The Honourable Premier of Anguilla, Mrs. Cora Richardson-Hodge, said last Tuesday (14-04-26) in the House of Assembly sitting, that the steps that Government is taking to make the people’s finances secure can be identified as the most important priority in the Government’s Legislative Agenda for the year ahead.
The Premier emphasized that public confidence is essential, noting that people must be able to trust the institutions they rely on to save their money, borrow money and conduct business. She said that in order to acquire this standard, it requires strong legislation, clear oversight, effective regulation and a solid framework that would protect citizens when challenges arise.
“It is for this reason that this government will move forward with the Payment Systems and Services Bill which will modernize the legal framework for payments across our economy,” the Premier said. “This legislation is intended to support safer, more efficient, more innovative and more inclusive payment services in a world where financial transactions are becoming increasingly digital.”
In addition, the Premier also noted that the Government will be moving forward with the Banking Amendment Bill along with other regulatory measures aimed at safeguarding people’s money in the banking system.
“We will also advance the Banking Amendment Bill,” she stressed, “strengthening the regulatory and supervisory framework that governs financial institutions, thus ensuring that the banking environment remains modern, clear and responsive to emerging risks and observing evolving best practices.”
“We will also move forward with the Deposit Insurance Corporation Agreement Bill,” she said. “This is a major regional initiative that will provide defined protection for small depositors and strengthen confidence in the financial system by establishing a deposit insurance framework across the Currency Union. That matters because a person’s savings are not merely figures in an account, but their savings represent labour, sacrifice, hope and security.”
The Premier adamantly pointed out that the banking system must respect these facts regarding people savings. She said that overall, the measures that government proposes to take through these Bills represent far more than institutional tidiness, but these are steps taken in respect of the people’s finances, and they are about protecting savings, preserving confidence and making sure that when people place their money, their trust and their future in the financial system, that trust must be justified.
