ECCB Addresses Bank of Antigua Issue
Basseterre, St Kitts, 18 February 2009 The Eastern Caribbean Central Bank has noted with concern the situation surrounding the Stanford International Bank, an offshore bank registered in Antigua and Barbuda with international affiliates. The Bank of Antigua, which is owned by the Stanford Group is not an offshore institution. It is a domestic bank licensed under the Banking Act of Antigua and Barbuda and Regulated by the Eastern Caribbean Central Bank. Our inspections reveal that the bank is sound and has been compliant with the rules and regulations under the Banking Act. It has a Memorandum of Understanding with the Central Bank with respect to guidelines as set by the ECCB to further ensure its safety, soundness and accountability. The Bank of Antigua
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