Friday, July 24, at La Vue Boutique Conference Centre, is Anguilla’s turn to assume the chairmanship of the Eastern Caribbean Central Bank’s Monetary Council for the ensuing year. The responsibility falls on the shoulders of Chief Minister and Minister of Finance, Mr. Victor Banks, for the third time. He first served as Chairman of the Council between 2000 and 2001 and again in 2008.
Under its Governance Structure, the Monetary Council, is the highest decision-making authority of the Eastern Caribbean Central Bank, with the sub-regional office located in St. Kitts. The Council comprises eight Ministers, one from each of the participating Governments. Each Minister designates an alternate to serve on the Council in his absence as Mr. Fleming did in the case of Mr. Banks several years ago. The Chairmanship of the Council is rotated among the members on an annual basis.
On this occasion, Mr. Banks takes over the Chairmanship of the Council from St. Vincent and the Grenadines Prime Minister and Minister for Finance, Economic Planning and National Security, Dr. Ralph Gonsalves.
Mr. Banks assumes the Chairmanship of the Monetary Council at a time when Anguilla’s two indigenous commercial banks are in the conservatorship of the Eastern Caribbean Central Bank – with the concurrence of the Monetary Council – since August 12, 2013. There are continuing demands by Anguillians for the return of control of the banks to the island.
