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ECCB moves to Regulate Banking Sector in the ECCU
May 23, 2005

The St. Kitts based Eastern Caribbean Central Bank is in the process of reviewing and evaluating its statutory and prudential authority to effectively regulate the banking sector in the ECCU.

This introspection was prompted by the findings of the 2003 Financial Sector Assessment Programme and internally identified gaps in the regulation of the financial system.

The assessment revealed that the ECCB’s current regulatory structure could benefit from enhanced statutory and prudential authority.

The proposed amendments to the Banking Act are expected to enhance the Bank’s legal authority.

The Central Bank is also proposing a series of regulations and prudential guidelines to complement the proposed Banking Act.

These regulations and guidelines would be issued on the authority of the relevant Minister of Finance and the ECCB’s Board of Directors respectively.

The prudential guidelines will be issued by the Eastern Caribbean Central Bank (ECCB) pursuant to the authority contained in section 36 of the new Banking Act

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