In 2006 the Bank continued its initiatives to strengthen the
Eastern Caribbean Currency Union (ECCU) Payment System. Over
the year increased focus was placed on the development of a
sound legal framework, a key ingredient to the development of
the Payment System. Work continued on the development of the
Payment System Bill which will form the framework for the operation
and regulation of the Payment System. Draft amendments to the
Bills of Exchange Act were also proposed to ensure completeness
in addressing issues such as cheque truncation, imaging and
cheque certification. Further, a Money Services Bill was crafted
to harmonize the operations of non-systemic players in the financial
sector that are involved in the electronic transfer of funds.
These Bills are expected to be finalized in the upcoming financial
year for enactment in all of the territories of the Eastern
Caribbean Currency Union.
In October 2006, the Eastern Caribbean Payments Council (ECPC)
was established to support sound and efficient payments and
securities clearance and settlement and to serve as a consultative
body on industry wide issues related to the payment system.
The Council consists of six members comprising representatives
from the ECCU Bankers Association (2), the Eastern Caribbean
Securities Regulatory Commission (1), the Eastern Caribbean
Institute of Banking and Financial Services (1) and the Central
Bank (2).
|
