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Shelton Daniel to chair eight-member ECCU working group

By CMC

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Shelton Daniel

Shelton Daniel

CMC – The Eastern Caribbean Currency Union (ECCU) says it has established a Working Group on Commercial Bank Fees and Charges in light of the recent decisions by some commercial banks operating in the sub-region increasing its fees for services to customers.

The increase has led to a run by customers on some of the banks and the ECCU said that the establishment of the Working Group is one of the recommendations of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) “for addressing the increases in fees and charges for products and services offered by the commercial banks which operate in the ECCU”.

The ECCU groups the islands of Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, St. Lucia, St. Kitts-Nevis, Montserrat and Anguilla.

“The Working Group will conduct a comprehensive analysis and assessment of the suitability of fees levied by the commercial banks. The assessment will include a review of the fees and charges in other CARICOM member countries and consultations with key stakeholders, including the ECCU Bankers Association,” the ECCU said in a statement.

It said the eight-member Working Group is chaired by St. Lucian Shelton Daniel and includes representatives from civil society, the OECS Business Council, the legal fraternity and the financial sector. Lennox Andrews of Grenada is the Vice Chair.

The Working Group is expected to present a preliminary report on its work to the ECCB Monetary Council at the Council meeting in October.

In May, the St. Kitts-based ECCB expressed concern at the increase in commercial banks’ fees and charges across the ECCU and the effects on depositors.

But the ECCB, which serves as a Central Bank for countries of the sub-regional Organisation of Eastern Caribbean States (OECS), said that it did  not have the powers to regulate commercial banks’ fees and charges.

“As a consequence, individual banks determine their fees and charges,” the ECCB said in the statement, noting that Article 34 of the ECCB Agreement permits it to regulate the minimum interest rate paid on savings deposits.

The statement came as account holders at RBTT Bank in St. Vincent and the Grenadines turned out in large numbers to withdraw their savings following the announcement by the Trinidad-based bank of increased fees for services.

RBTT said that effective May 23, account holders here would pay a monthly service fee of EC$25 (One EC dollar =US$0.37 cents) on savings account. Senior citizens will pay EC$12.50 a month and person under the age of 17 will not be charged.

The bank has also instituted a similar fee for its customers in St. Lucia.

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11 comments

  1. If RSL is paid by taxpayers, then why was this guy leading an SLP show called 90 minutes. this guy should be disciplined just a ms corneille. or worse. as he was blatantly being partisan and clearly showing his party hackalackery.
    he upsets me, i mean just look at the guy, he need to be more focused on his health than a damn party.

    (10)(1)
  2. As long as people appear to be political there is no sphere in which they can appear neutral to the public. There is an implied repeal of one's credibility and there is always this air of apprehension as with anything they would say. Its like the situation where the man always cried "wolf " to make fun of the townspeople, however no one took him serious when he was visited by a real wolf. Even in legal circles there is a test for biasness an it is just proving that there is an "apparent bias" based on the individual and his previous dealings and association.

    People who involve in the extremities of the political sphere must ensure that they do not appear to be die-hard supporters of political parties but rather choose parties on apparent merits. These positions have very serious implications in small societies such as the Caribbean as it hampers the operations of supposedly neutral institutions such as our Judicial System. The practice of retired politicians sitting on Judicial benches may be a clear case of apparent biases as many previous political opponents may doubt that they can have a fair trial. I take note of a case in St. Lucia where the Richard Frederick appeared before Magistrate Velon John where many thought that the punitive damage was questionable for a traffic accident. Many of those retired judges have moved on to more influential Judicial bodies like Courts of Appeal and CCJ. This is what makes the acceptance of the CCJ so difficult for many ordinary people, and rightly so.

    (0)(1)
  3. Who's paying for this board! Hope not tax payers money and I tell you why.

    The 8th and 9th paragraph of this article says to me this is a TOOTHLESS board.

    Whatever recommendations they make doesn't have to be adhered to by the banks.

    And I quote "said that it did not have the powers to regulate commercial banks’ fees and charges."

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  4. He was elected chairman when the working group held its first meeting on June 30. But two questions - when were the nominations for members to the working group made, and by whom?

    Answer that, and you'll be a clever boy (or girl)!

    (2)(2)
  5. Whaaat! RBTT in St. Vincent is charging $25 a month for savings accounts. Somebody has definitely gone off his\her rockers. This sounds comedic...unless you are an account holder. Garcon, I am not even an account holder, I took a shot of rum after reading dat.

    (5)(0)
  6. Youth Perspective

    With the current rate of Youth Unemployment in St Lucia, at over 40% Does this bank think its fair that young people without a job will have to pay $25 EC monthly just to keep an empty bank account open. SMH

    (6)(0)
  7. Why is this guy given in further relevance after leading a SLP show on a radio St Lucia which is a tax payers radio station. This guy must be denied any relevance- bad riddance to political rublish

    (17)(8)
    • We need to stop this national destructive ignorance in voicing our opinions. Everone has a right to their opinion and consequently should respect that of the other without resorting to name-calling, other ither gorms of denigrating the other. This mentality of keeping the other out because he/she is not a supporter of this or that is the most destructive force in our country. Absorbing and spewing out such statements have not, cannot, and will never, move Saint Lucia forward. So PLEASE STOP IT!

      (2)(0)
    • You just had to go political on this? Grow up.

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  8. Shelton is very knowledge and articulate. Shelton let them know wise men, women and children come from the east. Congratulations Shelton!!!!!!!! Family I say reach for the STARS. no pun intended…lol. The best is yet to come. Go Shelton Go!!! Who the Almighty bless no man or woman can never ever curse.. Stay Positive.

    (5)(13)
  9. Is that why I am not hearing him on Radio St. Lucia's Ninety Minutes? He will do a good job of chairing that ECCU Working Group since he is a very bright and articulate guy.

    (2)(2)

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