Chronological Highlights of the Organisation
1990
- 1993
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An ECCB Resident Representative Office was established in St
Vincent and
The Grenadines on April 1.
An ECCB Resident Representative Office was established in
Montserrat on March 4.
- An ECCB Resident Representative Office was established
in Anguilla on May 23.
- An ECCB Resident Representative Office was established
in Antigua and Barbuda on June 15.
- ECCB commenced work on the inclusion of domestic debt
on CS-DRMS in the member countries.
- A Uniform Banking Act to provide for the regulation of
banking business was passed by the legislative assembly of
the eight member territories. This Act gives the Central Bank
direct authority to conduct examinations of financial institutions.
With the passage of the Act the regulatory functions of the
Central Bank were extended to include non-bank financial institutions.
A ground breaking ceremony for the new ECCB Headquarters building
at Bird Rock took place on November 21.
In early April the Central Bank reduced its discount rate
from 10.0 per cent to 9.0 per cent. This was done in an effort
to encourage banks to reduce their lending rates following
the emergence of a large spread between their lending and
deposit rates.
- The Bank Supervision Department was restructured to improve
its operational efficiency and to deal with the challenges
created by the enactment of the Uniform Banking Act.
- In June, under the Special Emergency Powers, the ECCB
came to the assistance of the Bank of Montserrat which ran
into difficulties. Certain non-performing loans and advances
were bought by the Caribbean Assets and Liabilities Management
Services (CALMS) Ltd., a private company established by the
ECCB. The purchase was effected by the issue (by CALMS) of
a 20-year interest bearing promissory note.
- A new series of notes was put into circulation in October
to coincide with the 10th anniversary of the Bank.
- The Bank installed the Mini-Micro CDS/ISIS Search Assistant
on its network to enable staff to access the Library database
and catalogue, and retrieve and print material.
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1994 - 1995
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1990
- 1993