$140M in Dormant Bank Accounts Could Be Released for Development
The Eastern Caribbean Central Bank’s Monetary Council is considering legislative changes that would allow more than EC$140 million in dormant bank deposits to be released to member governments for development financing.
Prime Minister Gaston Browne disclosed the proposal during the Browne and Browne Show, explaining that the funds represent unclaimed or inactive accounts that have been held by the central bank for years.
According to Browne, approximately EC$31 million of the total amount is attributable to Antigua and Barbuda.
“These funds have been sitting at the central bank for decades,” Browne said, noting that some accounts have remained dormant for 10 to 30 years.
He said the council has asked the central bank to prepare the necessary legislative amendments to allow the money to be transferred to governments while still protecting the rights of legitimate claimants.
Under the proposal, governments could provide an indemnity arrangement to ensure that if a rightful owner comes forward in the future, the funds would be repaid.
Browne said the objective is to put idle resources to work within the region’s economies, rather than allowing them to remain unused.
The discussions form part of broader fiscal and development strategies being considered by the Monetary Council, including initiatives to address food security, energy resilience and regional connectivity.
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This man is always after money.
R fu you money smdh?what’s your next money plan,all you talk about money, you sleep money,you dream money,you wake up money but money r go done you keep out of people’s bank account omg what a money devil
It’s amazing that when you owe the bank, they find all the ways and means to contact you. By the same token, when the bank have monies sitting on accounts for years that they consider to be dormant, they should use the same haste and urgency to make contact with you. I am appealing to depositors in banks. When you open an account, ensure that a trusted son, daughter or other family members name is added to the account such that in the event anything happens to you, they are able to access the account. Don’t leave your monies to government.
What you should do is to publish the names of the account holders so they or family members can claim the money.
Ab which hear English Harbour white rum U ah get drunk off Gaston?
Annah public money dem be. R U tiefing rasshole dun thief aff all de public money, squander dem and now U drunking, dope head rass ah talk bout tek private estate money!
Too much Wray & Nephew mix wid English harbor white rum ah tun U rass crazy! U drunk lakkah raycan innah heaven!
Wicked and evil ABLP decide to keep the money instead of setting up a task force to find the rightful heirs of such assets. I told you ABLP cares nothing for you and they never utilize strategy when God drop opportunities into their lap to show the public that they care and love the people and the nation.
But we deserve this abuse and tyranny, you all voted for ABLP, even when they say, I won’t help you by doing their pre-existing duty.
You have the evidence this ABLP is not good for the nation.
I have an account in ANTIGUA.IT IS NOT DORMANT.HOWEVER,YOU GREEDY ARSE GOVERNMENTS WANT TO TAKE PEOPLE MONIES AWAY FROM THEM.THE BANKS ARE USING THOSE MONIES AS A PART OF THEIR BOTTOM LINES.PEOPLE,WITH SUCH ACCOUNTS, GO AND CLOSED THEM AND GET YOUR MONIES.BEFORE THOSE GREEDY HORSES GET INTO THOSE GREEN PASTURES AND EAT IT ALL UP.FOR THEY HAVE NEVER SEEN A $$ AND RUN AWAY FROM IT. FOR THE “LOVE” OF MONEY IS THE ROOT OF ALL EVILS.WHEN GASTON BROWNE GETS HIS EYES ON $$.HIS EYES POPPED OPEN.
ABLP greed and avarice is there for all to witness.
The majority of these “unclaimed” bank accounts comes from two main sources. One is from the deceased, and therefore this government is obligated to contact the relatives of these dormant accounts. Simple really!
And two, I’m sure many dormant bank accounts are from people from overseas. I’m sure that many have had their accounts unscrupulously closed because of inactivity or bank interest charges and statements not being sent to inform them.
But I hope our – two posts – Finance Minister is well aware of this as well…
If you did not claim the money 5 or 10 or 20 years ago, how would you claim it now? You wouldn’t, because you still don’t know. So, it would be prudent and humane to simply enact legislation that focuses on locating possible owners/individuals/family.
It is disingenuous so say when owners come forward you would return the money. They will continue to not know and not claim. The moral and ethical thing to do is to find rightful owners in the legislation and task force.
Why can’t one thing by ABLP be considerately and morally done, just once, before I die, let me see ABLP do one thing morally and legally.
I do not fully understand, but if no one comes forward and the government claims the money, I am thinking government could do what ever they want with it. My mind just flashed back to when ministers were told to creatively enrich themselves
In Canada, there is a website you can visit to see if you have unclaimed funds; ABLP should do something similar.
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