National Commercial Bank of Anguilla Ltd Assumes Operations of NBA and CCB

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(ECCB Release) – The Eastern Caribbean Central Bank (ECCB) announces that the National Bank of Anguilla Limited (NBA) and the Caribbean Commercial Bank (Anguilla) Ltd (CCB), have ceased to carry on banking business in Anguilla, effective immediately.

After comprehensive analyses of the operations and financial positions of the banks, the decision was taken to transfer the operations of the NBA and the CCB to a newly established bank, the National Commercial Bank of Anguilla Ltd (NCBA). The NCBA is wholly owned by the Government of Anguilla.

As a result of this decision, deposits held at the NBA and the CCB up to $2.8m per depositor have been transferred to the new NCBA. Account holders will be able to conduct their normal banking business at the usual location from Monday, 25 April.

To facilitate regular transactions, customers can continue to use their NBA and CCB cheques as well as ATM, credit and debit cards until advised otherwise.

To meet the objective of full protection of depositors, agreed to by the ECCB’s Monetary Council, balances in excess of $2.8m will be transferred to a Depositor Protection Trust (DPT). The DPT will manage those amounts and pay them out over time. -more- The Central Bank wishes to assure depositors of the former NBA and CCB that all measures are being taken to safeguard their interests and to maintain the stability of the financial system of Anguilla. 

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Employees of NBA were presented with the following notice: 

Termination letter

On the 22″” day of April 2016, the ECCB appointed the undersigned as Receiver of National Bank of AngUIlla Ltd under section 137 of the Banking Act, No 6 of 2015, of the Laws of Anguilla.  From the date of this appointment. the Receiver became the sole legal representative of the institution.

Effective immediately. the services of all management and staff are hereby terminated. However, the Receiver will engage the services of the fonner staff of National Bank of Anguilla Ltd under the same terms and conditions. On a month-to-month basis. 10 assist in carrying out the work on behalf of the National Commercial Bank of Angui”a Ltd and of the Receivership.

You are requested to signal your acceptance of employment with the Receiver by signing and dating the enclosed copy of this letter and returning to the undersigned.

We look forward to your continued assistance.