Newly appointed chairman of ECCB explores the future of the region’s banking system

Shannon LeBourne, Government Information Service

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The newly appointed Chairman of the Eastern Caribbean Monitory Council and Prime Minister of Saint Lucia Dr Kenny D Anthony has expressed confidence in the management of the region’s fiscal space and the banking system but he says there are some major adjustments which are necessary.

Despite the lingering effects of sluggish growth in the global economy, the Eastern Caribbean Central Bank (ECCB) continues to perform credibly by maintaining adequate foreign reserves and a stable EC dollar, pegged at an exchange rate of US$1 to EC$2.70.

In his inaugural speech as chairman on Wednesday, September 4 ,the Saint Lucian leader told his regional counterparts that the Central Bank will continue to address the main policy issues which confront member countries namely: financial stability, fiscal and debt sustainability and growth and competitiveness.

“The bank will continue to take a proactive approach to addressing vulnerability in the financial system and will accelerate the implementation of the strategy for strengthening the resilience of the financial sector, where instability and danger lurks especially in the face of un-wise and imprudent corporate behavior.   We will not hesitate to act to protect investors and the stability of our shared financial space.”

Cognizant of an extreme high level of non-performing loans in various ECCB member territories,  Prime Minister Anthony says the case for integrating the region’s indigenous banking sector is now more compelling.

Dr. Anthony says while it has been a difficult period for banks and their customers, the problems may be resolved through a review and upgrade of the archaic and obsolete banking legislation which the region inherited from Quebec, Canada.

“I welcome the decision of the Monetary Council to unify the legislation governing the realisation of mortgage collateral across member states through consultation,  through member countries.  While this is a necessary and sound initiative it is essential that such legislation provide adequate protection to borrowers.  It cannot be right for example that a borrower who have paid 15 or more years of a 20-year mortgage is dispossessed of a home because of sudden financial difficulties not of his or her making.”

The newly appointed chairman of the Eastern Caribbean Monitory Council also pledged to work with all interests to advance and execute the mandate of the Monetary Council efficiently.

He also applauded outgoing Chairman and Prime Minister of St Kitts and Nevis Dr. Denzil Douglas for his stellar chairmanship of the Council.

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4 comments

  1. To create a desk you need lumber, nails, glue, and the sweat of someone to make it. Agricultural produce needs seeds, water, soil, nutrients and a farmer. You sell those items. Your mark up is your profit.

    Here's how a bank makes its profits. You deposit your money at the bank. They lend it out to some sucker at higher interest rates. Poof! By magic profit is made. No sweat, no inputs, no nothing. It is manufactured out of thin air.

    To think that an economic model of magically creating something out of thin air is sustainable is absolutely ridiculous.

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  2. TELL ME WHO CARES.DOES IT GET US OUT OF THE BITTER DAYS HE PUT US IN.CHOOPS.....

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  3. ECCB should be the ones setting mortgage rates for the OECS like other developed countries' central banks. Banks in the region just don't get it or they are too greedy with their high int. rates in this difficult times. They are actually contributing to the economic problems. Mr. Chairman please help.

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  4. First, he needs to explore math! I mean how come he (1) + promised that if he got elected (1) = better days (2), but it's been bitter days (1+1=0) ever since? Please do not put this man near money...he cannot add, he can only divide and subtract.

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