Address at the Opening Ceremony of CCB West End Branch
                                                               (October 1st, 2008)

~~Adz:Right~~ The Valley, Anguilla- It gives me great pleasure to be a part of this Opening Ceremony for the Caribbean Commercial Bank new branch in West End. On March 8th, 2007 I also had the opportunity to make some remarks at the cornerstone laying ceremony of another indigenous bank just down the road --- and as I did then I must reflect on those days when there were no commercial banks in Anguilla --- and certainly none in West End.

I also recalled a little over twenty-eight years ago when I returned to Anguilla --- that there was no electricity, no hotels, no restaurant, no galleries, no boutiques, no supermarkets, no gas stations and so forth in West End.  Now West End is a blossoming community with all the amenities of modern living and the opportunity to boast that it is the breadbasket of our national economy.  And very soon it will soon have the complementary facilities befitting that status in the form of two full service banking operations.

Almost fourteen years as Minister of Finance in Anguilla has its moments. Moments when you feel that there is indeed something special about being Anguillian. Such moments arise on these occasions when I get the opportunity to participate in one of the milestone events of our indigenous Banks. Indeed, both of our indigenous banks engender an overwhelming sense of pride for us as Anguillians --- as they continue to deliver “state of the art” --- quality services to their customers in Anguilla, the region and the world at large.  Will you all give the Board of Directors, the management, the staff and the loyal customers of Caribbean Commercial Bank a resounding round of applause for its record of excellence and for making us all proud to be Anguillian.

This new venture by CCB will lead the way to creating a more attractive commercial environment in the western part of the island. It will also lend itself to enhancing the viability of new businesses coming into the area and provide convenient banking services for customers who live or work here.
 
There is no question that CCB is increasingly becoming challenged by its capacity to service its customers on a timely basis. In fact I have been informed that these concerns --- reinforced by research carried out to determine the most suitable location weighed heavily in the decision to establish a branch in West End. 

But location is only a small part of the CCB formula for success --- so despite the new facilities for Online Banking; Automatic Teller Machines; Credit Cards etc.  I am sure that it is clearly recognized that the personal banking experience on which the Bank has built its reputation cannot be replaced --- so while CCB is seeking to replicate and further improve on its delivery service channels --- it must remain cognizant of its responsibility to provide its clients with individual attention on demand.

While past success bears no promise for future achievements I believe that the bank has over the years been consistent and prudent in the management of its affairs.  And while the number of shareholders is far less than the other indigenous bank the customer base is comparable and client satisfaction has been reaffirmed by continued patronage.  The important element of trust and confidence --- which is critical for the success of any fiduciary institution --- has been maintained and bears testimony to sound leadership over its thirty-one years of service to its customers.  Three-quarters of a billion dollars in assets and growing --- is indeed a remarkable achievement in our small market.

The opening of this branch also takes place at a time when there is much concern about the global financial situation, the rising cost of oil, goods and services, the financial crisis facing neighbours in the United States characterized by the collapse of longstanding financial institutions and the unstable conditions in their Stock markets.  Anguilla is not immune to the effects of these global realities. 

There is a saying that “when America sneezes the region catches a cold”.   The import of this metaphor requires that we must be even more conscious of the global environment in making decisions about investments and expansion of services.  In this context and at this juncture, I would suggest that this investment and this expansion may be even more critical. Here are my reasons:

The development of Anguilla over the years has been in large measure due to the relevant responses of our indigenous banks --- and we must come to recognize that while we should appreciate the timely and useful contribution of the international commercial banks --- they are in fact obliged to respond to the wider business considerations of their metropolitan headquarters.  When it becomes “crunch time” the importance of sound indigenous institutions of all kinds will be the advantage for weathering the impacts of external shocks to our national economy.

I have said all this to accentuate the need to celebrate these achievements by our indigenous banks generally and in this case the Caribbean Commercial Bank. While this expansion is in leased accommodations --- I am aware that like the other indigenous institution next door CCB has already begun preparations for more permanent facilities in this area. 

There may be some irony in the fact that while I participated in the cornerstone laying next door --- and the imposing edifice which stands less than one hundred yards away --- CCB has managed to be the first out of the starting blocks with services to this community.  However, I am confident that this is friendly --- yet keen competition with the best interests of the customers in mind. In this context, we are all winners.

I spoke earlier about the external shocks to our economy and financial situation --- but with a captive audience, I feel constrained to make one or two additional points relating to the entire environment in which these businesses and institutions must subsist.

There has been considerable concern locally for the state of the social sector --- of course this is the sector for which all our current prosperity is geared.  It is sector to which CCB as a corporate citizen par excellence has been a solid contributor ---- but one which must now be properly managed if we are to secure and maintain the development and prosperity of which we often boast.

Like all other businesses CCB is feeling the direct effects of these negative trends which threaten the very sustainability of our nation. It is a human resource issue, not one of bricks and mortar --- one which must be addressed through the personal touch and commitment which is at the center of all successful ventures. And its roots are in the very prosperity of which we boast --- becomes it is fueled by a changing value system which places materialism above the human aspects of development.

Being at the vanguard of this new development zone, I am confident that CCB will continue its focus on the issues which will provide for the security and stability of our national development. So let me take this opportunity once again to commend CCB for the responsible role it has been playing as a partner with Government and other notable partners in the private sector to address these issues.        

The success of CCB has been infectious. It stands out as the measure of what Anguillians are capable of achieving. In short it has made a tremendous contribution to the level of national self-esteem and has encouraged Anguillians to take on ambitious projects --- successfully.  We strongly believe that this is just the beginning. But yet during this period of prosperity real challenges still abound. There still are those who feel crowded out by inward investment, helpless, to compete in the global economy, unwilling to adapt to the changes needed to succeed in the new environment and frustrated by the escalating cost of survival.

We do not believe that these challenges and perceptions are insurmountable. But we do believe that there are the natural outcome of progress and development. They are no greater challenges than those our forebears faced in times of scarcity. And we now have a greater level of autonomy and capacity to address them. Unfortunately, we sometimes seek to address them in an environment of hostile confrontation rather than in an atmosphere of harmonious engagement.

In fact, this period of economic prosperity has presented newer opportunities for the continued empowerment of our people. Opportunities which may far exceed the imaginations of our forebears --- but must nevertheless should not limit our ambitions. We must continue to seize these opportunities aggressively while “the current serves”.

This venture by CCB is a manifestation of the enduring spirit and ambition of homegrown enterprise. The Government of Anguilla is proud to be associated with these symbols of national achievement and will continue to formulate policies which create the environment and conditions for the optimum expression of these goals and aspirations of our people and institutions.
 
And finally let me take this opportunity to congratulate the Board, the Management and the Staff of CCB for their significant contribution to our national development over the past thirty-one years and also to recognize the customers of the Bank whose support has been forthcoming despite the available choices in banking services. And let me reiterate my thanks for your strong partnership with Government in our efforts to make our country a place where national empowerment is not an option --- but indeed a right.

I thank you very much indeed for your kind attention.