No changes to Banking Act

“No changes will be made to the Bill because it is going to be a uniform Bill which is going to be adopted as is by all the member states of the Eastern Caribbean Currency Union (ECCU),” Hurst said in an interview.

He said, “Any subsequent amendments will come after consultation with the prime ministers at a meeting of the Monetary Council.

When the Bill was first read in Parliament in mid-March Political Leader of the Opposition United Progressive Party (UPP) Baldwin Spencer called for widespread consultations on the proposed Bill.

The former prime minister said it was important, “We get a sense of exactly what the significant changes, if any, are to the Banking Act that currently exists,”

He also said the Act was a serious piece of legislation and warned that it would not benefit the public if it were rushed.

On his urging, Parliament approved the formation of a five-member select committee to review the Act.

That committee is expected to meet today and again on Friday.

Spencer told OBSERVER media yesterday he was hoping that strategic changes could be made to the contentions Act, following the first meeting.


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