Good day, Fellow Anguillians. I am Dr. Ellis Lorenzo Webster. I would like to take this opportunity to wish all fathers and would-be fathers, including the ‘Father of The Nation’, The Honourable James Ronald Webster, a Happy Fathers Day.
As leader of the Anguilla United Movement I consider it most appropriate to address you through this medium on issues that continue to plague our island, particularly, the plight of the indigenous banks and our economy. It is the second time I am addressing you since the April 22nd, 2015 general elections.
I am quite aware that many persons are expecting to hear from the AUM on every issue. Let me clearly state that the Anguilla United Movement has suspended its election campaign and in no way would want to appear like others who campaign from one election to the next. Consequently, we wish not to be obstructionist and will allow the Anguilla United Front administration to pursue its agenda as laid out in its manifesto.
That being said, it should never be construed that we simply have vacated our loyal responsibility to stand in the gap for the voiceless. I assure you that we will stand firm to our commitment to represent you. The AUM is of the conviction that the minority must have a forceful voice in the decision-making process.
It is two months since the Anguilla United Front administration was elected and tasked with governing our country. The question going forward should not be “Are we better off today than we were five years ago?” The matters at hand are far too serious for us to be marking time on rhetorical questions. We have to be proactive and be careful not to wallow in reactionary behavior. We are to act with sound rationale and not consequentially. This can only be achieved by a concerted effort by all concerned to heal the nation and bridge the divide. The way forward requires some deliberate surgical precision to resolve the inevitable challenges that lie ahead. I must interject though that the Government has gone silent on its election promises to create jobs, repeal the Interim Stabilization Levy and stimulate a robust economy immediately upon coming into office. Jobs have been lost and the economy stagnated since the AUF took office.
Increasingly, the matter of the indigenous banks of Anguilla, NBA and CCB, has been the focus of all citizens, and has led to much wide-spread speculation as to the Government’s position, including whether Anguilla will withdraw from the Eastern Caribbean Currency Union; will the banks be regulated by the Financial Services Commission, thus relinquishing more control of the financial sector and the economy to the UK Government; will there be a British CFO overseeing the Ministry of Finance; are we willing to further erode our path to self-determination? Such bold steps would have far-reaching consequences both locally and regionally, and cannot be taken lightly. We request that the merits of any resolution strategy be discussed with the people of Anguilla and be accepted or rejected by referendum. It is our democratic right to raise questions and to extrapolate as to the anticipated outcome of the processes that have been the subject of much debate during and after the election campaign. We stand with the people that Anguillian ownership is an integral aspect to an amicable resolve. However, we are not prepared nor willing to absorb damages that would be a yoke around the neck of generations untold. For us to move forward in an informed, educated and intelligent manner there must be full disclosure of the ECCB report on NBA and CCB in the interest of openness and transparency. The report which outlines the current state of the two indigenous banks, the practices which led to their decline, and the strategy for resolution must be made available to the Anguillian public, especially since this will impact us all.
In like manner, we call on the Government to release the forensic audit report to the public as soon as it is available, as promised by the former AUM administration. The bank report and the forensic report are significant material for public consumption if the people are to have confidence in our banks, be assured that harmful practices will not recur, and that the negotiated resolution is in the best interest of Anguilla. Failure to make public these documents would lead to the perception of a cover-up to protect family, friends and party-affiliates. Make no mistake about it, the disclosure would serve as a constructive living mechanism for capacity-building to strengthen good governance in its truest sense.
There is already much debate as to what the present administration would find as the best solution to rescue the banks and Anguilla. The deafening silence of the Government on this topic has led to the many scenarios which are being circulated, and many unanswered questions. Does the Government’s position involve a bail-out where the Government obtains a loan to rescue the banks? At what cost is this feasible and what are the tradeoffs? How much would this negatively impact social and infrastructural development in Anguilla, and for how long? What capacity does the Government have to find additional sources of revenue? Are we prepared to reduce our civil service and have more Anguillians unemployed? Are we open to new and increased taxes on the hard-working people in Anguilla, such as land tax, sales tax and income tax, which will burden us for generations, while the ‘imported voters’ who influenced this past election enjoy their vacations and bribes. Or does the administration support a bail-in where creditors and depositors have some of their claims and deposits made inaccessible and transferred to equity in the banks? Again, at what cost? What are the risks? Is this something the creditors and depositors of NBA and CCB are willing to accept?
The AUM is aware that the two indigenous banks account for 75% of Anguilla’s economy and are vitally important to the future of our country. Hence we are of the view that any decision that the present administration is considering should be brought to the people of Anguilla, whereby all Anguillians would be involved, by way of referendum. We consider the banking crisis to be so severe that no one man/woman or seven men/women should decide for our country.
We therefore call on the Chief Minister, the Honourable Victor Banks, and his administration to break the silence and be forthright with us the people of Anguilla. The banking situation is nothing to hide as it affects each and every one of us. This is why we deem it of high importance that the bank report and the forensic report be delivered to the people of Anguilla so we can truly begin to work towards the most viable solution.
Be reminded that the Anguilla United Movement is committed to rallying behind any position of the Anguilla United Front where the best interest of the people of Anguilla is of utmost priority, and rest assured that we will continue to be the voice of the people.
I pray God’s blessings on our beloved island that peace and tranquility may always grace her shores. God bless you always. Thank you.
