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Leader of Opposition expresses support for Central Bank takeover of Anguilla banks

Amongst the groups that have out publicly to endorse the initiative include the Chamber of Industry & Commerce, Social Security and the Leader of the Opposition, Evans Rogers.

The Opposition leader explained that a series of actions on Monday, August 12, 2013 resulted in the “take over” of the National Bank of Anguilla (NBA) and the Caribbean Commercial Bank (CCB) by the Eastern Caribbean Central Bank (ECCB). “As the Leader of the Parliamentary Opposition I was invited along with my colleagues, the Hon. Othlyn Vanterpool and Hon. Edison Baird to attend a briefing with the Governor of the ECCB, Sir Dwight Venner, and the Chairman of the Monetary Council and Premier of Montserrat, the Hon. Reuben Meade, on the matter of the “take over”.

Rogers clarified however that “there were no consultations with members of the Opposition prior to these actions; however, we expect that the ECCB would have presented a very convincing case to the Chief Minister that caused him to grant approval for these actions. Our tardiness in commenting on the situation was in order to get a better understanding of those circumstances; however, while such information is still not available to us, it seems clear that due process was followed under the terms of the 1983 ECCB Agreement.”

Rogers sated that everyone is aware of the negative impact the global crisis has had on Anguilla’s main economic sectors: tourism and construction, and the resulting effect on the financial institutions including the indigenous banks. “We believe that some form of intervention had become necessary in the interest of national development, the preservation of our two national institutions that we have grown with pride, and to ensure the stability of the Anguillian financial system as a whole.”

I appeal to the public of Anguilla, in particular the customers of the National Bank of Anguilla and the Caribbean Commercial Bank, to continue being supportive of both organisations in the initiative taken by the Central Bank, which is purely in the interest of correcting the existing situation at the banks.

Also supporting the move by ECCB is the Chamber of Commerce which said it is satisfied that the Central Bank has the situation fully under control. The private sector body said that the Central Bank has brought in experienced, trained professionals who are backed by the World Bank, the British Government and the International Monetary Fund. It assured that the Central Bank had previously intervened in two other jurisdictions, and in both cases the intervention was successful. It anticipates a similar result in Anguilla, said the Chamber.

“However, the business community and the public in general must cooperate fully with the Central Bank in order to make this process a success,” stated the Chamber.

The Anguilla Social Security Board which is a major depositor in both indigenous banks also expressed its unequivocal support of the efforts of the Central Bank in implementing its strategy to stabilize and restructure both CCB and NBA.


 

 

 

 

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