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ECCB records another annual loss

By Antigua Observer

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Antigua Observer – For the third consecutive year, The Eastern Caribbean Central Bank (ECCB) has recorded a net loss, information contained in the bank’s 2015/16 Annual Report has revealed.

The loss of $10 million, however, is much less than the $18 million and the $12 million loss it recorded in 2014 and 2015 respectively.

“The financial performance of the Bank was more favourable compared to the previous financial year,” ECCB Governor Timothy Antoine noted in his report, published on the bank’s website on Monday.

The governor said the loss was partly due to an increase in the operating expenses of the sub-regional financial institution, based in St Kitts & Nevis.

The other reason the annual report noted was the negative impact on the bank’s foreign reserves “as US interest rates remained at historical lows”.

“The reduction in net loss was primarily attributable to an increase of $4.7 million in net interest income offset by an increase of $3.2 million in operating Continued on page 4 ECCB from page 3 expenses,” the bank said.

Although it’s operating income increased, thanks in part to banking licence fees under the new Banking Act, expenses, including administrative expenses, outweighed the income.

The report said operating income for the financial year increased by $5.4 million to $62.0 million over the previous year.

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  1. How could the bank change when the people it represents have not changed. Everybody is calling for change but none is prepared to change themselves. This is synonymous to the old adage "everybody wants to go to heaven but nobody wants to die."

  2. How do you expect to record any profit when you do the same old thing over and over? Form the inception the ECCB has followed the same outdated model of economic strangulation: high interest rates, rigid economic policies, austerity measures, etc. The ECCB has refused to participate in quantitative easing and implement any meaningful stimulus plan. The ECCB is responsible for some of the economic hardships that are facing the Caribbean nations today. It is time for the ECCB to lower interest rates to about 1% and stimulate the economy by encouraging banks to lend more to businesses and individuals. Stop your antiquated and backward policies and move to a better and brighter future.

    • ECCB reduced MSR to 2% in May 2015. Did you see any correspondent decreases in loan interest rates? I didn't. Banks have their own policies and therein lies the problem.

      What we need to do is move to credit unions AND pay our loans. If you know you cannot pay a loan don't take it. Furthermore, lenders should be more vigilant in lending. We should also not make the mistake of allowing the credit unions to be regulated by the ECCB. The banks need competition and credit unions are the only ones who can do so.


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