ECCB takes control

THE VALLEY, Anguilla, CMC – The St. Kitts-based Eastern Caribbean Central Bank (ECCB) says it has assumed control of two indigenous banks in Anguilla noting the move is designed to ensure the stability of the banking system in the entire Eastern Caribbean Currency Union (ECCU). ECCB Governor Sir Dwight Venner in a statement confirmed that the operations of the Caribbean Commercial Bank (Anguilla) Limited (CCB) and the National Bank of Anguilla Limited (NBA) had been taken over. He said the circumstances that led to this action include the fact that the economies of the ECCU are mainly dependent for their growth on the tourism and construction and that the global crisis has had a major impact on these sectors.