Frequently asked questions
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Who are the Bank’s former Governors and Deputy Governors?

The first Governor of the ECCB was Sir Cecil Jacobs (July 1983 to December 1989). He was succeeded by the current Governor, Sir K Dwight Venner. Mr Errol Allen was appointed Deputy Governor in 1983, when the Institution was upgraded from the East Caribbean Currency Authority (ECCA) to a Central Bank (the Eastern Caribbean Central Bank), and served until his retirement on 31 March 2005. He was succeeded by Mr Trevor Brathwaite, of Saint Lucia, who officially took office as the Bank’s second Deputy Governor on 3 April 2006.

How does the Central Bank act as a Clearing House?

The Bank jointly with the licensed commercial banks in the Eastern Caribbean Currency Union (ECCU) established the Eastern Caribbean Automated Clearing House (ECACH). In order to transform the traditional paper based payment system into an electronic payment system based on international standards, the ECCB initiated the ECACH Project, which was divided into two phases. Phase one, the implementation of Cheque Imaging, was completed in March 2015 across eight territories. The objective of phase two is to implement the use of Electronic Funds Transfer (EFT) in XCD throughout the participating Banks of the ECCU based on the NACHA standard by, 2017.

Can I save money with or obtain a loan from the Central Bank?

No.Individuals wishing to save or borrow money should contact any of the licensed financial institutions.

The Eastern Caribbean Central Bank does not accept deposits or make loans to private individuals. As banker to governments, the Central Bank provides deposit and borrowing facilities to participating governments. The governments maintain accounts with the Central Bank, which undertakes transactions on their behalf with other governments and with regional and international organisations. The Bank also gives technical advice to the governments on monetary and financial policy matters.

The Central Bank also functions as banker to commercial banks, and holds minimum cash balances and excess reserves of the commercial banks. The ECCB also provides a clearinghouse facility.

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