Caribbean Banking Secure in Financial Crisis

Banking in the Caribbean Is Secure

The current economic crisis is leaving countries around the world in a devastated situation. French Prime Minister Francois Fillon recently described the financial world as being “on the edge of the abyss” and even after signing a $700bn (£394bn) financial sector rescue plan, President George W Bush has warned that the US economy continues to face “serious challenges”. Global summits are currently being attended by world leaders to find solutions to the worst financial crisis since the 1930s.

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However in the Caribbean region the banking system of the Eastern Caribbean Currency Union (ECCU) has so far remained stable and not affected by the unfolding crisis. The St Kitts-based Eastern Caribbean Central Bank (ECCB) recently released a statement, saying that “To date, the banking system of the Eastern Caribbean Currency Union (ECCU) has not been impacted by these events.

The commercial banking system remains stable and adequately capitalised,” The ECCB also indicated that they would be prudently monitoring the ongoing global situation and doing its upmost to remain in this fortunate position.

The ECCB, which was established in October 1983, is the Monetary Authority for Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia and St Vincent and the Grenadines.

Two of these small island nations, St Kitts & Nevis and Dominica, are currently offering Economic Citizenship programmes which are available through Caribbean Land and Property Financial Services. Certainly, gaining a second passport and all associated economic and personal benefits is looking even more attractive at this point in time.

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