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150
ECCB ANNUAL REPORT 2016/2017
EASTERN CARIBBEAN CENTRAL BANK
NOTES TO THE FINANCIAL STATEMENTS
(expressed in Eastern Caribbean dollars)
March 31, 2017
Eastern Caribbean Central Bank
Notes to the Financial Statements
March 31, 2017
(expressed in Eastern Caribbean dollars)
86
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: