The creation of the Eastern Caribbean Financial Standards Board (ECFSB) marks a major step toward strengthening regulation of the non-bank financial sector across the currency union, including Montserrat.
That’s the word from ECCB Senior Policy Specialist, Shawn Williams, who joined officials visiting Montserrat last week.
He said the new body will introduce uniform regulatory standards designed to protect consumers and safeguard the region’s financial stability.
During discussions with stakeholders on island, Mr. Williams explained that the Board will introduce consistent standards in key areas such as capital adequacy, liquidity, and asset quality.
These standards ensure that institutions operating within the Eastern Caribbean Currency Union (ECCU) have the financial strength to withstand economic shocks and absorb potential losses.
The Board will also enhance coordination by bringing together national regulators and the ECCB under a more unified oversight framework. This collaboration is expected to improve monitoring, early detection of risks, and overall resilience of the financial system.