Can I save money with or obtain a loan
from Central Bank?
How does the Central bank act as a Clearing
Who are the Bank's former Governors
and Deputy Governors?
How long has ECCB existed?
What is the governance structure
of the Central Bank?
Who designed the ECCB logo and what is
the significance of the colours used in the design?
What is the difference between Monetary
and Fiscal Policy?
Does the ECCB have offices in each
What publications are produced
by the Central Bank and where are they made available
to the public?
Are the ECHMB, ECSM, RGSM, ECUT and ECEF
part of the Central Bank?
What is the difference between a Treasury
Bill and a Government Bond?
Can I save money with or obtain a loan from the Central
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
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.
How does the Central Bank act
as a Clearing House?
The ECCB provides a clearinghouse facility where all
banks meet daily to present cheques and offset claims
and debts against each other. For example, you might
have deposited a cheque from someone with an account
at RBTT Bank into your Scotiabank account. When the
officers from the different banks meet for the clearings
Scotiabank returns the cheque to RBTT Bank, who in turn
pays Scotiabank. The settlement takes place using the
commercial banks accounts at ECCB, so no money actually
Who are the Bank’s former Governors and
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 long has the ECCB existed?
The Eastern Caribbean Central Bank came into being on
October 1 1983, as successor to the East Caribbean Currency
Authority, following the enactment of enabling legislation
by the respective governments.
The Agreement to establish the Eastern
Caribbean Central Bank (ECCB) was signed on July 5 1983
by the governments of Antigua and Barbuda, The Commonwealth
of Dominica, Grenada, Montserrat, St Kitts and Nevis,
St Lucia, and St Vincent and the Grenadines. Anguilla
acceded to the Act on 1 April 1987.
At the time of writing, the ECCB is one
of only four multi-state central banks in the world.
What is the governance structure
of the Central Bank?
The Monetary Council is the
highest decision-making body in the institution to which
the management of the Bank is ultimately responsible.
Article 7(2) establishes that the Council
shall meet not less than twice each year to receive
from the Governor the Bank’s report on monetary
and credit conditions and to provide directives and
guidelines on matters of monetary and credit policy.
The Council has agreed to meet three
times for the year in January or February, July and
The Council’s specific decision-making
functions are outlined as follows:
Article 17 (2) - declaration of the external
value of the currency,
Article 24 (3) - the external reserve backing of the
Article (33) - the maintenance of required reserves,
Article (34) - interest rate and credit ceilings.
The Board of
Directors is responsible for policy and general
administration of the Bank. All major decisions must
first be approved by the Board before they are presented
to the Council.
The Board comprises the Governor, Deputy
Governor and one Director appointed by each of the participating
governments. The Governor functions as Chairman of the
Who designed the ECCB logo and
what is the significance of the colours used in the
The logo of the Eastern Caribbean Central Bank
was designed by Mr Dennis Richards of St. Kitts/Nevis
on June 27, 1984. In June 1992, Miss Marijka Grey of
St Kitts/Nevis reproduced a coloured version of the
logo with the colours blue, green and yellow.
The logo consists of a blue circle bordered
with a narrow yellow strip both on the inner and outer
rims of the circle. The words Eastern Caribbean Central
Bank are inscribed in yellow lettering on the blue circle.
This circle frames two green laurels interspersed with
splashes of yellow encasing the letters ECCB, also written
in yellow and resting on a white background.
White - The purity of aspiration of the peoples of the
sub-region and the sand which frames the lovely waters
of the Region.
Blue - The azure colour epitomizes the
comely and breathtaking beaches/waters and clear skies
of which this Region boasts.
Yellow - The goldish yellow embodies
the warmth of the people and the radiant sunshine.
Green - The green symbolises the lush
vegetation and verdant fields and forests of the islands.
The combination of colours clearly illustrates the two
major economic activities for which the islands are
known, to wit, Agriculture and Tourism.
Laurels - These evergreen shrubs are symbolic of the
honour which the Central Bank seeks to bring to the
sub-region as it grapples with the challenges encountered
along the path to the achievements of balanced growth
What is the difference between Monetary and Fiscal Policy?
Monetary policy refers to the actions undertaken
by a central bank to influence the availability of money
and credit to help promote national economic objectives
of growth, employment and stable prices. Under the terms
of the Eastern Caribbean Central Bank Agreement Act
1983, the Monetary Council has responsibility to provide
directives and guidelines on matters of monetary and
credit policy to the Bank (Article 7.2).
Fiscal Policy is the term used to characterise
measures taken by a government to influence an economy.
These decisions involve mainly government's use of expenditure
and taxation policies to bring about desired macroeconomic
Does the ECCB have offices in each member territory?
The ECCB is headquartered in St Kitts and has Agency
Offices in each member territory, staffed by a Resident
Representative and a secretary. The Agency Offices are
responsible for performing the following operations:
• Management of the clearing arrangements
• Foreign Exchange
• Issue and redemption of currency
• Monitoring developments in the member territories
• Transmitting information to the Bank on developments
in the territory
• Monitoring the implementation of the policy
directives from the Bank.
publications are produced by the Central Bank and where
are they made available to the public?
The ECCB produces annual and quarterly publications,
The Annual Report
The Balance of Payments (annual)
The Annual Financial Statistics Yearbook
National Accounts (annual)
The Economic and Financial Review (quarterly)
Commercial Bank Statictics (quarterly)
They are available by subscription from
our website, or by writing directly to:
Eastern Caribbean Central Bank
P O Box 89
The Annual Report and Commercial Bank
Statistics are free of charge.
Are the ECHMB, ECSM, RGSM, ECUT
and ECEF part of the Central Bank?
No. They are the markets and initiatives created
by the Eastern Caribbean Central Bank under its programmes
of Money and Capital Markets
What is the difference between
a Treasury Bill and a Government Bond?
Treasury bills commonly referred to as T-bills,
are debt instruments issued by governments. They can
basically be described as short-term loans to the issuer,
issued for a term of one year or less.
Like treasury bills, bonds are debt instruments; however
they are long-term instruments, issued for a period
of five to thirty years, by both companies and governments.
Bonds issued by governments are called treasury bonds,
while those issued by companies are called corporate