It is a rather disquieting matter that there is a cloud of official silence relating to Anguilla’s two indigenous banks – the National Bank of Anguilla Litd and the Caribbean Commercial Bank Ltd. It is now approaching one year and seven months, or so, since both banks, once proud institutions, stemming from the Anguilla Revolution, were taken over by the Eastern Caribbean Central Bank in August 2013. Of course, this was not a unilateral act on the part of the ECCB. It also had the support and involvement of the World Bank, the IMF, the British Government and even the Anguilla Government, led by Chief Minister and Minister of Finance, Mr. Hubert Hughes, a ministerial member of the ECCU Monetary Council.
We are all well aware of the reasons and claims advanced for the conservatorship of the banks and the safeguards that were said to have been put in place thereto. There may have been only two, far in between, announcements indicating that the process is ongoing. These, of course, have not satisfied the anxiety of shareholders, the business community, and other interest groups and individuals, to hear exactly what is taking place, and when Anguilla may have back its banks.
Instead of concrete information, from those who are fully aware about the present situation and future of the banks, there have been all sorts of rumours – even a possible contemplated sale of one of them. The comment in this editorial on that rumour is that if something is worth selling or buying, then it has to be good, worthwhile and promising. The airwaves are filled with diverse rumours, allegations and conjectures. The bad thing is that there have been no official denials or other comments and, therefore, that is making the situation both worse and untenable. Right now, the shareholders of the two banks are being called to attend separate meetings to discuss the issue and the way forward, by activists or stakeholders, for want of a better description. While these meetings may be useful in keeping the matter alive, there will be limitations to what actions or results may emerge – especially if whatever is decided on falls on deaf ears.
It is appalling that Anguilla has entered a very bitter election campaign, with all kinds of punitive matters and gossip being the order of the day, rather than a concentration on serious issues like those relating to the status of our banks. There is an urgent need to hear more about this sad and embarrassing story – on the political platforms – especially from the government side which agreed to the intervention, and which may be privy to inside information, and should now be anxious for a solution to the problem. There is much talk in the electioneering campaign about economic development, but there is a need for capital investment, in terms of finance, to achieve that – especially in these lean days when little money is coming to Anguilla from external sources including investors. It should not be difficult to realise that once our local commercial banks are set free, and operating well, that they can substantially contribute to the economic growth and welfare of Anguilla.
Needless to say that shareholders of both banks, particularly the very large number of persons holding shares in the National Bank, want to know what is happening. In the mind’s eye, one can still see the many ordinary folk who stood in long lines and in the hot sun, outside that bank, some even barefooted, waiting “to own a piece of the rock” by purchasing the shares they could afford for a possible profit and income in the future. Is there any credible and hopeful information for them?
To some extent, a lot of water has flowed under the bridge since the takeover of NBA and CCB. Even the long political tenure of the St Kitts-Nevis Prime Minister, Dr Denzil Douglas, one of the former big wheels in the Monetary Council, who addressed Anguillians on the takeover of the banks, has lost office. Still, there is no sign of a solution to Anguilla’s banking problem. When will it all come to an end in favour of Anguillians and local ownership?
What and where is the role of the British Government in this matter? Is there somebody in officialdom with an encouraging message for Anguilla? Sadly, at the moment, there is no word on our local banks. The silence is deafening and intolerable.
Editor’s Note: On Wednesday afternoon, since this Editorial, Chief Minister Hughes made a radio statement denying a rumour about a planned taking over of the National Bank of Anguilla by First Caribbean International Bank.
