Sir K. Dwight Vennon
Montserrat hosted the 70th meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) at the beginning of which in a Handing Over Ceremony, Chief Minister Reuben T Meade of Montserrat assumed the chairmanship of the Council. The event and meeting took place on Friday, July 15 at the Sir George Martin Auditorium at the Montserrat Cultural Centre.
Sir K. Dwight Venner, long standing Governor of the ECCB during the handover gave remarks. He addressed the incoming chairman whom he said was a friend and colleague of many years. He said of the CM, “…who shared visions of the unity of our region has been ‘anointed’, a word his wife would appreciate, to serve as our chairman in a period which will be extremely challenging…”
The CM in accepting the honour as welcomed the visiting delegations to the Emerald Isle of Montserrat, concurred on the challenges facing the East Caribbean Council Union which he now chairs.
“The member countries of the ECCU, like many other countries, are confronted with unprecedented global economic challenges, he said, but comforted, “However, there are signs that the global economy is gradually recovering.”
The CM noted growth for ECCU which consists of eight (8) territories in the OECS in his address: “In the current environment, the ECCU is projected to grow by an average of two per cent in 2011 and by three per cent in 2012, he said, while cautioning however, “We must all continue to practice prudence in central government’s spending. At the same time, we must ensure that appropriate policies are introduced to tackle the social issues arising from increased crime, unemployment and poverty alleviation.”
Meanwhile, Governor Sir Dwight, who has more recently been boasting the stability of the EC currency and the financial sector, sought to exude confidence and assuredness: “I am very confident that under the chairmanship of the Hon. Chief Minster Ruben Meade with the wisdom and support of the members of counsel, the astuteness to the board of directors, the hard works in technical expertise of the management and staff of the ECCB, close collaboration and coordination with the ministries of finance, the corporation of public and private sectors and the consciousness, resilience and good sense of our people; of course with the blessings of all mighty God, we can emerge successfully from this very difficult period of our history.”
The handover ceremony was attended by a cross section of the private and financial sector along with small number senior public servants especially from the Ministry of Finance.
The ministers and member representatives wasted little time and proceeded to their meeting in the upper halls of the Centre. A press briefing should have followed at 3.30 p.m. but began at 4.30 with the chairman apologising for their deliberations running well over time.
The press members were issued a communiqué which was presented by the new Chairman following which the ministers with Chairman and Governor Venner along with other ministers entertained questions. In the presentation Chairman Meade among other decisions was that the Council would meet no less than twice each year, and it was later revealed that they would meet utilising to the best technology, by video conference, to take place on October 21, 2011.
The Council heard reports, deliberated and reported on the following: Monetary and Credit Conditions; Monetary Policy Assessment; Financial Sector Stability; Reports from Ministerial Sub-Committees of the Coouncil, which included Insurance, Banking,Debt, Credit Union, and International Financial Services. They also deliberated and reported on Policy Implications of Rising Food and Oil Prices; The ECCU Eight Point Stabilisation and Growth Programme; the Publication of Member Governments’ Fiscal Targets; Recommendations of the Pension Commission – Update on National consulations; Update on Public Expenditure Review Commission; and Update on the Debt, Growth and Development Task Force.
The Council responded to several questions on Insurance matters specifically dealing with BAICO/CLICO. It had noted that the ultimate resolution in the issues was dependent on the available funding, which was considered at $38 million. This would include funding options for the resolution programme as well as different compensation scenarios for addressing the financial obligations to policy holders and depositors. Given the limited fiscal space of the ECCU member governments , priorities would have to be set with regard to the implementation of the resolution programme.
Among answers given the Council reiterated that, “the regional approach being taken by the ECCU was critical, but that co-operation from Barbados and Trinidad and Tobago was of utmost importance in finalising a compensation scheme.”
The Council members attending the meeting were: CM Reuben Meade, CM Hubert Hughes, Anguilla, Harold Lovell, Min of Finance, Antigua and Barbuda, PM Roosevelt Skerritt, Commonwealth of Dominica, PM Denzil Douglas, St. Kitts and Nevis, PM Stephenson King, St. Lucia, Doublas Slater, Min of Foreign Affairs, St. Vincent and the Grenadines, and Timothy Antoine, PS, Min of Finance, Grenada; the last two being Alternate Members.
Reporter:
The government of the ECCB Sir K Dwight Venner says he’s confident that he’s confident about the leadership skills Chief Minister Ruben Meade will bring to the Monetary Counsel. Addressing the opening of the 70th meeting of the council last Friday, Sir. Dwight highlighted the challenging time in which chief minister Meade has taken over the chairmanship of the Monetary Counsel.
