In April 2009, the Eastern Caribbean Central Bank Monetary Council (the “Monetary Council”), recognising the likely negative impact of the international financial crisis, agreed on a comprehensive plan of action, referred to as the Eastern Caribbean Currency Union (the “ECCU”) Eight Point Stabilisation and Growth Programme. A key component of this Programme addresses financial sector stability. In furtherance of this Eight Point Stabilisation and Growth Programme, the Monetary Council agreed to the establishment of the Eastern Caribbean Asset Management Corporation.