Statement by the Honourable Chief Minister of Anguilla Hubert Hughes to Thank the Citizens and Residents of Anguilla for Their Cooperation on the ECCB’s Assumption of Control of the Caribbean Commercial Bank (Anguilla) Limited and the National Bank of Anguilla Ltd Issued 16 August 2013

THE VALLEY, Anguilla, August 19th 2013 - Good evening fellow citizens and residents of Anguilla

I wish to express sincere thanks to you the depositors, creditors and shareholders of the Caribbean Commercial Bank (Anguilla) Ltd and the National Bank of Anguilla Ltd for your undeniable demonstration of understanding, patience and support of the Eastern Caribbean Central Bank and its team of trained and experienced professionals as they commenced the process of restructuring, stabilising and strengthening our two indigenous banks.

As promised, normal operations at the two banks continued throughout the past week and with your continued support, the operations of the banks will continue without interruption.

I also wish to thank the Chamber of Industry and Commerce, the Anguilla Social Security Board, Former Chairman of the NBA, Mr Ralph Hodge for publicly expressing their support for this rebuilding exercise. Thanks also to the media professionals in Anguilla and throughout the ECCU for providing accurate information to the public about this course of action which as stated before, is being undertaken in the best interest of depositors, creditors and other stakeholders of both banks as well as the people of Anguilla.

I express special thanks to the Honourable Leader of the Opposition, Mr Evans Rogers, for demonstrating that as Anguillans, we need to stand united in the quest to preserve our banking system and by extension, our economy, and to show the world that we have the courage to make the decisions necessary to safeguard our economic and financial system.

I wish to emphasise that the CCB and the NBA conduct over 75 per cent of banking business in Anguilla, and I want to assure our people that the takeover of these two local banks will ensure that the people who deposit their money in these banks can now feel comfortable that these institutions are now under sound and proper management.

I appeal to you for your continued support and assure you that I am confident that the challenges facing our indigenous banks will be resolved in a timely manner and that the stability of the Anguilla banking system will be maintained and strengthened.

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