The Monetary Council of the Eastern Caribbean Central Bank (ECCB) held a special meeting on 20 February 2009 by videoconference, chaired by Dr the Honourable Errol Cort, Minister of Finance, Antigua and Barbuda.
Council discussed the financial challenges being experienced in Antigua and Barbuda resulting from the civil complaint filed by the United States Securities and Exchange Commission (SEC) on 17 February 2009 against Robert Allen Stanford and the Stanford Financial Group.
The Council approved the intervention by the ECCB under the emergency powers granted under Part IIA Article 5B of the amended Eastern Caribbean Central Bank Agreement 1983. This states, inter alia, that where the Bank is of the opinion that the interests of the depositors or creditors of a financial institution are threatened, that the Bank shall, in addition to any other powers conferred to it, have power to take all steps it considers necessary to protect the interests and to preserve the rights of depositors and creditors of the financial institution.
This action was deemed necessary because of the complaint filed by the United States Securities and Exchange Commission (SEC) on 17 February 2009 against Robert Allen Stanford and the Stanford Financial Group which subsequently led to the withdrawal of funds from the Bank of Antigua Ltd.
In response to this situation, the ECCB sent in two teams of Bank Supervisors on Wednesday 18 February 2009 and Thursday 19 February 2009 and has been supplying liquidity to the bank which has ensured that the depositors