The Bank thought it befitting to formally recognise Sir Cecil Jacobs, first Governor of the Eastern Caribbean Central Bank (ECCB), for his sterling contribution to the promotion and development of the financial sector in the Eastern Caribbean Currency Union. Accordingly, in July 2002, the Monetary Council agreed that the Auditorium at the ECCB Headquarters building be named the “Sir Cecil Jacobs Auditorium”.
Sir Cecil’s illustrious career began in the Treasury Department of the St Kitts Government Service in 1941. In 1952 he was awarded a scholarship and pursued studies in accounting in Leeds, England. Sir Cecil became an Associate of the Association of Certified Accountants, and later, a fellow of the Association. He received further training at the Crown Agents and the Colonial Office in London. Sir Cecil made a rapid rise within the St Kitts Government Service; he acted as Financial Secretary from 1958 – 1961, before being appointed on transfer as Financial Secretary, Saint Vincent and The Grenadines.
In 1973 he was appointed Managing Director of the East Caribbean Currency Authority (ECCA) which was then based in Barbados. He led the negotiations for the withdrawal of Barbados from the ECCA in 1974, and organised the transfer of the operation of the institution from Barbados to St Kitts in May 1975. Sir Cecil was appointed Governor of the Eastern Caribbean Central Bank when it was established on 5 July 1983.
During his tenure in office, Sir Cecil managed the process of conversion of the link of the EC Dollar from the Pound Sterling to the US dollar. Thereafter, through appropriate monetary management he ensured that the external value of the currency was maintained. Sir Cecil retired from the Bank in 1989.
On 15 June 2002, Cecil Albert Jacobs, MBE, CBE was awarded Knight Bachelor of the British Empire (Civil Division) by Her Majesty Queen Elizabeth the Second, for his lifetime service in the financial and banking industry in St Kitts and Nevis, St Vincent and The Grenadines, Barbados and the Eastern Caribbean.