The Eastern Caribbean Asset Management Amendment Bill was passed during yesterday’s sitting of the House of Assembly.
Minister of Finance Camillo Gonsalves in presenting the Bill, said the Eastern Caribbean Asset Management Act was passed to deal with distressed assets in the wake of the global economic and financial crisis in 2008.
Minister Gonsalves said there was fear of contagion and challenges to vulnerable banks and a rise of non-performing loans within and across the Eastern Caribbean Currency Union.
Minister Gonsalves explained that part of the banking act deals with receivership and compulsory liquidation, while section 178 deals with the protection of secrecy of information.
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