Headquarters of the Eastern Caribbean Central Bank (ECCB) in Basseterre
By Ken Richards
BASSETERRE, St Kitts (WINN) -- There appears to be government and opposition agreement to the takeover of Anguilla’s two indigenous banks by the Eastern Caribbean Central Bank (ECCB). The Central Bank has announced that it has assumed control of the Caribbean Commercial Bank (Anguilla) Limited, and the National Bank of Anguilla Limited.
The ECCB said in its statement that, after consultation with the (OECS) Monetary Council, it was directed to exercise the powers conferred on it by the ECCB Agreement Act 1983 in relation to the two Anguillan banks.
Anguilla’s Chief Minister Hubert Hughes told Winn FM that he has been worried about the conduct of the two banks for a number of years.
“I expressed my concern recently to the Eastern Caribbean Central Bank and they did their work … and they finally decided that they must intervene to save these two banks,” Hughes said.
The parliamentary opposition leader, Neil Rogers, confirmed that he met briefly with ECCB Governor Dwight Venner on Monday and received an update on the status of the Caribbean Commercial Bank (Anguilla) and the National Bank of Anguilla.
Rogers told Winn FM that “in a nutshell it seems as though for quite some time the banks have been under severe stress”.
He made reference to “toxic loans” held by the banks, which made a bad situation worse.
“It seems as if though, because of the global situation Anguilla has fallen off the cliff from banking and financial and economical standpoint,” the opposition leader concluded.