Category: News

07- Mar2024
Posted By: BASL

ECCB Connects Season 24 Ep 9 – Electronic Funds Transfer

On this episode, General Manager, Eastern Caribbean Automated Clearing House – Philomena Lee, explains how the Electronic Funds Transfer system allows you to send and receive money quickly, and securely between ECCB member countries.

06- Mar2024
Posted By: BASL

Saint Lucia’s Security Interest In Movable Properties Registry

The Security Interest in Movable Property Act was passed in Parliament in November 2022. Complementary to this legislation was the establishment of the Security Interest in Movable Property Registry (SIMPR) more commonly referred to as the Collateral Registry. This Registry was established and launched on November 29, 2023.

This financial sector reform project seeks to further improve the services offered by creditors to better enable them to cater to the specific needs of the business sector and by extension the average citizenry in Saint Lucia.

More specifically, the project seeks to expand the range of assets which can be utilized as collateral to include movable assets. As such, the law and complementary Registry will add to the legal framework and financial sector tools to further assist creditors in making better decisions in granting credit to the general populace.

During the drafting phase of the legislation as well as the establishment of the accompanying Registry, the Saint Lucia Banker’s Association was heavily involved in the work leading to the passage of the law and establishment of the Registry. The Association sat on the Secured Transactions Reform Project Steering Committee  and also participated in numerous training sessions, presentations, consultations and  discussions on the project at various stages of implementation.

21- Feb2024
Posted By: BASL

ECCB Monetary Council To Receive Report On Monetary, Credit And Financial Conditions In ECCU When 107th Meeting Convenes At ECCB Headquarters

Governor of the Eastern Caribbean Central Bank (ECCB), Timothy N. J. Antoine, will present the Report on Monetary, Credit and Financial Conditions in the Eastern Caribbean Currency Union (ECCU) when the 107th Meeting of the ECCB Monetary Council convenes at the ECCB Headquarters in Saint Christopher (St Kitts) and Nevis on 16 February.

The Governor’s Report will include an analysis of the ECCU’s macroeconomic developments and monetary and financial stability. It will also include an update on the ‘Greening of the Financial System’ and the process underway for the determination of the new images on the EC currency.

The Council will also receive an update on key legislative matters and discuss the progress towards the establishment of a coordinating Regional Standards Setting Body for all financial institutions in the ECCU.

During the meeting, the Council Members will receive and discuss reports from the Technical Core Committee on Insurance, the Eastern Caribbean Asset Management Corporation and the Eastern Caribbean Partial Credit Guarantee Corporation.

Following the meeting, Council Chairman and Council Member for Saint Vincent and the Grenadines, the Honourable Camillo Gonsalves, will present the Communiqué and with the Governor field questions from reporters during a media conference.

The Monetary Council is the highest decision making authority of the ECCB. It comprises the eight Ministers for Finance from the ECCB member countries.

14- Feb2024
Posted By: BASL

8th GRD 2024 – Creative Disruption and Innovation Contest

GRD (Growth and Resilience Dialogue) 2024 desires to recognise and celebrate young adults, ages 18-40, who are worthy of the distinction of being called a creative disruptor and innovator. The objective is to reward creative disruptors and innovators whose ideas and works have disrupted or have the potential to disrupt the status quo for the betterment of their communities.

Individuals, 18-40 years, are invited to submit their story (maximum 650 words) plus a short video of two minutes or less done via their mobile phone (video recording guidelines) detailing how their endeavor(s), work or business ideas create/can potentially create breakthroughs that advance/could advance social or economic progress by providing solutions to some of their communities’/countries’ problems, for the chance to win the grand prize of US$8,000.00 or two consolation prizes of US$4,000.00 and US$3,000.00 respectively. Additional prizes include scholarships to an innovation conference in 2024. Domains can range from technology, culture, education, community work, creative arts, healthcare, spirituality, religion, business, finance and sports.

Click here to learn more.

07- Feb2024
Posted By: BASL

ECCB Announces the Launch of its EC$2 Commemorative Polymer Banknote

The Eastern Caribbean Central Bank is pleased to announce the launch of its EC$2 commemorative polymer banknote.

In commemoration of the Bank’s 40th anniversary, the EC$2 note showcases a portrait of the legendary cricketer, Sir Vivian Richards, affectionately known as “The Master Blaster”.

The EC$2 commemorative note marks the first time that a reflective silver ink, a gold iridescent ink and a holographic blue foil have appeared together on a banknote, representing an innovation in global currency design and security.

30- Jan2024
Posted By: BASL

ECCB’s Virtual Museum Makes the Bank’s Rich History and Legacy Accessible

The ECCB’s 40th Anniversary Virtual Museum is a reliable resource for students and the general public of the Eastern Caribbean Currency Union as well as for anyone looking to learn more about the respected central bank and its role in maintaining monetary and financial stability in the ECCU, one of the strongest monetary unions in the world!

Click here to visit the museum.

23- Jan2024
Posted By: BASL

New President for Bankers Association of Saint Lucia

The Bankers Association of St. Lucia Inc. announces the appointment of a new President to manage its affairs for the period January 01, 2024 to December 31, 2025.

Mr. Fletcher St. Jean, Managing Director of 1st National Bank St. Lucia Limited, takes the helm as the new President of the Bankers Association of Saint Lucia. He is supported by a cadre of banking professionals who form the Executives, including Vice President, Mrs. Gezella Claxton – Senior Country Lead, Republic Bank (EC) Limited; Secretary, Ms. Joralee Preville – Corporate Secretary, Financial Investment and Consultancy Services (FICS) Limited; Public Relations Officer, Ms. Janelle Germain – Senior Manager, Marketing & Corporate Communications, Bank of Saint Lucia Limited; and Treasurer, Ms. Leona Edward – Finance Manager, Sagicor Finance Inc.

With over 25 years of experience in banking and finance, Mr. Fletcher St. Jean is poised to lead the Bankers Association of Saint Lucia into a new chapter, building upon the strong foundation laid by his predecessor. Starting his career at Citigroup Banking Division, through a management program, Mr. St. Jean quickly became one of the youngest managers in the corporate division of this global financial giant. Mr. St. Jean is academically accomplished, holding an MBA and dual Bachelor’s degrees in Finance and Accounting from Lindenwood University, USA. During his time at Lindenwood, he made history as the first black, international student to be elected President of the University’s Accounting and Business Club. He also gained valuable experience in corporate finance as the only non-ivy League student to gain acceptance into a highly competitive MasterCard International Summer Internship Program.

Prior to his current role as Managing Director of 1st National Bank, Mr. St. Jean served as a Financial Controller for Digicel, in the St. Kitts and Nevis market, providing overall financial accountability for the business. He has also been a trailblazer in regional transportation, contributing to a transformative fast ferry service between St. Kitts and Nevis. In 2019, he founded EZirates Inc., a pioneering digital Fintech platform created with a vision to enhance the credit application process in the Eastern Caribbean Currency Union region.

Mr St. Jean’s extensive background in banking and finance, coupled with his entrepreneurial spirit and experience in digital innovation, will prove valuable as he assumes the reigns of leadership as the new incoming President of the Bankers Association of St. Lucia. Under his leadership, the association is set to advance its mission of enhancing financial literacy, deepening community engagement, and promoting economic growth in alignment with the vision of the Eastern Caribbean Currency Union. Mr. St. Jean is confident that with the collective support of his colleagues in the Bankers Association, there will be a revolutionary enhancement of banking services throughout St. Lucia. The new president is committed to significantly improving the efficiency and effectiveness of banking services in St. Lucia, particularly in the realms of account opening and loan application processes, as well as enhancing digital banking services. His tenure is anticipated to drive substantial progress in the banking sector.

11- Oct2023
Posted By: BASL

Saint Lucia, Venezuela Strengthen Ties With The Signing Of Three Agreements

The Bolivarian Republic of Venezuela and Saint Lucia strengthened a common road map framed in cooperation, complementarity and solidarity, by signing three agreements on Friday 6, October, 2023, on the occasion of the official visit of the Prime Minister of the Caribbean island, Hon. Philip J. Pierre, to Venezuelan soil.

The protocol ceremony for the signing of the agreements, from the Simón Bolívar Hall of the Miraflores Palace, included the signing of the document called Roadmap for the Development of Cooperation between the Bolivarian Republic of Venezuela and Saint Lucia.

The instrument signed by the Minister of People’s Power for Foreign Affairs, Hon. Yván Gil Pinto and the Minister of External Affairs, International Trade, Civil Aviation and Diaspora Affairs of Saint Lucia, Hon. Alva Baptiste, is aimed at expanding bilateral cooperation through the preparation of joint proposals for the future and early signing of agreements in the areas of development, education, tourism, fishing, food sovereignty, air transportation and infrastructure.

“We have signed the roadmap and we have also established the action plan, a real concrete action plan, to produce food of Saint Lucia, in Venezuela, in a shared manner, to increase trade, to guarantee energy sovereignty, to support each other in education, tourism, culture, housing construction”, detailed the President of the Republic, H.E. Nicolas Maduro.

The intention is to design and implement programs and projects that will allow the implementation of cooperation activities in all sectors of common interest for the benefit of both peoples.

The second document is the Air Services Agreement between the Bolivarian Republic of Venezuela and Saint Lucia, to promote an international air transportation system that offers fair and equitable opportunities to the respective airlines.

This agreement was signed by the Minister of People’s Power for Transportation, Hon. Ramón Celestino Velásquez Araguayán, and the Minister of Saint Lucia, Hon. Alva Baptiste.

This air services agreement will be active as of November. “Opening air operations and connecting Saint Lucia with Venezuela, Venezuela with Saint Lucia. We are joining the Caribbean, great news (…) and I am sure that these flights will be very successful and will increase the exchange of our peoples for tourism and to strengthen relations,” he said.

The third important aspect of this meeting in Caracas was the signing of the Joint Declaration between Venezuelan President Nicolás Maduro and the Prime Minister of the Caribbean nation.

“With this declaration we ratify the principles of self-determination of the peoples, of Latin America and the Caribbean as a territory of the principles of cooperation, solidarity, brotherhood, mutual benefit, progressive and upward development of relations, the founding principles of our peoples,” ratified the Head of State.

With the signing of the three documents, bilateral cooperation is expanded under the premises of respect, defense of sovereignty, complementarity and cooperation.

“We have set out to turn the cooperative relationship of joint work and brotherhood between Saint Lucia and Venezuela into a model to be followed for relations with the entire Caribbean and other peoples, a relationship that is brilliant, that yields concrete results, that raises the quality of life of our people,” he said.

SOURCE: Embassy of the Bolivarian Republic of Venezuela

04- Oct2023
Posted By: BASL

Financial Information Month 2023 Underway

Financial Information Month (FIM) is a regional financial, economic, business and entrepreneurial education campaign executed in the Eastern Caribbean Currency Union (ECCU) every October since 2002, through the collaborative efforts of the Eastern Caribbean Central Bank (ECCB), ECCU member governments, financial and academic institutions, the media, other private and public sector institutions and community-based groups. The Month forms part of an ECCU financial and economic education programme coordinated by the ECCB. The programme incorporates a series of initiatives designed to support the attainment of the goal of “a financially developed and vibrant ECCU region that fosters strong and sustainable economic growth and the improved well-being of the citizenry.”