ECCB's 25th Anniversary

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ECCB Celebrates 25 Years

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ECCB's 25th Anniversary

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Member territories of the ECCB

ECCB's 25th Anniversary

ECCB's 25th Anniversary
1 October 1983 to 1 October 2008

On 1 October 2008 the Eastern Caribbean Central Bank (ECCB) will be celebrating the 25th Anniversary of its establishment, a milestone which causes us to reflect on the past and look towards the future. As many of us will recall, twenty-five (25) years ago the ECCB, successor to the East Caribbean Currency Authority (ECCA), began its humble operations in Church Street, Basseterre after the signing of the ECCB Agreement by Antigua and Barbuda, Commonwealth of Dominica, Montserrat, Grenada, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines.

The evolution of the ECCB has been well documented, but there are some events and facts which need to be highlighted in order for us to appreciate the progress which has taken place over the twenty-five (25) years. Included are:

The Government of Anguilla becoming a full member of the ECCB in 1987;

The setting up of the Agency Offices in the seven countries outside the host country, St Kitts and Nevis from 1984 – 1991;

The ground-breaking ceremony for the erection of the first phase of the ECCB Headquarters in 1991, and the opening ceremony of the same in October 1994;

The establishment of a Security Force in 1994;

The establishment of the Eastern Caribbean Home Mortgage Bank (ECHMB) in 1994;

The launching of the Eastern Caribbean Institute of Banking and Financial Services (ECIB) in 1996;

The ground-breaking ceremony for phase two of ECCB’s Headquarters, which included the construction of new office buildings, an auditorium, a cafeteria and staff facilities in 1997;

The opening ceremony of the Auditorium and Conference Centre in 1999;

The approval by the Monetary Council of the draft Eastern Caribbean Securities Regulatory Commission (ECSRC) in the year 2000;

The renaming of the Auditorium in 2002 as the Sir Cecil Jacobs Auditorium in honour of the ECCB’s first Governor;

The launching of the Regional Government Securities Market (RGSM) in 2002;

The Bank’s restructuring exercise to increase the efficiency and effectiveness of its operations in 2002. The new organisational structure reflected the main functional activities, namely Governance, Policy, Operations and Administration;

The first interactive discussion across the Bank’s member countries presented and led by the Governor on the performance of the Eastern Caribbean Currency Union (ECCU) economy in 2005;

The use of a videoconferencing facility with links throughout the Caribbean, connecting with Washington DC, London, Africa and India;

The retirement of the first Deputy Governor of the Bank, Mr Errol Allen, after thirty-one (31) years of distinguished service to the ECCB and its predecessor ECCA, and the naming of the building housing the Executive Dining Room, Staff Cafeteria and Facilities in his honour in 2005;

Opening of OECS/ECCU Exhibition Centre in 2006.

The appointment of the second Deputy Governor, Mr Trevor Braithwaite in 2006.

The implementation of public education and awareness programmes, including the Savings and Investment Courses in all eight ECCB member countries.

It is our hope that the ECCB has made a positive impact on the lives of the people in the ECCU over the twenty-five years of its existence, particularly in the areas of monetary and financial stability; maintaining the exchange rate peg at EC$2.7 to US$1; analysing, monitoring, reporting and providing policy advice to commercial banks and participating governments; and providing economic and financial information to the people of the region.

Twenty-five years is a short time in the life of any establishment, but it is the beginning of the road to progress and prosperity if the proper groundwork is laid and the persons concerned have the will and foresight to continue what is good, and build on the foundation which has been laid. There will be many challenges over the next twenty-five years as we continue to keep abreast of ever-changing worldwide developments. Let us persevere and reaffirm our commitment to help unlock the potential for economic and social development in our people.