Central Bank actions to calm fears after bank takeover working

Commenting on the response of the public in the British territory, whose banking system is however under the supervisory control of the Eastern Caribbean Central Bank, Chief Minister Hubert Hughes has stated that the depositors, creditors and shareholders of the Caribbean Commercial Bank (Anguilla) Ltd and the National Bank of Anguilla Ltd have demonstrated undeniable understanding, patience and support of the Eastern Caribbean Central Bank and its team of trained and experienced professionals as they commenced the process of restructuring, stabilizing and strengthening the two indigenous banks.

As promised, normal operations at the two banks continued throughout the past week and with the continued support, the operations of the banks will continue without interruption, assured Hughes.

He also thanked the Chamber of Industry and Commerce, the Anguilla Social Security Board, Former Chairman of the NBA, Mr Ralph Hodge for publicly expressing their support for this rebuilding exercise.

The Chief Minister also had high praises for the media professionals in Anguilla and throughout the ECCU for providing accurate information to the public about this course of action which as stated before, is being undertaken in the best interest of depositors, creditors and other stakeholders of both banks as well as the people of Anguilla.

Hughes singled out the Leader of the Opposition, Mr Evans Rogers, for demonstrating that as Anguillans, “we need to stand united in the quest to preserve our banking system and by extension, our economy, and to show the world that we have the courage to make the decisions necessary to safeguard our economic and financial system.”

“I wish to emphasize that the CCB and the NBA conduct over 75 per cent of banking business in Anguilla, and I want to assure our people that the takeover of these two local banks will ensure that the people who deposit their money in these banks can now feel comfortable that these institutions are now under sound and proper management,” Hughes added.

He appealed to for continued support and said he is confident that the challenges facing the indigenous banks will be resolved in a timely manner and that the stability of the Anguilla banking system will be maintained and strengthened.

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