ECCB 2016/2017 Annual Report

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ECCB ANNUAL REPORT 2016/2017

Eastern Caribbean Central Bank Notes to the Financial Statements March 31, 2017 (expressed in Eastern Caribbean dollars)

EASTERN CARIBBEAN CENTRAL BANK NOTES TO THE FINANCIAL STATEMENTS

(expressed in Eastern Caribbean dollars)

March 31, 2017

23. Contingencies and commitments ...continued Credit extension to participating governments ...continued The undrawn commitments to participating governments for the current financial year amounts to $435,732,000 (2016: $295,179,000). The details are presented in the table below: 2017 $ 2016 $ Government of Saint Lucia 122,801,000 88,965,000 Government of St Kitts and Nevis 109,114,000 88,637,000 Government of Grenada 71,509,000 35,841,000 Government of Commonwealth of Dominica 63,063,000 39,740,000 Government of St Vincent and the Grenadines 45,904,000 16,285,000 Government of Anguilla 9,977,000 5,069,000 Government of Antigua and Barbuda 7,480,000 16,245,000 Government of Montserrat 5,884,000 4,397,000 Total undrawn commitments 435,732,000 295,179,000 Pending litigation There are six (6) pending legal claims against the Eastern Caribbean Central Bank (the “Central Bank”) for which the likelihood of settlement appears remote. (1) Claim No. GDAHCV2001/0490 initiated by Capital Bank International Limited in 2001 is pending before the Grenada Supreme Court. The Claimant is seeking: (i) A declaration that it is entitled to be admitted to the membership of the Clearing House facility established by the Central Bank pursuant to the provisions of the Eastern Caribbean Central Bank Act 1983; and (ii) An order directing the Central Bank to admit the Claimant immediately as a member of the Clearing House facility operating in Grenada. At the High Court hearing of the case in September 2008, the court ordered that the trial of the matter be adjourned to a date to be fixed by the Registrar of the High Court on application by any of the parties to the matter. The Minister for Finance, in Grenada has since revoked the banking licence which was granted to Capital Bank International Limited, appointed a Receiver for the Bank and has also filed a petition before the court for the compulsory liquidation of the Bank. (2) Summons in a civil action (No. 3:13-cv-00762-n) between: the Official Stanford Investors Committee (Plaintiff) and Bank of Antigua, Eastern Caribbean Central Bank, Antigua Commercial Bank, St. Kitts-Nevis-Anguilla National Bank Ltd, Eastern Caribbean Financial Holdings Company Ltd, National Commercial Bank (SVG) Ltd, Eastern Caribbean Amalgamated Bank, and National Bank of Dominica Ltd, and Antigua and Barbuda (Defendants) is pending before the United States District Court for the Northern District of Texas, Dallas Division. The Plaintiff is seeking inter alia:

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