ASSETS MANAGEMENT CORPORATION BILL’S FINAL READINGS

anguillian
By anguillian November 29, 2015 11:36 Updated

 

 

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Ms. Pam Webster and Mr. Paul Harrigan

Another piece of ECCB legislation has passed through the Anguilla House of Assembly, following last week’s passage of the Banking Act 2015 which resulted in some public concern which now appears to have subsided.

The second piece of legislation – the Eastern Caribbean Assets Management Corporation Act 2015 – was given its first reading in the Anguilla House of Assembly on Monday, November 23. Further dealing with the legislation was put off for Thursday, November 26, when the Government undertook to give it its second and third readings, ensuring its passage.

Unlike the Banking Bill, there was little or no presence of members of the public at the House of Assembly protesting the Assets Management Corporation Bill, although there have been concerns, expressed by a number of persons, calling for an explanation of its provisions. One of its main objectives is the establishment of a company to hold and manage delinquent loans at NBA and CCB, and other related matters.

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CM Banks addressing House of Assembly

When the first reading of the Bill was moved by Chief Minister and Minister of Finance, Mr. Victor Banks, the Leader of the Opposition, Ms. Palmavon Webster, objected calling for an explanation of its provisions. Mr. Banks, however, declined saying he would do so during the second reading at Thursday’s sitting of the House.
Meanwhile, the Chief Minister, speaking at Tuesday’s press conference said: “The Eastern Caribbean Assets Management Bill will require an entrustment of the British Government. I have already put a request for that entrustment to them. I do not believe that it should cause any complications because our sister Overseas Territory – Montserrat – has already got a general entrustment, and I am certain that the same issues that affect them would affect us and, as a consequence, we should not be any worse position than they are. I expect the entrustment to be automatic and that is why I am prepared to proceed with the second and third readings on Thursday.”

 

anguillian
By anguillian November 29, 2015 11:36 Updated

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