Anguilla Banking Resolution: update statement from HE the Governor

By anguillian March 21, 2016 09:51




I would like to confirm the helpful update provided by the Chief Minister at his press conference on Tuesday 8 March, in light of a number of questions received by my office in recent days.
The Government of Anguilla, international organisations and the UK Government have been working hard in recent weeks towards a shared objective: the effective delivery of the Government of Anguilla’s decision to implement measures to provide a resilient and stable solution to Anguilla’s banking difficulties. This has included a meeting between the Hon Chief Minister and the Minister for the Overseas Territories, Mr James Duddridge on 26 February.

Governance arrangements for the new bridge bank are well advanced. Robust bylaws that will establish an arm’s length relationship between the new bank and the Government of Anguilla are close to being finalised. The bylaws give the Board assurance that it will be safeguarded from undue day-to-day operational interference. The Board will include a balance of local, regional and international individuals with experience and professional backgrounds in banking, finance and business. They will carry out the fiduciary and legal obligations of board members of a strictly regulated bank. An early priority now will be finalisation of a credible business plan to enable the Caribbean Development Bank to consider at its April meeting the Government of Anguilla’s request for a loan for bank recapitalisation.

As the Chief Minister indicated, the Government of Anguilla, with the benefit of advice from the International Monetary Fund, on Tuesday adopted a set of wide-ranging economic reforms. I am confident this ambitious programme will reassure UK Ministers that the necessary steps will be taken to create the right conditions to support the long term stability and prosperity of the Anguillian economy. I welcome the Chief Minister’s commitment to sharing this programme with the public.

Terms of Reference for a Financial Advisor, to be funded by the UK and located in the Ministry of Finance, have also now been finalised. The advisor will support the Government of Anguilla in delivering its ambitious economic reform programme. He or she will be part of the strengthening of public financial management to assist the Government in managing the challenges of an increased level of debt. They will also have a role in ensuring that UK support to the Government of Anguilla is effectively coordinated.
As the Chief Minister also explained, there are a number of remaining legislative issues, which I hope the House of Assembly will be in a position to address before Easter. These should ensure we have a strong legislative foundation before going forward.

Finally, let me once again assure people that I am continuing to work hard to support the finalisation and implementation of a banking resolution plan that is affordable to the Government of Anguilla, and which is sustainable and robust. That needs to sit alongside a medium term economic strategy and reform programme that boosts the economy and improves the delivery of public services. On both these difficult issues, I think we are almost there.

Christina Scott
Governor of Anguilla
11 March 2016

(Published without editing by The Anguillian newspaper.)

By anguillian March 21, 2016 09:51


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