Banking sector in ECCU to be discussed in St. Lucia

Basseterre, St. Kitts (CUOPM) – A working session of Eastern Caribbean Currency Union (ECCU), Financial Secretaries, Attorneys General, International Financial Institutions and the Eastern Caribbean Central Bank (ECCB) to review legislation to execute the successful stabilisation in the banking sector will be held.

According to the communiqué issued following the 80th Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB), the session will be held in St. Lucia from 24th to 28th November 2014 and will be chaired by the Honourable Dr. Kenny D. Anthony, Prime Minister and Minister for Finance of St. Lucia.

The Monetary Council reaffirmed that the regulation and supervision of the financial sector as a whole must be undertaken on a regional basis and agreed that the several pieces of legislation were urgently required to provide the central bank with the tools to execute the successful stabilisation in the banking sector.

These included amendments to the ECCB Agreement and the Banking Act; Legislation establishing the Asset Management Corporation and the Regional legislation on Foreclosure.