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General Questions about ECAMC

The Eastern Caribbean Central Bank Monetary Council (the “Monetary Council”) agreed to the establishment of the ECAMC in response to the significant increase in non-performing loans in the Eastern Caribbean Currency Union (the “ECCU”). The ECAMC was established by the Eastern Caribbean Asset Management Corporation Act, 2015 (the “ECAMC Act”) and the Eastern Caribbean Asset Management Corporation Agreement (the “ECAMC Agreement”) which is comprised in the Schedule to the ECAMC Act. The ECAMC Act has been passed in all the ECCU territories. Article 6 of the ECAMC Agreement provides that the


main purpose of the ECAMC is twofold:

  • 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; and
  • To act as the receiver of a financial institution whenever appointed by the Central Bank under the Eastern Caribbean Central Bank Agreement or the Banking Act.

While the ECAMC’s headquarters are in Antigua and Barbuda, the Corporation exists as a Statutory Body in each of the ECCU jurisdictions, that is, Anguilla, Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines.

Article 91 of the ECAMC Agreement provides that on the ECAMC’s fifth anniversary, the Monetary Council shall undertake a review to determine if the ECAMC has fulfilled its purposes and the Monetary Council may decide either to terminate or extend the ECAMC’s operations for a period not exceeding an additional five years.

Article 93(1) of the ECAMC Agreement stipulates that the authorized capital of the ECAMC is EC$100 million dollars divided into ten thousand shares of $10,000.00 each. In accordance with Article 93(2) of the ECAMC Agreement, the ECAMC has an initial capital of EC$40 million contributed equally by each of the eight (8) Participating Governments.

The ECAMC has the discretion to acquire eligible assets as defined by the ECAMC Act, 2015. These include NPLs advanced for commercial development purposes and associated property loans with a minimum outstanding balance of EC$300K.

At its 89 th meeting held on October 20, 2017, and pursuant to Article 9(1) of the ECAMC Agreement the Monetary Council approved twenty-four (24) licensed financial institutions with which the ECAMC can carry on the business of asset management.

Upon acquisition, the ECAMC will utilize its general and special powers under the ECAMC Act to efficiently manage and expeditiously resolve the loans acquired with a view to maximizing financial returns within a prudent risk management framework. The ECAMC’s resolution strategy for acquired loans may include but is not limited to:

  • Disposing of the collateral held (Article 13 of the ECAMC Agreement);
  • Appointing a Special Administrator (Part IV of the ECAMC Agreement); or
  • Restructuring/refinancing the loan with a view to reintroducing such loans to the financial system after a period of consistent performance.

The ECAMC will directly manage the assets acquired with the aim of restructuring or disposing of these NPLs. The ECAMC’s objective is to obtain the best return on acquired assets. It must make a judgment in each case whether its objective is best achieved through working with the debtor. The decision to support a debtor or enforce against him is heavily influenced by the outcome of the business development plan process which begins as soon as a debtor’s loan is acquired. Agreement with a debtor on a viable business plan allows the ECAMC to work with the debtor consensually to ensure repayment, to the greatest extent feasible, of the amounts due. If the debtor cannot meet his/her obligations or is unwilling to reach a reasonable accommodation with the ECAMC, the Corporation will initiate enforcement action to dispose of the underlying asset and repay the debt.

The ECAMC is required to obtain the best achievable financial return for the assets having regard to the cost of acquiring and dealing with NPLs and other costs incurred in preserving or enhancing the value of the collateral property securing them. Over time, the ECAMC aims to recover asset acquisition and ancillary costs from receipts of loan payments from debtors and from proceeds generated through the sale of property assets.

Questions about Properties Listed for Sale

The List of Properties can be found on the ECAMC Website by clicking the “Assets for Sale” tab, selecting the “Map of the Islands” and then clicking the “List of Properties” tab.

All Real Estate assets must be openly marketed for sale and will be advertised in the daily newspapers, ECAMC’s Facebook page and its website. The Primary methods of sale to be used by the ECAMC are Sale by Public Auction, Sale by tender/Competitive bidding, and Private Treaty/Agreement.

Where an asset is for sale individuals may complete the Bid Form which can be found by selecting the “Assets for Sale” tab and then clicking on the “Forms” tab.

The ECAMC has a legal obligation to achieve the best possible price reasonably obtainable for the property at the time of sale. The ECAMC will manage the sales process having due regard to market factors and will determine an appropriate price level having taken professional advice.

Should you decide to make an offer to the ECAMC or their agent to buy a property, ensure that the offer letter shows:

  • Your full name and contact details as the buyer;
  • The date on which your offer is made;
  • The expiry date of your offer;
  • The address and type of property you are interested in purchasing
  • The purchase price being offered;

The market value of a property listed on our Properties For Sale link is determined by an appraiser selected from the Eastern Caribbean Central Bank’s (“ECCB”) List of Appraisers for Institutions Licensed Under the Banking Act.

The ECAMC would commission an appraisal of the property. The said appraiser would visit the property and provide ECAMC with an appraisal report which details the features and market value of the property.

Questions relating to the ECAMC’s Receivership functions

The ECAMC has oversight to manage and operate Receiverships by collecting outstanding debts and paying claims in accordance with the priority of claims as stated in Section 153 of the Banking Act to the creditors of the Receiverships.

For the time being the ECAMC manages the ABI Bank Ltd. (In Receivership) in Antigua?

On the enactment of the ECAMC Agreement in July 2017, the Eastern Caribbean Asset Management Corporation was appointed Receiver of the Closed Bank under Article 6 of the ECAMC Agreement.

The Receivership pays claims to creditors pursuant to the priority of claims in accordance with Section 153 of the Banking Act of Antigua No 10 of 2015.

The List of Properties can be found on the ECAMC Website by selecting the “Services” tab, and scrolling down to the Receiverships tab and under the ABI Bank Ltd. (In Receivership) tab, the “List of Properties” and “Upcoming Auctions” can be found.

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