ECCB wants explanation from Commercial Banks

ST.GEORGE’S, GRENADA, JUNE 30TH, 2016- GIS:  In light of customer’s complaints about an increase in bank charges, the Eastern Caribbean Central Bank is calling on the bankers association of all ECCU states to educate and inform the customers.
Governor of the Eastern Caribbean Central Bank Timothy Antoine addressed the issue at a press conference on Tuesday June 28th.
“The demand for improvements in compliance will not go away and a lot of these things are being originated not by the Central Bank, not by the governments, not even by the banks themselves but by international development,” Governor Antoine said.
Governor Antoine says the law does not give the ECCB the power to regulate bank fees and charges.
He says a committee has been set up at the highest level of the ECCB Monetary council to look at the issue.
Part of the reason for the rise in fees he said is that profitability is down.
“At the highest level of the ECCB, the monetary council, that matter has been discussed and a committee has been set up – a working group to come back with a report as to how we can address these issues,” Governor Antoine added.