGEMENT STRUCTURE As at 31 March 2021 Executive Committee Timothy N. J. Antoine Trevor Brathwaite D Tracy Polius Governor Deputy Governor Chief Director (Policy) Senior Management Team Wayne Myers Senator Samuel Raquel Leonce Christopher Louard Rosbert Humphrey Jolene Newton Yvonne Jean-Smith Merlese O’Loughlin Senior Director Director Director Director Director Director Director Director Support Services Accounting Banking and Monetary Bank Supervision Currency Management Human Resource Internal Audit Legal Services Management Department Department Operations Department Department Department Department Department Department Patricia Welsh Cindy Parris-Gilbert Sharmyn Powell Teresa Smith Karen Williams Shermalon Kirby Dr Emefa Sewordor Director (Ag) Director Director/Chief Risk Officer Director Senior Project Specialist/Unit Head Director (Ag) Unit Head (Ag) Research Management Information Office of Corporate Statistics Projects and Tech. Assistance Unit Corporate Relations Advisory Services Unit Department Systems Department Strategy and Risk Management Department Governor’s Immediate Office Department Governor’s Immediate Office vi EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021 MANAGEMENT STRUCTURE Accounting Department Human Resource Department Shanna Herbert - Deputy Director Merva Mallelieu - Deputy Director Banking and Monetary Operations Department Internal Audit Department Francis Fontenelle - Senior Banking Specialist Alamina Trotman - Deputy Director (Ag) Allison Stephen - Senior Banking Specialist Chay Grant - Deputy Director Lynette Griffin - Deputy Director Management Information Systems Department Niall Pistana - Deputy Director Aldrin Phipps - Information Systems Specialist Gillian Skerritt - Legal Specialist Lyle Mark - Deputy Director Bank Supervision Department Research Department Senior Humphrey Magloire - Senior Information Systems Specialist Beverley Labadie - Deputy Director (Ag) Shawn Williams - Senior Bank Supervision Specialist Shernnel Thompson- Deputy Director (Ag) Management Allison Crossman - Deputy Director Laurel Seraphin-Bedford - Deputy Director Schwabach Caines - Deputy Director (Ag) Team Statistics Department As at 31 March 2021 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 Adaeze Matthew-Hanley - Deputy Director Danny Caine - Chief of Security 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 2020/2021 AGENCY OFFICES 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 Sagicor Financial Centre 2 Farara Plaza Country Frenches House Factory Road Brades Frenches St John’s MONTSERRAT Kingstown Managers ANTIGUA AND BARBUDA Telephone: 664 491 6877 SAINT VINCENT AND THE GRENADINES As at 31 March 2021 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 Everton Sealy 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 2020/2021 ECCB Staff Work from Home The management and staff of the ECCB transitioned to full telecommuting in response to the COVID-19 pandemic following a period of testing and preparation in March 2020. Youth Xpress Programme Debuts In May 2020, the ECCB released the first episode in a new video series dubbed: Youth Xpress. The series features young people in the ECCB member countries sharing their views, concerns and recommendations on issues that matter to and affect them. It is also intended to place focus on issues that affect the youth. ECCB Introduces New Public Engagement Series - ECCB Digital Dialogues The series was developed to create a new avenue for engaging the people of the ECCU and building regional solidarity in light of the risks and opportunities presented by the COVID-19 pandemic. The inaugural session was held on 2 June 2020 and focused on Pandemic and Digital Currency. EC One and Two-Cent Coins Cease to be Legal Tender Highlights The withdrawal came into effect on 30 June 2020, following the Bank’s July 2015 announcement that it was withdrawing the coins from circulation. of the Year ECCB Marks 37th Anniversary The ECCB celebrated 37 years of service to the people of the region. Speaking on the anniversary, Governor of the ECCB, Timothy N. J. Antoine said that the Bank celebrated the milestone, fully cognisant of and thankful for the accomplishments over these nearly four decades and the achievements over the past six months in the face of the COVID-19 pandemic. ECCB Hosts 2nd Annual Conference with Financial Institutions Held virtually for the very first, the conference brought together members of the banking and financial sector and ECCU regulators to discuss, collaborate and shape the development of the region’s financial system. The discussions focused on the theme: “The Changing Economic Landscape - COVID-19 and the Financial System”. First-Ever DCash Consumer-to-Merchant Transaction was