Since that fateful day of August 12, 2013 when many Anguillians were thrown into a state of shock by the takeover of our indigenous banks by the Eastern Caribbean Central Bank (ECCB) — I have tried to be extremely cautious in my responses. As one of the longest standing Members of the Monetary Council of the ECCB, I am fully aware of the dynamics of the decision-making process of that institution and, as a consequence, knew that it could not have happened without the approval of the Chief Minister. But even from a commonsense analysis, how could an external organization come into a sovereign state and commandeer the Governor’s Office, the Executive Council and the Police Department and take such steps without the support and approval of the duly elected Government? Our Party spoke through the Opposition Leader, the Hon. Evans McNiel Rogers, who was very careful in saying that, while the Opposition was not a part of the consultations prior to those actions, “we expect that the ECCB would have presented a very convincing case to the Chief Minister that caused him to grant approval for these actions”.
It was our view, as a Party, that we should not make politics out of the issue and thus cause extreme public reaction in the absence of the facts. Furthermore, we gave the Chief Minister/Minister of Finance the benefit of the doubt that he had given his approval based on sound evidence and a full understanding of the process. We also gave due consideration to the fact that the CM was in Office and a Member of the Monetary Council for almost three and a half years. He should therefore have been fully apprised of the consequences of such a decision and the issues involved. The Leader of the Opposition also pointed out that he was encouraged by the statements made that the ECCB had brought together a consortium of support, including the International Monetary Fund (IMF); the World Bank; the British and Canadian governments to effectively address the challenges facing these institutions. Despite the widespread concern about the way forward there seemed to be enough optimism to share around.
However, the Chief Minister and his colleagues seemed to regard the “takeover” as a great opportunity to play partisan politics and before “the dust had settled”, in the wake of the departure of the ECCB Governor and his team, they had begun a sweltering propaganda campaign – with the usual lies and half truths – in a desperate attempt to “shore up” their waning popularity. In fact, in a number of broadcasts, the Chief Minister touted himself as a hero for saving Anguilla from a situation that was brought upon us by “those AUF boys”. I therefore felt compelled to make a national address putting the issues in perspective, and explaining the importance of the indigenous banks to our national development.
In my address, I applauded the courage and patriotism of a number of Anguillians who were maligned in a six-page document cowardly circulated in the social media without signature. It painted the picture that Anguillians who take the risk and initiative to borrow and invest in their country were mere vagabonds and thieves. And the most worrying aspect about all of this was that a number of Anguillians had “bought in” to this baseless concept “hook, line and sinker”, believing every single word without even questioning the sources. The outcome was that rather than bringing attention to the issues I had raised, my address only resulted in me being attacked by a number of politicos “clawing for the limelight” at my expense. It was amusing to listen to the “holier than thou” presentations on the matter of conflict of interest by some of the most blatant abusers of that principle. In essence, the roles were reversed and for my genuine efforts to stand up for courageous Anguillians I was cast as the villain.
At the November 20, 2013 sitting of the House of Assembly the Leader of Opposition, in his ongoing quest to get more specific information about the situation with the banks, posed the following questions to the Chief Minister/Minister of Finance:-
1. What are the various stages of the takeover process?
2. How long is the process expected to take?
3. What are the factors that would cause the process to be extended?
4. How will the public relations aspect of the process be managed and what role can/will the Government of Anguilla play in it?
5. How will the performance of the new officials managing the takeover process of the Bank be assessed and by whom?
6. To which authority do we complain if there are any issues arising from the persons involved in the takeover process?
7. What is expected to happen to the value of the shareholders’ equity and how will that value be determined?
8. Will Government receive regular progress reports on the takeover?
9. There is a great deal of talk about the ECCB having an agenda for the amalgamation of the indigenous in the region. What information do you have on this matter as it affects the present takeover in Anguilla?
10. Does the ECCB plan to have any consultations with the shareholders of the indigenous banks?
It was most obvious from the written answers presented by the CM that his information was not current, and that he was no more enlightened about the situation than he was on August 12, 2013.
We are now approximately four weeks away from the six-month estimate of the ECCB’s takeover process and the community, once silent, is asking questions. Many of these questions are based on rumours — but the situation is further exacerbated by the lack of clear answers. In the famous Anguillian “rumour mill” unanswered questions grow “their own legs”, and before you know it rumour becomes fact. I am concerned that in his several Xmas and New Year speeches, the Chief Minister spent more time dividing the country – rather than finding a way to unite us around a common approach to dealing with issues that threaten our very survival as a people. It is clear that his strategy to dispose of these issues in 2014 will continue to be the “blame game”. The reality is, however, that people are hurting and the time for providing substantive solutions to these issues is long overdue.
My decision to get out in front on this issue is the apparent disregard by the powers that be for the importance of good public relations. The most solid Bank can be destroyed by false perceptions, therefore the thicker the veil of secrecy surrounding the present process the more cause for misinterpretation. It is fair to say that customers, shareholders and other stakeholders, have been extremely patient but they are now getting very “jittery”. This is reflected in many of the questions that I have been asked. For example: –
• Is it true that the ECCB wants to join our banks with the Bank of St. Kitts-Nevis & Anguilla?
• Is it true that the ECCB is planning to do away with the US dollar in Anguilla?
• Is it true that you cannot withdraw your money from the indigenous banks?
• Is it true that the bank is only making loans that are cash secured by over 100%?
• Is it true that the ECCB is planning to devalue the EC dollar?
• Is it true that shareholders no longer have any equity in the banks?
• Is it true that you are not allowed to move your loans to the other banks on the island?
• Is it true that Anguillians will not have a say in whether or not we want our banks to be merged with other Caribbean Banks?
• Is it true that this is a part of the Chief Minister’s plan to place us back under the control of St. Kitts?
What is clear about all of these questions, whether they bear merit or not, is the fact that these are the things which Anguillians do not want. In other words, the questions are telling us that if these things are true they are unacceptable. It gives us a clue as to where we should go and what to expect if we choose another path. In this context, in the next few weeks, Anguillians may not be as passive in their approach to the happenings – or lack of happenings – at our two indigenous banks as they have been over the last months. In fact, they will not be lulled into a further period of silence by silly conspiracy theories and the “blame game”.
I am therefore putting the Chief Minister and his colleagues; the Governor’s Office and the ECCB on notice that it is time for paying more attention to the genuine concerns of Anguillians in this period of the takeover process. Any solutions that do not take into account the overall economic situation in Anguilla will have a destabilizing effect on the entire community. And, in particular, I will like to advise the Chief Minister that he is playing with fire if he believes that he can continue to put the lives of his political adversaries at risk by cowardly statements in the House of Assembly – and by creating divisions in the community by deliberate lies and half-truths surrounding this issue. The ECCB takeover is not another one of the Chief Minister and the Parliamentary Secretary’s childish political games. It is more akin to “fire and sharp edged tools”!
