Despite the talk shows, blogs, other social media statements, responses and street talks, all remains quiet in Anguilla since the single Government-owned National Commercial Bank of Anguilla (NCBA) assumed operations on Monday, April 25. The brand new bank replaces the now defunct Caribbean Commercial Bank (Anguilla) Ltd and the National Bank of Anguilla Ltd after they had been under the conservatorship of the Eastern Caribbean Central Bank since in August 2013.
Notwithstanding the delicate situation, it is business as usual at both former private bank buildings where the NCBA is now operating. Among the arrangements, however, is that all the management and staff members, who were served with termination letters on Friday, April 22, are now on a month-to month employment basis for the next three months, and for the time being have been assigned to the Receiver of the former banks, in the person of Mr. Gary Moving.
Friday, April 22, 2016, was dubbed “Resolution Day” by the newly-appointed Governor of the Eastern Caribbean Central Bank, Mr. Timothy Antoine. “The objectives of our actions today are two-fold,” he stated at a Government-arranged press conference and radio broadcast. “[They are] to protect depositors and creditors; ensure the stability of the banking system in Anguilla and by extension the entire Currency Union”. In his conclusion, he further stressed: “This is a moment of national resolve and regional solidarity. We have moved to fully protect the deposits of the NBA and CCB”.
Among other matters, the Central Bank’s Governor also had this to say: “I wish to recognise the efforts of the Government of Anguilla, the UK Government including Governor Scott, the International Monetary Fund (IMF), the World Bank and the Caribbean Development Bank (CDB) and, of course, the Eastern Caribbean Central Bank. This international group has worked assiduously to ensure a successful outcome. I cannot thank the members enough”.
Anguilla’s Chief Minister and Minister of Finance, Mr. Victor Banks, also spoke at the press conference and radio broadcast. “The NCBA is wholly-owned by the Government of Anguilla and is governed by a seven-member board whose expertise spans several disciplines including banking, and central banking,” Mr. Banks said. “Mr. Colville Petty is the Chairman of the Board and two other members of the board are [also] residents of Anguilla: Mr. Carl Harrigan and Vida Lloyd Richardson. The other members of the Board are: Sir Errol Allen (Representative of the CDB); Marius St. Rose, Ian Chinapoo and Martin Dinning (Representative of the UK Government).”
Mr. Banks likewise spoke about another matter of much concern to the public and the former employees of the closed banks. This is what he said: “Employees of the CCB and the NBA will be employed on a month-to-month basis for the first three months after the resolution of the banks. Following the three months, a decision will be taken on which employees will be employed by the NCBA and which will be employed by the Receiver or the Deposit Protection Trust. It is intended that those employees affected by the restructuring will be both legally and compassionately compensated.”
Meanwhile, the Prime Minister of Antigua and Barbuda, Mr. Gaston Browne, issued a statement on Friday, April 22, 2016, in which he sought to reassure the people of Anguilla.
He stated in part: “The people of Antigua and Barbuda have recently benefited from the same process. The ABI Bank [in] which the ECCB intervened on 22 July 2011 was successfully resolved on 27 November 2015. Since the resolution, the former customers of the ABI Bank have been able to continue normal banking and have access to their funds.
“As a member of the Monetary Council, I stand in solidarity with the Government of Anguilla and fully support the resolution of the Caribbean Commercial Bank (Anguilla) Ltd and the National Bank of Anguilla Ltd.
“I am confident that Anguilla will realise the same favourable results experienced in Antigua and Barbuda given the extensive work which has been undertaken by the ECCB and the Government of Anguilla with the support of the British Government, the World Bank, the IMF and the Caribbean Development Bank.
“The newly-established National Commercial Bank of Anguilla is your bank. It is wholly owned by the Government of Anguilla and is evidence of the Government’s commitment to have a strong indigenous bank in Anguilla. I therefore implore you to support your new bank…”
The statements by the Governor of the Eastern Caribbean Central Bank, the Chief Minister and Minister of Finance of Anguilla and the Prime Minister of Antigua and Barbuda, are published elsewhere in this edition of The Anguillian as a public service and for the national record.
