The local banking sector received positive assessments following a meeting between senior bank officials, including Prime Minister and Finance Minister Gaston Browne.
Browne highlighted the sector’s strong performance, with banks exceeding minimum capital requirements and being among the sub-region’s strongest.
He noted growth in credit, indicating increased local contributions to economic growth.
The meeting also reviewed Antigua and Barbuda’s economic performance, averaging over 8% growth annually for the past four years, and discussed annual savings growth of over $100 million.
Browne outlined the government’s priority for the next year: improving the country’s physical infrastructure, particularly secondary roads, following previous investments in ports, water infrastructure, and major highways. Source: Pointe Xpress
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The banks need to be reined in. They are out of control.
And so does Prime Minister Browne need to be reined in @ Mr Byam.
Antiguans always have to take his word on financial and fiscal matters; and his links to the banking sector goes way way back.
A conflict of interest if ever there was one.
What is clearly needed now regarding banking, is an independent investigation and enquiry, so that Antiguans can actually trust and verify – with enforcement -, that what the PM and his cohorts are saying is true!
OH FOR SOME MUCH NEEDED FACTS CHECKS …
@ Gaston
As strong as GLOBAL BANK. What a shame and disgrace that up to now nearly 2 years later they cannot repay the man’s deposit to him.
Banking Sector in this case refers to the banks regulated by the Eastern Caribbean Central Bank. CUB, ACB and FCIB figures up to 2022 have been published for anyone who wants to look . Waiting patiently for ECCAB’s .
Offshore banks are another kettle of fish. Those who deal with them seem to get the messy end of the stick .
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http://gazette.laws.gov.ag/wp-content/uploads/2023/08/No.-45-Official-Gazette-17-August-2023-Editors-Final-Draft.pdf
https://ag.acbonline.com/wp-content/uploads/2024/02/ACB-annual-Report-2022-Final.pdf
https://www.cibcfcib.com/binaries/content/assets/annual-reports/2022/eci/antigua-2022-financial-statements.pdf
2022 is 2 years ago, a lot can change in 2 years.
Had it been up to Gaston, the board of ECAB would have cowered to his threats and given in to his demand to increase Antigua’s shares in ECAB and reduce the shares of all other shareholders thereby giving Gaston majority control of ECAB. THAT WOULD HAVE WEAKENED the bank. Thank you Craig Walter and the directors for standing up to the bully. We don’t want Gaston controlling ECAB. The first thing he would do is remove directors and install his clown comrades as directors to do his bidding.
Here here @ Not So Common. Preach it from the top of Shirley Heights 👏🏾👏🏾👏🏾
Nothing this economic dunce says is credible. Nothing. Why hasn’t GBC paid Stoll his millions?
Why can they pay the Barbudans their donated millions? How come the FSRC has said nothing about this? This clown will continue to spill his lies until the books are opened for all to see. He lies and gets away with it because this government hides the numbers and dare to speak of transparency.
What else can he say, anything less, and there may be a run on the banks.
When last local contractors get pay except the government ministers and their families. You blind contractors that work for them are all going to go down the drain. Anyhow they are passing rules that will prevent you poor foolish contractors from getting government work. They snd their children and cohorts will now get all the contractos . Promised made promises kept.
@My 2 Sense
Fortunately Commercial Banking and Aviation (Except the British Territories) in the OECS are regulated by regional entities which place them outside of the complete influence of a single country or territory .
International Banks (Offshore Banks) are regulated locally so you are going to have problems and scandals like Stanford and now GBC. After the Stanford debacle why would anyone want to place their millions in the hands of an Antigua registered International (Offshore) Bank ?
These kinds of entities seem exist on the fact that wealthy suckers are born every day .
Of course this does not excuse the Honourable Prime Minister Gaston Browne’s uttering.
To tie in to current Airline discussions. RE Stanford : At least US one billion dollars was lost on his airline ventures trying to drive LIAT(1974) out of business .
Antigua’s Banking System is compromised,in my opinion.When you as Prime Minister could say how much an individual has in an account.That individual should have filed a Lawsuit against the Bank and you.For it is an illegal act for any Bank to divulge the information OF ONE CUSTOMER TO ANOTHER without that customer’s say so in writing.
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