ECCB Assumes Control of the ABI Bank
STATEMENT BY SIR K DWIGHT VENNER, GOVERNOR OF THE ECCB The Eastern Caribbean Central Bank (ECCB), after due consultation with the Monetary Council has been directed to exercise the powers conferred on it by Part IIA, Article 5B of the ECCB Agreement Act 1983 and has assumed control of the ABI Bank. Close monitoring of the bank has revealed difficulties in carrying out its normal functions due to an inadequacy of liquid assets and an inability to meet the statutory reserve requirement. After consultation with the Government of Antigua and Barbuda, the Board of Directors of ABI Bank and the banking community in the Currency Union, the ECCB recommended to the Monetary Council that in order to restore the Bank to normalcy as quickly as possible, the ECCB should assume control. The Monetary Council, after extensive deliberations, acted decisively by approving the recommendation which has been implemented as of today 22 July 2011. In taking the decision, the Monetary Council took into consideration, the following:
