Eastern Caribbean Central Bank
Notes to Consolidated Financial Statements
March 31, 2015
(expressed in Eastern Caribbean dollars)
84
23. Contingencies and commitments
...continued
The undrawn commitments to participating governments for the current financial year amounts to
$223,030,000 (2014: $167,812,000). The details are presented in the table below:
2015
$
2014
$
Government of St Kitts and Nevis
69,165,000
51,691,000
Government of Saint Lucia
63,624,000
33,535,000
Government of Dominica
34,495,000
31,780,000
Government of Antigua and Barbuda
17,812,000
14,783,000
Government of St Vincent and the Grenadines
17,572,000
16,122,000
Government of Grenada
12,357,000
11,506,000
Government of Anguilla
4,307,000
5,031,000
Government of Montserrat
3,698,000
3,364,000
Total undrawn commitments
223,030,000
167,812,000
Pending litigation
There are three (3)
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:
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
An order directing the Central Bank to admit the Claimant immediately as a member of
the Clearing House facility operating in Grenada.
Although the Central Bank has at all times expressed its willingness to settle the matter on principled
terms, if these could be agreed, the Claimant has rejected all settlement proposals to date.
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 of 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.
ECCB
ANNUAL REPORT 2014/2015
125
EASTERN CARIBBEAN CENTRAL BANK
23.
Contingencies and commitments
...continued
The undrawn commitments to participating governments for the current financial year amounts to
$223,030,000 (2014: $167,812,000). The details are presented in the table below:
Pending litigation
There are three (3) pending legal clai s against the Eastern Caribbean entral ank (the “ entral
Bank”) for which the likelihood of settle ent appears re ote.
(1) Claim No. GDAHCV2001/0490 initiated by Capital Bank International Limited in 2001 is pending
before the Grenada Supreme Court. The Claimant is seeking:
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
An order directing th Central Bank to admit the Claimant immediately as a member of the
Clearing House facility operating in Grenada.
Although the Central Bank has at all t es express d its willingness to settle the m tt r on principled
terms, if these could be agreed, the Claimant has rejected all settlement proposals to date.
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 of 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.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(expressed in Eastern Caribbean dollars)
March 31, 2015
