It has been almost seven months since the Eastern Caribbean Central Bank (ECCB) assumed control of our two local banks. Apart from the statements made during the initial takeover, we have heard nothing from our Government about the progress made. The deafening silence from our Chief Minister, who is also Minister of Finance, is alarming. Despite repeated requests from members of the public for information on the banking situation, nothing has been forthcoming. This has led to an increasing feeling of unease among the population about the takeover. Was it really in the best interest of the institutions and, by the extension, the people of Anguilla? Was it done in a genuine effort to save the banks or were there ulterior, more sinister, motives? Will the takeover result in a merger of both banks? Will we lose our banks to non-local investors? We cannot answer these questions fairly because we do not have any information. Unfortunately, our Government, which campaigned on the promise of “roots of transparency”, has not seen it fit to inform the public about what is happening. The result is growing assumptions, misconceptions and rumours which are creating fear among shareholders, depositors and the public in general.
There are few countries in the region that can boast about having two indigenous banks. However, in little Anguilla, we have been able to accomplish this. We have always been an ambitious and resilient people, never afraid to chart our own course and blaze trails. We are proud of our local banks which we have watched develop over the years – and which have served us faithfully by protecting our investments, helping us reach our goals and giving back to the wider community. Our banks have served us well and, as a people, we want them to continue to do so. Anything that poses a threat to the survival of both banks as separate entities should be of concern to us. If the result of the takeover is the amalgamation of both banks, or the divestment of the banks from Anguillian ownership, that would be a travesty for Anguillian people. It would be a retrograde step that undermines the work, investment and courage of those visionary risk-takers who planted the seeds which eventually took root and blossomed into two leading banking institutions which we can call our own.
How do we guard against this? How do we ensure that this takeover produces a result that is in the best interest of our people? Do we trust that our Chief Minister has it all under control? After all, he should be in the know – not only as Chief Minister, but also as a member of the Monetary Council which authorized the takeover. It is reasonable to believe that there must be regular reports made to him in his capacity as Chief Minister/Minister of Finance and a member of the Monetary Council. Yet, we have not heard from him.
Honourable Chief Minister, the state of the banks is the people’s business. These institutions are in charge of our money and some of us have invested significantly in them. We are not asking you to engage in breaches of confidentiality but, surely, we deserve to know what is going on. Do not allow the propaganda machinery to conduct all the public awareness activities. That is your role. In the past, your Ministry has held several public meetings to discuss Anguilla’s financial situation so we know that you practise open Government. Why then are you so silent on this issue? The fact that this is not your usual modus operandi adds to the anxiety and speculation. As Chief Minister, we must trust that you have the best interest of all the people of Anguilla at heart and will do what you believe to be right. We are banking on you to keep our two local banks intact so that they can remain sources of pride and beacons of hope in our country. All of us look forward to receiving regular updates on the status of the stabilization process and your assurances that our banks will survive. Chief Minister, you are accountable to the people and we need to hear from you.
