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Mr. Duleep Cheddie Chief Executive Officer Eastern Caribbean Home Mortgage Bank ECCB Complex Bird Rock Road P.O. Box 753, Basseterre, St. Kitts, West Indies Tel: (869) 466 - 7869 Fax: (869) 466 - 7518 Email: theechmb@sisterisles.kn

To view the Annual Report and Commerative Magazine Acrobat Reader is needed.

   ECHMB's Annual Report 2006 (4.6MB)
   ECHMB's Commerative Magazine (4.3MB)

Our Mission
To promote the development of the secondary mortgage market in the member states and bring additional benefits by facilitating the development of the money and capital market, improving liquidity management in the financial system, and promoting home ownership throughout the member territories.

The Company
The Eastern Caribbean Home Mortgage Bank (ECHMB) was established with the primary objective of promoting the development of the secondary mortgage market within eight participating countries of the Organisation of Eastern Caribbean States (OECS) namely Anguilla, Antigua and Barbuda, The Commonwealth of Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines.

ECHMB is a privately managed corporation. Current Shareholders are strictly financial institutions including the Eastern Caribbean Central Bank, The Home Mortgage Bank of Trinidad and Tobago, The International Finance Corporation, privately owned commercial banks, indigenous commercial banks, Social Security Systems, insurance companies, mortgage companies, building and loan associations and credit unions.

ECHMB was created and exists pursuant to the ECHMB Agreement Act (1995) which provides that ECHMB should serve as a vehicle linking the housing markets with the capital markets. In that regard, the Governments have collectively demonstrated their support by providing a facility whereby the Bank can issue bonds up to a maximum of EC$250 million. The interest payable on the bonds is exempt from income tax and any other tax including unemployment levy.

At the start of operations in 1996, ECHMB sought to build its business in two phases:

• the purchase of mortgage loans for its own retained portfolio with funding obtained through the issuance of unsecured debt securities. The spread between the mortgage yield and its cost of borrowing provides steady income to ECHMB.
  
• the packaging of mortgage loans from its own portfolio and from the approved institutions into mortgage-backed-securities, guaranteeing the timely repayment of principal and interest.

ECHMB has built a successful track record in the regional capital market, and in facilitating the process of homeownership.

After ten (10) years of commercial operations, the ECHMB's total assets amount to over $130 million, funded by debt raised in the capital market amounting to $112 million, and equity capital of $15 million.