ST. JOHNS, Antigua -Dr. the Hon. L. Errol Cort Minister of Finance and Economy of Antigua and Barbuda speaks out on the Stanford /Bank of Antigua Issue:
As Chairman of the Monetary Council of the Eastern Caribbean Central Bank and also in my capacity as Minister of Finance and the Economy for the Government of Antigua and Barbuda, I met today (Feb 18) with the Governor of the Eastern Caribbean Central Bank, the Attorney General of Antigua and Barbuda, officials of the Ministry of Finance, the President of the Bankers Association of Antigua and Barbuda, the Manager of the Bank of Antigua Ltd and Senior Managers of the other domestic banks of Antigua and Barbuda to review the current state of affairs in respect of the financial stability here in Antigua and Barbuda.
Cognizant of the critical nature of the current state of affairs at the Bank of Antigua Ltd and in an attempt to stabilize the situation participants collectively agreed on a plan of action to maintain and preserve the viability and stability of the financial system here in Antigua and Barbuda.
Depositors can be assured that every effort is being made to expeditiously execute the plan of action in order to safeguard and preserve their financial interests.
I say to depositors here in Antigua and Barbuda that there is no need to panic. Based on the plan that has been agreed upon by all parties, deposits in the banking system are safeguarded.
Let me end by reiterating that with the support from the Eastern Caribbean Central Bank and the Government of Antigua and Barbuda together with the support from all commercial banks here in Antigua and Barbuda, depositors, at Bank of Antigua or in any other commercial bank here in Antigua and Barbuda should have no fear. There is no need for panic. The matter is well under control.
