{"id":202403,"date":"2024-05-20T09:34:00","date_gmt":"2024-05-20T13:34:00","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=202403"},"modified":"2024-05-20T10:33:25","modified_gmt":"2024-05-20T14:33:25","slug":"ecab-officials-told-there-will-be-consequences-for-non-performance","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/ecab-officials-told-there-will-be-consequences-for-non-performance\/","title":{"rendered":"Prime Minister Browne Sets High Expectations for ECAB’s Financial Performance"},"content":{"rendered":"
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Prime Minister Gaston Browne recently addressed the performance and future prospects of the Eastern Caribbean Amalgamated Bank (ECAB), emphasizing the significance of recent statements by the central bank.<\/p>

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He noted the serious nature of the issue highlighted by the central bank’s unusually strong language, which is typically very diplomatic.<\/p>\n\n\n\n

Browne expressed relief that Antiguans and Barbudans are not among those suffering financial issues, attributing this to the decision to maintain local control. <\/p>

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He acknowledged the initial challenges faced during the consolidation process but noted that ECAB’s customer service has improved. He urged the bank to continue delivering good service to the people of Antigua and Barbuda and emphasized the importance of not being contemptuous of their customers.<\/p>

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Reflecting on ECAB’s financial performance, Browne stated his expectation for significant profits in 2023 and beyond. He referenced the 2022 financial accounts and expressed optimism about the future results, highlighting the importance of these profits for government revenue through taxes. <\/p>\n\n\n\n

He stressed that any underperformance would lead to serious discussions with the current directors and management.<\/p>

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Browne also emphasized the government’s substantial investment in ECAB, owning 25% of the shares and holding over $50 million in preference shares.<\/p>\n\n\n\n

He encouraged the bank to be proactive in seeking new business opportunities rather than being complacent.<\/p>

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The Prime Minister concluded by reiterating the government’s expectations for strong returns from ECAB and the importance of proactive efforts to secure business. <\/p>

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He made it clear that the government’s scrutiny of the bank’s performance would be stringent, with consequences for any underperformance.<\/p>\n\n\n\n

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