More Private Individuals Investing on the RGSM
Basseterre, St Kitts 12 February 2008 The Regional Debt Coordinating Committee has expressed its satisfaction with the relatively large and growing number of individuals and businesses investing in the Regional Government Securities Market (RGSM). At its 26th meeting in St Kitts on 07 February 2008, the Regional Debt Coordinating Committee (RDCC) noted that since the start of operations in November 2002, approximately 25 per cent of bids on the RGSM have been from private individuals. This signifies a broadening of the investor base that augurs well for the development of money and capital markets in the ECCU as a competitive alternative to traditional savings deposits. The market continues to be dominated by the commercial banks which account for 31 per cent of bids. Other participants in the market have been institutional investors, including social security systems, insurance companies, credit unions and other financial institutions. The committee noted, however, that in order to maintain the momentum in the growth of the market, further public education and awareness programmes were required by the participating governments and the licenced broker dealers. Mr Whitfield Harris Jr, Financial Secretary of Antigua and Barbuda chaired the meeting of the RDCC which oversees the development and operations of the Regional Government Securities Market (RGSM). Representatives from the Governments of Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Christopher (St Kitts) and Nevis, Saint Lucia and from the Eastern Caribbean Central Bank participated. The next meeting of the RDCC is scheduled for May 2008. --30
