The Eastern Caribbean Central Bank (ECCB) has recognised six commercial banks operating within the Eastern Caribbean Currency Union (ECCU) for demonstrating outstanding banking service and social responsibility.

Governor of the ECCB, Timothy N. J. Antoine presented the Inaugural Bank of the Year Awards on November 6 to the commercial banks that have exhibited commitment and service excellence to the people they serve through their business practices and policies in six categories:

1. ECCU Bank of the Year Award for Corporate Social Responsibility: The St Kitts-Nevis-Anguilla National Bank;
2. ECCU Bank of the Year Award for Corporate Governance: The Antigua Commercial Bank;
3. ECCU Bank of the Year Award for Customer Service: The CIBC/First Caribbean International Bank (Barbados) Ltd (Saint Lucia);
4. ECCU Bank of the Year Award for Financial Education and Empowerment: The Republic Bank (Grenada) Limited;
5. ECCU Bank of the Year Award for Risk Management: The Grenada Co-operative Bank Limited; and
6. ECCU Bank of the Year Award for Technological Innovation: The Bank of Saint Lucia.

The Bank of the Year Awards replace the Best Corporate Citizen Awards Among ECCU Commercial Bank, which the ECCB presented from 1997 to 2017. The awards ceremony formed part of the activities for the 24^th Sir Arthur Lewis Lecture.

The 24^th Sir Arthur Lewis Memorial Lecture, which will be held at the Sir Cecil Jacobs Auditorium, ECCB Headquarters, St Kitts and Nevis on 6 November, will focus on “Confronting the Fourth Industrial Revolution”.

Cecil Allan St Jules, banking professional with over 20 years of experience in the banking and securities industry, will deliver the lecture.

St Jules is a national of Saint Lucia and graduate of Howard University. St Jules has an in-depth understanding of the US Bond Market and played a key role in reconciling US bond clearing and repo settlement issues post the events of 11 September 2001. Currently, he is the Managing Consultant for Aponia Data Solutions and Co-founder of PeaEye 7 Marketing International.

The Eastern Caribbean Central Bank (ECCB) began hosting the Annual Sir Arthur Lewis Memorial Lecture series in 1996, in honour of the memory of Sir Arthur Lewis, Nobel Laureate in Economics, who made a significant contribution to Caribbean regional integration.

Following the lecture, Governor of the ECCB, Timothy N. J. Antoine, will present the Inaugural ECCU Bank of the Year Awards, which recognises the contribution of commercial banks licensed by the ECCB to the communities and people they serve.

Deputy Governor of the ECCB, Trevor Brathwaite, will also present the 11^th Annual Sir Arthur Lewis Memorial Book Award to the Dominica State College.

The Eastern Caribbean Central Bank (ECCB) hereby advises that effective 1 November, the Bank of Nova Scotia operations in Anguilla, the Commonwealth of Dominica, Grenada, Saint Lucia, St Kitts and Nevis and St Vincent and the Grenadines will cease and the Republic Financial Holding Limited (RFHL) operations will commence in these countries. 

The ECCB, in consultation with the ECCB Monetary Council, approved on 6 September, the application for the transfer of the assets and liabilities of the Bank of Nova Scotia  to the Republic Financial Holding Limited in the said territories, pursuant to Section 43 (42 in Anguilla) of the Banking Act.

Approval was also granted for the RFHL operations in the ECCU to include the following:

1. Republic Bank (EC) Limited - a Saint Lucia based subsidiary which will operate branches in the Commonwealth of Dominica, St Kitts and Nevis and St Vincent and the Grenadines; 
2. Republic Bank (Anguilla) Limited, a subsidiary of Republic Bank (EC) Limited; and
3. Republic Bank (Grenada) Limited, which will acquire the BNS Grenada operations.

Pursuant to these approvals, the ECCB issued banking licences to Republic Bank (EC) Limited, Republic Bank (Anguilla) Limited and a variation of licence to Republic Bank (Grenada) Limited. 

The Banking Business Vesting Orders have been signed and gazetted in the aforementioned countries. 

The RFHL and BNS are bound by a transition services agreement, which facilitates the sharing of services for an 18-24 month period to ensure a smooth transition post acquisition. 

The ECCB is resolute about its mandate to protect the EC dollar and will continue to maintain high levels of foreign reserves while protecting the stability of the banking system.

Citizens and residents in ECCB member countries are encouraged to stay abreast of developments in the financial sector.

The Eastern Caribbean Central Bank (ECCB) is committed to implementing certain aspects of the Basel II and Basel III capital adequacy frameworks (Basel II/III), given that the current Basel I capital framework is not sufficiently risk sensitive to account for all the risks confronting licensed financial institutions (LFIs) in the Eastern Caribbean Currency Union (ECCU). 

Basel II/III are international standards developed by the Basel Committee on Banking Supervision (BCBS), for assessing the capital adequacy of banks.  Basel II seeks to ensure that banks maintain sufficient capital to cover their risks and absorb potential losses.  The framework comprises three mutually reinforcing pillars:

1. Minimum capital requirements;

2. Supervisory review process; and

3. Market discipline.

The BCBS released Basel III in 2010 in response to the financial crisis of 2007-09 to strengthen regulation, supervision, and risk management within the banking industry.

The Bank will engage key stakeholders throughout the implementation process. The ECCB has established a dedicated team within the Bank Supervision Department, to spearhead the programme of activities towards Basel II/III implementation and a Basel II/III Implementation Working Group, comprising representatives from LFIs and the ECCB. 

The implementation of the Basel II/III framework provides an opportunity for LFIs to improve risk management and ultimately, capital management. Licensed financial institutions will be required to develop more efficient risk management systems and internal controls; adopt risk-based internal audits; strengthen corporate governance; build capacity; and establish more effective management information systems. As a result, the ECCU banking system is projected to become more resilient and will enhance the region’s reputation as a stable financial center.

Help CERT understand how people make payments in the Caribbean 

New payment options are changing the way we pay for goods and services. It is important for Caribbean central banks to understand how and why people choose among different payment options (cash, credit card, debit card, etc).  

Please complete this short survey http://www.bcs.org.tt/opinio/s?s=1411  to help CERT gain this knowledge.

The findings will help to modernize Caribbean payment systems.