Citizens of Antigua and Barbuda, people of the Eastern Caribbean Currency Union, as Chairman of the Ministerial Subcommittee of the Monetary Council on Banking,
I wish to inform you that we have been closely monitoring the challenges that the ABI Bank has been facing in carrying out its functions and the danger this could pose to the banking system of Antigua and Barbuda and the entire Currency Union.
The Eastern Caribbean Central Bank (ECCB), after due consultation with the Monetary Council has been directed by the Council to exercise the powers conferred on it by Part IIA, Article 5B of the ECCB Agreement Act 1983 and has assumed control of the ABI Bank effective 22 July 2011.
This decision was taken after extensive discussions with the Government of Antigua and Barbuda and after having considered the following:
• The on-going effects of the global recession;
• The fallout from the CLICO/BAICO issue;
• The successful rescue of the Bank of Antigua; and
• The critical importance of financial stability in the Currency Union.
We face some very serious challenges at this time and the Monetary Council has established several institutional arrangements to address these issues in the financial system.
It is for this reason that a Sub-Committee on Banking was set up, given the critical importance of the banking sector in the commercial and economic life of our countries.
5 Comments In This Article
Maestro
"As at 30th September, 2008, the Bank held a lease on its place of operation. The lease is renewable every two years."
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tenman
@John
Maestro
Long time huh!
STEVE
Preserve Indigenous Banking & The Currency Union PT2
John French II
Preserve Indigenous Banking & The Currency Union PT!
John French II
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