August 19, 2014

ECCB extends conservatorship of CCB (Anguilla) Ltd and NBA Ltd

The Eastern Caribbean Central Bank (ECCB) in a release says it remains in control of the Caribbean Commercial Bank (Anguilla) Ltd (CCB) and National Bank of Anguilla Ltd (NBA).{{more}}

These institutions were placed into conservatorship on August 12, 2013.

The ECCB continues to assess the operations and financial condition of the banks in order to implement the appropriate resolution strategy.

“Significant progress has been made in completing the audits of the financial statements of both institutions by the international auditing firm, KPMG. Plans are in place for an independent valuation of each bank to be undertaken in accordance with Article 5B 1 of the ECCB Agreement of the Laws of Anguilla. The independent valuation will be conducted by a professional auditing firm,” a release from the ECCB said.

“With the completion of the audit of both banks, a report on the operations as at the commencement of the conservatorship will be provided to the Monetary Council and the Government of Anguilla in accordance with the emergency legislation. Following this report, arrangements will be made by the Government of Anguilla and the ECCB, facilitated by the British Government, for a forensic audit utilising the services of an independent qualified international contractor of the banks.

“The ECCB continues to engage the Government of Anguilla, the British Government, the International Monetary Fund (IMF), the World Bank and the Caribbean Development Bank (CDB) regarding the conservatorship and the resolution process. All parties continue to work together to arrive at a suitable conclusion.

“The ECCB takes this opportunity to express its sincere gratitude to the customers of the Caribbean Commercial Bank (Anguilla) Ltd (CCB) and National Bank of Anguilla Ltd (NBA) and to the Anguilla public for their continued understanding and patience as we work towards a conclusion to this exercise.”