ST JOHN’S, Antigua – The proposed new guidelines in the Banking Amendment Act 2012 approved on Friday by the Lower House that gives the Eastern Caribbean Central Bank (ECCB) power to take action against questionable banking officers, have received full backing from former board member of Antigua Barbuda Investment (ABI), George Ryan.
The act was submitted unopposed and will give the central bank the authority to inform financial institutions that it is dissatisfied with the performance of an employee and recommend changes it deems necessary.
Ryan said while the move was long overdue, it was a step in the right direction.
“I believe it’s the right thing, although it’s a bit late, because lots of complaints have gone out. In fact the central bank has tried several times to get the managers of ABI to step back from the roads they were walking on but to no avail,” the former board member told OBSERVER Media.
“I am really happy that the government has seen the light and is seeking to give that power to deal with even board members who they feel do not have the wherewithal to be on a board of that magnitude.”
Ryan does not foresee any pitfalls with giving ECCB Governor Dwight Venner this authority, as he too has checks and balances in place to ensure accountability.
“You don’t just give an open position to anybody. The government of the eastern Caribbean will deal with that person if there are any issues and there are other checks and balances laid against him, so he is not free to do as he wishes,” Ryan said.