OECS Banking Institutions Need Stronger Voice
by Amanda Banks, Tax-News.com, London
11 November 2004

President of the newly formed Eastern Caribbean Currency Union (ECCU) Bankers Association, Hugh Pinard, has urged the banking institutions within the Organisation of Eastern Caribbean States (OECS) sub-region to strengthen their international positions if they are to achieve a meaningful dialogue with bodies such as the IMF.

Pinard, the country Manager for Royal Bank of Canada in St. Kitts, says the launch of the ECCU Bankers Association last weekend lays the foundation for an institution that will be a “strong, confident, vocal and united advocate for our business franchise".

A stronger voice from the region's banking industry is needed because “inevitably, we are also touched by the extra-territorial effects of decisions made in Washington, London, Zurich and other capitals of the World," he noted.

According to Pinard, the intention of the newly formed association is to work closely with the Eastern Caribbean Central Bank (ECCB) to achieve “high, practical, supervisory and regulatory standards, and to contribute to the efficiency, soundness and stability of the financial system in the ECCU".

"Our industry is a powerful one. We represent over EC$13.5 billion (US$5 billion) in assets and EC$10.7 billion (US$3.9 billion) in deposits. As of January 2004 we had disbursed loans and advances totalling some EC$8 billion (US$2.9 billion)," he observed.

The ECCU comprises Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, Montserrat, St. Kitts-Nevis, British Virgin Islands, and Anguilla.

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