Chronological Highlights of the Organisation
1999 - 2002
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The Monetary Council approved the “Guidelines for the
Regulation of Offshore Financial Services Sector” on July
30, in accordance with Article 41 of the Eastern Caribbean Central
Bank Agreement 1983.
- The official Opening Ceremony of the ECCB Auditorium and
Conference Centre was held on October 8. The Auditorium seats
500 persons and will be used as a national and regional centre
for conferences, seminars and cultural performances.
- The Monetary Council approved the draft Eastern Caribbean
Securities Regulatory Commission Agreement, and sanctioned
ECCB share-ownership of 30.0 per cent of the Eastern Caribbean
Securities Exchange at EC$3.0m.
- Effective October 15 the Bank established a bulletin board
service through which commercial banks could trade funds on
the interbank market. The new arrangement replaced the brokerage
service provided by the ECCB since 1985.
- The Eastern Caribbean Securities Market (ECSM) was launched
on October 19. The ECSM comprises the Eastern Caribbean Securities
Exchange, the Eastern Caribbean Central Securities Depository
and the Eastern Caribbean Central Securities Registry. The
ECSM is the first fully electronic regional securities market
in the western hemisphere.
- On October 26, the Monetary Council announced a 100 basis
point cut to 7.0 per cent in the discount rate. The move was
aimed at stimulating economic activity in the aftermath of
September 11.
- In July the ECCB Auditorium was renamed the Sir
Cecil Jacobs Auditorium in honour of the Bank’s
first Governor.
- Effective 1 September the ECCB reduced the administered minimum
rate on savings deposits from 4.0 per cent to 3.0 per cent.
- The Regional Government Securities Market (RGSM) was launched on 20 November.
The RGSM is a fully integrated regional primary and secondary
market for government securities.
- The Bank completed a major restructuring exercise intended
to increase the efficiency and effectiveness of its operations.
The restructuring resulted in an adjustment in the Bank’s
organisational structure to reflect the main functional activities,
namely Governance, Policy and Operations, and Administration.
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1999
- 2002