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Legal & Regulatory Framework
The ECCB Agreement Act 1983
Organisation of Eastern Caribbean States Treaty
Banking Act
The ECCB Agreement Act 1983
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The Eastern Caribbean Central Bank Agreement Act was passed into law by the eight Participating Governments. The Schedule to the Act contains an agreement made on July 5 1983 by seven member governments and acceded to by the Government of Anguilla on 1st April 1987. This Agreement provides for the establishment of the Eastern Caribbean Central Bank, its Management and Administration, its Currency, Relations with Financial Institutions, Relations with the Participating Governments, Foreign Exchange Operations, External Reserves and other related matters.

The Bank is described in Article 3 as a body corporate having perpetual succession with powers to, inter alia, regulate banking business on behalf of and in collaboration with participating governments. Its stated purposes include the promotion and maintenance of monetary stability and the promotion of a sound financial structure conducive to the balanced growth and development of the economies of Participating Governments.

The highest decision-making body of the Bank is the Monetary Council comprising eight members, each of whom is a Minister of Government from each of the Participating Governments. The Monetary Council provides directives and guidelines on matters of monetary and credit policy to the Bank.

The Board of Directors is responsible for the policy and general administration of the Bank. Its meetings are presided over by the Governor who is the Chief Executive Officer of the Bank. The Governor is also responsible for the implementation of policy and the day-to-day management of the Bank.

The Bank is designated in Article 25 as the depository of the external assets of the Participating Governments. It also operates as the banker, fiscal agent of and adviser to the Participating Governments on monetary and financial matters.

It has the sole right to issue currency notes and coins in the territories of the Participating Governments and may withdraw from circulation any currency issued or deemed to be issued by it.

Certain immunities and privileges are bestowed on the Bank by Article 50. It enjoys immunity from every form of judicial process unless it waives this immunity. The property and assets of the Bank are immune from search, requisition, confiscation, expropriation or other from of seizure. The Governor, Deputy Governor, Directors, officers and employees of the Bank also enjoy certain privileges and immunities under the Agreement.

Any Participating Government may withdraw from the Agreement by giving written notice of its intention to do so. The Monetary Council may terminate the operations of the Bank by resolution adopted by a two-thirds majority of its members.

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