At its Annual General Meeting at Viceroy Anguilla, the issue of the island’s two commercial banks, currently under conservatorship by the Eastern Caribbean Central Bank, was brought up by the Anguilla Chamber of Commerce and Industry.
“We have met with the Government and voiced our concerns,” President of the Chamber, Mr. Keithley Lake, said at the meeting on July 23. “We have been assured that everything is being done to resolve the situation, and hopefully by September the way forward will be announced. We too recognize that our economic growth will depend on returning the banks to normal operations. Nonetheless, we promise to remain proactive to ensure the solution is one that is in the best interest of Anguillians.”
Chief Minister and Minister of Finance, Mr. Victor Banks, replied as follows:
“The situation with the indigenous banks is one that has occupied much of my time over the last three months of coming into office – the reason being that they are of the utmost importance to Anguilla’s national development and, as a consequence, demand an effective resolution.
“Let me say to all of you that we are making great progress. For the incoming Government, the majority of the time had to be spent on understanding the nature and scope of the challenge – and weighing which option, or combination of options, presented to us by the technicians, would best satisfy what we have determined to be in the best interest of Anguillians.”
Mr. Banks continued:
“It is clear that Anguillians for the most part want us achieve a very clear set of goals and objectives:-
• Ensure that the interests of all customers are protected and treated fairly.
• Ensure that Anguilla retains the majority shareholdings in the indigenous banking sector.
• Ensure that the Government of Anguilla will do what is required to fix the underlying economic situation on the island so as to create more jobs; business opportunities; investment and training.
• Enact laws that are fit for the purpose of implementing a resolution in the interest of the people of Anguilla.
• Ensure that the jobs and benefits for the staff of our indigenous banks are protected for the long term.
• Be certain to make adequate provision for an effective regulatory system for the future.
“All of these objectives are achievable. They simply require the appropriate legislation and the funding to make it happen. The legislation will have to be fit for purpose. The funding must be affordable — and from a sound and reputable source. Over the next few weeks the Government is confident that it can report back to the people on a more definitive timetable to progress this matter.
“Let me admonish you that because of the importance of these institutions to the members of the Chamber of Commerce, and the wider Anguillian Community, unfounded rumour or speculation is neither useful nor helpful to the process of implementing a solution. A solution must be carried out in an atmosphere of calm and with responsible leadership and action. This is what we pledge!”
