The Eastern Caribbean Central Bank (ECCB) invites citizens and residents of the Eastern Caribbean Currency Union (ECCU) to provide feedback on the Consultative Paper on Consolidation of the National Banking Sector in the ECCU.
The requirements of the modern Banking Act, emerging international standards and dynamic developments in Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT), have given rise to the need for the deepening and strengthening of the national banking sector through consolidation.
At its 90th meeting held on 16 February, the ECCB Monetary Council agreed on the important role of the national banks, particularly in the context of their social and economic contribution to the growth and development of the ECCU. The Council also approved a statement of intent and principles of bank consolidation for the ECCU national banking sector. The Consultative Paper on Consolidation of the National Banking Sector in the ECCU captures those principles and outlines the rationale for consolidation and the potential benefits of consolidation of the ECCU national banking sector.