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Anguilla Finalizing Bank System Resolution Plans

by Jason Gorringe, Lowtax.net, London
15 March, 2016

The Governor of Anguilla – the UK's appointed representative in the Caribbean territory – has provided a progress update on ongoing banking sector resolution and Budget talks.

Earlier, the Governor, Christina Scott, said discussions between Anguilla and the UK have focussed on ensuring a resolution plan that is both affordable and sustainable. In February, she said the principal areas of ongoing discussion were:

  • How best to support the growth of the Anguillian economy alongside the Government's plans for returning to compliance by 2025 with the borrowing limits set out in the Fiscal Responsibility Act 2013;
  • Considering what arrangements might be introduced to strengthen public financial management to help manage the challenges of an increased level of debt; and
  • Arrangements relating to the appointment, accountability, and governance of the organizations that are implementing the banking sector resolution, such as the new bank and the Asset Management Corporation;

In a March 11 update, she said: "Governance arrangements for the new bridge bank are well advanced. Robust bylaws that will establish an arm's length relationship between the new bank and the Government of Anguilla are close to being finalized. The Board will include a balance of local, regional, and international individuals with experience and professional backgrounds in banking, finance, and business."

"An early priority now will be finalization of a credible business plan to enable the Caribbean Development Bank to consider at its April meeting the Government of Anguilla's request for a loan for bank recapitalization."

In addition, she reported that the International Monetary Fund is providing technical assistance to the territory to support economic reforms.

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