ECCB Governor highlights issue of correspondent banking relations

In his first external engagement, Governor of the Eastern Caribbean Central Bank (ECCB), Timothy N J Antoine met with Laura A Griesmer, Deputy Chief of Mission, Embassy of the United States of America to Barbados, the Eastern Caribbean and the OECS on February 4.

During the meeting, the Governor raised the grave concerns in the Eastern Caribbean Currency Union (ECCU) about the potential withdrawal of correspondent banking relationships with commercial banks in the ECCU.{{more}}

The Governor underscored the necessity for resolution of the correspondent banking issue, given its far-reaching implications for the ECCU, in particular, the financial sector, the tourism sector, remittances, and education and medical transfers.

Governor Antoine also raised the status of the implementation of the United States Foreign Account Tax Compliance Act (FATCA) and sought the assistance of the US Embassy to expedite the signing of the Inter-Governmental Agreements, which would facilitate the process for enactment of legislation and timely reporting.