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Presentation of the 2004/2005 Annual Report

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On Thursday 30 June 2005, Governor Sir K Dwight Venner publicly presented the Bank’s 2004/2005 Annual Report, at 8.00 pm on radio and television throughout the ECCU.

We invite you to learn about the challenges faced and the programmes undertaken by the Bank in 2004/2005, as well as the outlook for the current financial year by reading the 2004/2005 Annual Report.

The measures taken by the Bank to ensure that the currency remains stable and that the financial system is sound affect the lives of all citizens and residents in its member countries.


We really want to hear from you. Please complete our public perception survey ( all information provided in the survey will be treated confidentially and used only for the purpose of data analysis), and join our online discussion forum.

Give us your views on:

OECS integration and policy coordination as strategic steps to further regional economic development.
Factors affecting the stability of the financial system.
Raising OECS competitiveness to meet the challenges of globalisation.

Let’s work together to ensure stability and growth in the Eastern Caribbean Currency Union.

Also on this page:

Presentation of the 2004/2005 Annual Report by Sir K Dwight Venner
Excerpts from the Media RoundTable Discussion
 Annual Financial Statistics Year Book 2005
   
From 2004:
The 2003/2004 Annual Report (pdf document, 1.0MB)
Governor's presentation of the 2003/4 Annual Report in text and audio
Extracts from the regional discussion following the 2003/2004 Presentation

Extracts From The 2003/2004 Presentation

What does ECCB see as its role in the social development of the member countries?

Governor’s Response
:
“At the end of the day, economic activity affects people personally, you are employed, you have a good income, inflation does not eat into your income, there is a strong currency so that you are able to have good purchasing power. You can contrast this with other countries where there has been steep devaluation and rates of inflation are high. So in what we do as the central bank; keep the currency stable, keep inflation low, keep the financial system stable, those are tremendous contributions to the social good. You do not want to be in a place where the banking system is falling apart, you do not want to be in a place where the currency devalues in front of your eyes, you do not want to be in a place where inflation is 100%.

Economic development is a straight and narrow path. For those countries that have come off that path it is extremely difficult to get back on. What we have been able to do in the OECS is keep the currency stable, keep inflation low, keep the banking system stable. These things are fundamental. So let us not get off that path, it is extremely difficult to get back on and then there is the social chaos that comes….. Good economic policies and stable conditions protect the poor and then you build on that.”
Back to Extracts

As we seek to protect the stability of the EC dollar and by extension its internal value, which economy or economic circumstances cause you the greatest concern and why?

Governor’s Response:
"There are two major concerns; one internal and one external. The internal has to do with fiscal policies. We have to be very efficient with respect to our revenue arrangements, particularly in light of the changing circumstances, where with new trade regimes, we are going to have to forego revenues from import duties and replace them with other kinds of revenues. On the expenditure side, we have to look at the size of government and ask two fundamental questions: What is the purpose of government and what should governments do? …….

"In terms of the private sector, we will also have to have firms that can compete in this new environment. We have to consider what things we can identify both in services and in commodities where we have some competitive advantage and can press home that competitive advantage…. “ Back to Extracts

What are the key policies that you would wish to see implemented by member governments which will assist the Central Bank in meeting its dual objectives of maintaining the stability of the exchange rate and facilitating the process of economic development of the member territories? Consider also the possible conflict of the aims of these policies where one focuses on credit restrain while the other on credit expansion.

Governor’s Response:
"With respect to the policies, one can be fairly clear about these. Our countries need to run good fiscal policies for credibility…Once the countries start getting surpluses on their current account, once they have good public investment programmes, that gives the sort of credibility that is needed to proceed."
Back to Extracts

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Media Houses Broadcasting the Governor's Presentation
Country Media House Frequency
Time
Anguilla Heartbeat Radio 107.5FM 8:00pm
  Kreative Communications Network (KCN) Television   8:00pm
Antigua and Barbuda ABS Radio 620 AM 8:00pm
  ABS Television   8:00pm
  Observer Radio 91.1 FM 8:00pm
Dominica DBS Radio 88.1 FM 8:00pm
  Marpin TelecomsTelevision   8:00pm
Grenada Klassic Radio 535 AM 7:45pm
  GBN Television   7:45pm
Montserrat Radio Montserrat (ZJB) 91.9,
95.5 FM
8:00pm
  The People’s TV   8:00pm
St Kitts and Nevis WINN FM/Federation Media Group 98.9FM 8:00pm
  ZIZ Radio 96.7 FM,
555 AM
8:00pm
  ZIZ Television   8:00pm
Saint Lucia Helen Television Systems (HTS)   8:30pm
  Radio 100 Helen FM 100 FM 8:30pm
  Radio St Lucia 97.3,
97.7 FM
8:30pm
St Vincent and the Grenadines NBC Radio 107.3 FM 8:00pm
  SVG Broadcasting (API) Top 8:00pm
 

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