Prime Minister Philip J. Pierre has lauded the efforts of the Eastern Caribbean Central Bank (ECCB) to serve the people of the Eastern Caribbean Currency Union (ECCU) while reiterating a consumer protection challenge to the financial institution.
“Since my assumption of the Chairmanship I have challenged the Bank to develop stronger consumer protection for the people of the ECCU whom we ultimately serve in respect of their relationships with banks and other financial institutions,” Pierre told the ECCB’s year-long 40th Anniversary Celebrations launch on Thursday.
The Chairman of the ECCB Monetary Council, said he was pleased to note that the Bank was working on a market conduct framework to address those concerns.
He said he welcomed plans to introduce deposit insurance.
Pierre also challenged the Bank to continue constructive dialogue with credit unions and other indigenous institutions to obtain sustainability, continuity, efficiency, and profitability.
And the Saint Lucia Prime Minister observed that over the past 40 years, the ECCB has continually adapted to the changing needs of its member countries and its external environment.
In addition, he congratulated the Bank on turning 40, stating that the people of the region will continue to rely on the ECCB as they navigate the ever-changing landscape of financial and economic development.