CORPORATE OVERVIEW
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CORPORATE OVERVIEW
The ECAMC was established by virtue of the Eastern Caribbean Asset Management Corporation Act (the “ECAMC Act”) which was passed between November 2015 and April 2017 in each of the eight territories comprising the ECCU. The eight ECCU territories are Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Federation of St. Christopher and Nevis, Grenada, Montserrat, Saint Lucia and St. Vincent and the Grenadines.
The schedule to the ECAMC Act comprises the Eastern Caribbean Asset Management Corporation Agreement (the “ECAMC Agreement”). The parties to the ECAMC Agreement are the governments of each of the eight ECCU territories. The ECAMC Agreement lays out the powers of the Corporation and its institutional arrangements. Article 6 of the ECAMC Agreement outlines the purpose of the Corporation as follows:
- To carry on the business of asset management including acquiring the whole or any part of, dealing with, managing, and disposing of assets or liabilities of approved financial institutions in an expeditious manner.
- To act as the receiver of a financial institution whenever appointed by the Eastern Caribbean Central Bank under the Eastern Caribbean Central Bank Agreement or the Banking Act.
read The ECAMC act 2010
To carry on the business of asset management including acquiring the whole or any part of, dealing with, managing, and disposing of assets or liabilities of approved financial institutions in an expeditious manner.
read The ECAMC act 2010
To act as the receiver of a financial institution whenever appointed by the Eastern Caribbean Central Bank under the Eastern Caribbean Central Bank Agreement or the Banking Act.
The ECAMC commenced its operations on July 21, 2017. It is headquartered in Antigua and Barbuda and its principal office is situated at Suite 23, Woods Centre, Friar’s Hill Road, St. John’s, Antigua. The ECAMC was appointed as receiver for ABI Bank Ltd. on July 21, 2017, in the stead of the former receiver Megan-Samuel Fields. The ECAMC carries out its duties as receiver in accordance with the Banking Act, 2015 of the law of Antigua and Barbuda.