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ECCB Takes Control At ABI Bank

ECCB Takes Control At ABI BankAntigua St John's - The Eastern Caribbean Central Bank (ECCB) took control of the ABI Bank on Friday, after the institution was unable to meet statutory and other obligations.

In making the announcement, Prime Minister Baldwin Spencer appealed to the nation for patience, faith, and support as the government works along with the ECCB to help resolve the issues involved.

“The Government of Antigua and Barbuda, the Monetary Council and the Central Bank have been closely monitoring the situation," Spencer announced in a national address. "Accordingly, after careful consultation with the board of directors of ABI Bank and the banking community in the Currency Union, it was agreed that in order to ensure the continuity of banking operations, that the ECCB should assume control."

In taking the decision, he said the government was mindful of the continuing impact of the global recession on the economies in the Eastern Caribbean Currency Union, and in particular, Antigua and Barbuda, the BAICO/CLICO fallout, and the need to ensure the financial stability of the ECCU.

The prime minister said steps will be taken to protect the interests of both depositors and creditors, and pointed to the ECCB’s successful intervention at Bank of Antigua, now the Eastern Caribbean Amalgamated Bank.

“I therefore appeal to all depositors and creditors to bear with us while we sort out the problems with which the ABI Bank is now faced,” Spencer said.

According to the prime minister, the government is committed to preserving the safety and soundness of the banking sector. He expressed confidence that the steps taken by the government and the ECCB will serve to maintain confidence in the bank and the financial sector as a whole.


Spencer also announced that he had held discussions with both the opposition leader, Lester Bird, and ALP Chairman Gaston Browne, and received "broad support for the intervention in returning normalcy and stability at ABI Bank and in the banking system generally".

ECCB Governor Sir K Dwight Venner also addressed the nation on the issue, noting that Central Bank staff will be involved in the day-to-day affairs of the bank. “With the assumption of control, the affairs of the bank will be carried out by Central Bank staff, current ABI Bank staff, with the support of a dedicated group of bank specialists who together would give their undivided attention to the restoration of normality at the ABI Bank. We ask all depositors and creditors to bear with us while we address the problems with which the ABI bank is now faced,” Sir Dwight announced.

He also appealed for calm and good judgment as the team works to restore stability. “Let me remind you that through our intervention of the Bank of Antigua, no persons lost their deposits and the institution which replaced it is now functioning normally. On that occasion, I pointed out that banks are not warehouses where your money is permanently stored. The money needs to be lent out so that the bank can earn a sufficient return to pay interest to the depositors, compensate staff and earn a profit. If demands for money are made by everyone at the same time it will be impossible to meet them all,” he added.


Sir Dwight gave assurances that normal operations will continue at the ABI Bank at all its branches and that no disruption of activities is anticipated.

Also addressing the issue was Finance and Economy Minister Harold Lovell, who joined in appealing for calm and confidence during this period of challenge at the ABI Bank.

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56 Comments In This Article   

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Demand for release of Audited Financials

#56 Public Inquiry Comm. » 2011-07-25 13:40

Demand for release of the Audited Financial Statements year ending September 30, 2009 and 2010
This is a demand going out to the Board of Directors of the ABI Bank Ltd. You are hereby ordered by Public Order Act to release the Audited Financial Statement of the ABI Bank Ltd forthwith for public review as required by law. Any failure to do so will result in public action being taken against you in the interest of the General Public at large and/or the Investors/Share holders and depositors.
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Smart One

#55 tenman » 2011-07-25 12:48

Smart One thanks, I truly enjoy the discussions here with persons like yourself. The discussions help in framing questions. I truly find it a growing experience though some would prefer to label it all a rum shop or a junk yard, I do find value among the so called junk.

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tenman

@ Tenman. apologies accepted

#54 Smart One » 2011-07-25 11:55

Tenman. You’re a gentleman of which I have not seen many lately. But your contribution to debates on Caribarena is always of very high standard. I love to read your comments. Sometimes I skip to read only yours. Do not agree every time but at least worth reading. And as you can see the cover up as I would call it for now has started two years ago and the ECCB is in fact responsible of not executing its mandate as by law. What happens to a company that has not filed its financial returns as per law? It gets a bad report and probably be strike off. Cannot do business anymore until they comply. Nowadays when you want to import goods you need to have a certificate of good standing from the IRD. Shouldn’t the ECCB have done the same with ABIB? Close the doors until they are in compliance. But as I said I call it the cover-up had started since then.
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Smart One

Smart One - apologies

#53 tenman » 2011-07-25 09:17

Smart One I have checked my facts and you are indeed correct. I must apologize to you and anyone who took my statement of getting the 2009 statement as a fact. I honestly thought I had. The bank claims that the 2009, 2010 statements were not released because Central Bank has been working on making some changes to them. I will tell you that I find that statement weird considering the we are talking for the 2009, it now being almost 2 years late and the 2010 almost 1 year. Obviously the reports contain information that they feel should not be shared with the public.
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tenman

ABIB Employee

#52 Confident Onlooker » 2011-07-24 21:55

To the one who claims to be an employee of the PR Department of ABIB, who are you trying to fool? You are an impostor with no association to ABIB but who obviously wants to see the Bank fail! Remove what money? Seriously doubt you are even a customer of the Bank.
Be careful! The net you try to set for others may turn out to be the very net you fall in!
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Confident Onlooker

@Maestro

#51 ABI Bank Employee » 2011-07-24 19:18

They both left the bank and joined the government after their damage was done. There is hope and there is a good chance that the ECCB will fix the problem. All I am saying is that is a chance/risk I am not wiling to take. I am not saying they won't fix it. They just might. But because I am not 100% sure I am not taking any chances, thats all I am saying.
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ABI Bank Employee

@ABI employee

#50 Maestro » 2011-07-24 18:43

Then if the persons according to you who wrecked the bank left why the great insecurity? You certainly have not implicated the current management. It would also appear you have no faith in the ECCB's ability to fix the problem and gurantee deposits I wonder why?
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Maestro

@FNPSR

#49 ABI Bank Employee » 2011-07-24 17:53

You need look no further than two senior managers who are now Advisors in the PM's Office and Ministry of Finance respectively. The demise of the Bank rests entirely during there tenure. Poor decision making is putting it mildy. I would rather say reckless decision making coupled with their blinded loyalities to the UPP administration while running the bank.
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ABI Bank Employee

re: ABI Bank Employee

#48 fnpsr » 2011-07-24 16:35

“ABI Bank Employee”, you claim to be a current employee of the bank and from your posts, indicating that you are going to withdraw your money, could you please share with us some information that may have led to the failure of the Bank?
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fnpsr

@ Maestro

#47 ABI Bank Employee » 2011-07-24 15:26

Yes really. I'm dead serious. Tired and fed-up. I think resignation comes shortly because I know longer have any confidence in this ABIB Bank that I work for. My money is not safe here.
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ABI Bank Employee

Gate keepers

#46 Maestro » 2011-07-24 11:19

Fix theses week wanna be liked, looking for favours, support your friends and party Managers GM's loans officers board members or this will keep happening. I am hopeful this event will be the start of good things to come.
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Maestro

@John French-let us get it right

#45 Dig It » 2011-07-24 10:18

John French, your point taken! However, I believe you misunderstood my post. I never blame the ECCB or Sir Dwight for the "The Liquidity Problems at BOA and Now ABIB." My problem is not with them but the government and its slow killing of the financial sector! They just abused their barrowing of monies from the banks, and, any default makes it difficult for others to get business loans in these times! By the way, I always praise Sir Dwight and his efforts to the idea of a new concept of "shared sovereignty" to better deal with the "global and other challenges they face." See my post in a previous article. http://www.caribarena.com/antigua/news/latest/97456-sir-dwight-wants-new-sovereignty.html
And, if you have been looking at my posts, you will know, I am all for integration, especially, with the OECS! John, as much as some would want to label me as "Red Ants," "Labourites," "Comrade," or any other names, I couldn't careless because I always put country over party! Respect to you as well.
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RE: ECCB Takes Control At ABI Bank

#44 Rubbing alcohol » 2011-07-24 09:43

When will the pm take charge of this run away train. For years he stood with ministries with little power, pushing forward the likes of court and Lovell clearly both astromical failures. I have never seen a weaker pm. Is he lazy or incompetent. After 7 years I doubt he can change but I hope he doesn't offer himself as leader again. We don't need a leader who is comfortable being a non playing captain our way of life is at stake. We have no room for persons who are lazy and can't fight.
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Rubbing alcohol

Monday Morning Antiguans Do What You Have To Do

#43 IPP ON UPP » 2011-07-24 09:34

Normalcy? Nothing normal in Antigua & Barbuda for the last 7 years. Tax, spend then borrow is the new normal.

Antiguan & Barbudans do not let the politicians and talk show hosts convince you that your money tin ABI Bank is in safehands.

The IMF protects the foreign bank loans, but the Antiguan depositors at this greedy bank will be left to fend for themselves.
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IPP ON UPP

ABI employee

#42 Maestro » 2011-07-24 01:33

Really?
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Maestro

Taking all my money

#41 ABI Bank Employee » 2011-07-23 23:10

On Monday morning at 8:01 am, I am withdrawing all of my money from this poorly managed, UPP crony Bank. And I work for the Bank in the PR Dept.
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ABI Bank Employee

Time will tell #6

#40 Smart One » 2011-07-23 22:27

Remember most companies carry D & O insurance for their Board Members. Maybe this way we can claim from the insurance company some of the monies lost. Sure they paid their premiums. Can someone tell me, since the establishment of the currency union how often ECCB had to intervene like this? And which Islands. Cause this doesn’t speak well for Antigua throughout the Caribbean and worldwide. We already had to deal with the fallout from the Stanford debacle. Let us get serious with our country and implement strong institutions, be it political or private or financial. On all levels we need to hold people responsible for their action and stewardship. To whom much is given much is expected.
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Smart One

Time will tell #5

#39 Smart One » 2011-07-23 22:27

Government is the largest I would like to believe. Cause when you try to liquidize you sell your assets. And I note some blogger mentioned ABIB owning several real estate. I would not say that with specificity as most of these things go through various intercompany and you would have to see the deeds or a disclosure in the books to make a statement like that stand. Both the Prime Minister Lovell and Sir Dwight also called it a management problem. I guess by this they have cast all the blame at the feet of the Board. And if that is so will they also grant us the courtesy of a public if not a close door enquiry, for fact findings and to see if any criminal charges can be laid at the feet of the Board.
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Smart One

Time will tell #5

#38 Smart One » 2011-07-23 22:26

Government is the largest I would like to believe. Cause when you try to liquidize you sell your assets. And I note some blogger mentioned ABIB owning several real estate. I would not say that with specificity as most of these things go through various intercompany and you would have to see the deeds or a disclosure in the books to make a statement like that stand. Both the Prime Minister Lovell and Sir Dwight also called it a management problem. I guess by this they have cast all the blame at the feet of the Board. And if that is so will they also grant us the courtesy of a public if not a close door enquiry, for fact findings and to see if any criminal charges can be laid at the feet of the Board.
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Smart One

Time will tell #4

#37 Smart One » 2011-07-23 22:25

Which of the other banks is liquid enough to pump the money required in ABIB. St. Lucia? And yes as Mr. Weston said before. Our local is now ready to be huffed up by ……..? And soon the rest will follow. Antigua will only have overseas owned banks. Cause Antiguans would be very scared to make any further investments in the financial sector of their country. I would. CUB is too small and ACB is too scared. They too escaped the hammer from Sir Dwight some years ago. Sad things happening around us and Antigua is in Carnival mood. Jump and Wave and forget about your problem. Come August 3rd we will deal with them again. Perfect timing therefore to push through this action. One thing we must still not forget is the implication for the rest of the Group to which ABIB belong. I don’t want to speculate but this is something we should follow closely, since we do not have a clue how the intercompany relationship was. How much was owed by the companies in the Group to ABIB and visa versa. Will they be called up to pay forthwith? Just imagine. Same if tomorrow ABIB called up the loans from all that it has in their portfolio.
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Smart One

Time will tell #3

#36 Smart One » 2011-07-23 22:24

This is the Boards responsibility. Visit the website so you can acquaint yourself with the board members eleven in total. These are the persons that have failed their shareholders. Not us the wider public. If anyone has failed us it is the ECCB. Question therefore, Who can call these persons to account for what has happened? The ECCB or the Shareholders. Lawyers among you readers please respond. You might get the job and lots of fees. Second questions could there be criminal charges brought against the Board or just Civil? We are seeing how the Stanford case is playing out. We are seeing how the Clico case is playing out and we let this happen right under our nose. With all the reporting requirements that are in place. I guess there was too much politics involved and then it becomes a case of too big to fail. And in hindsight Sir Dwight probably would have said why I waited so long. I do wish the team all the best in rectifying the situation but the first thing you need is capital. And as far as I remember that was the one thing that was not available in the ECCM. Each Island was fighting to come out of a recession. Antigua was the worst.
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Smart One

Time will tell #2

#35 Smart One » 2011-07-23 22:24

. And there is a lot of blame to go around. The Stanford bank was liquid. There was no problem of liquidity; therefore I do not understand why Sir Dwight wants to make the same comparison. ABIB was allowed to operate below the liquidity ratio. That means the EECB did not perform its duties all this time until now. It’s like watching a child playing with fire and only when it got burned you come to take it away. I guess they perhaps did avoid a bigger disaster. Cause even as Sir Douglas from St. Kitts puts it. ABIB’s demise would have consequences for the entire ECCM. It’s like the default of the US debt crises would have an effect on the entire world economy. So now we understand how big ABI Bank was or is and that the problem must be very big. Even though no one has really told us how big. Again financial statements are not produced as from 2009 and 2010. ABI financial year ends is September 30th. Therefore they are due December 31st each year.
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Smart One

Time will tell #1

#34 Smart One » 2011-07-23 22:23

Most of the bloggers/poster s are commenting from emotions. For once I have to ask Tenman to check his facts re. the 2009 financial statements. Anyway it doesn’t matter. As I said the shareholders might be the one holding the empty bag. For if a company is in liquidity problem it simply means your shares are probably worth Nil, Zero. So you can throw that piece of paper that you had in the vault now in the toilet. That is the hard but a fact. ECCB is not interested in saving your wealth. You should have done so at the shareholders meeting (AGM)every year. Rather than just being concern about your dividend. ECCB will try and safe the depositors monies. Cause they are depending on the EECB to monitor the banking operations in the currency union. And if the EECB failed to do so then people would lose their faith in the local banks. That is why I asked the question in my comments posted under the article “ECCB Financial year Recapped” on June 30th, 2011. “Are the Indigenous Banks Safe?”. Which now I got the answer. They are not.
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Smart One

@Skywell

#33 Antiguan Woman » 2011-07-23 22:18

He may be obliged to be on Observer,but i can assure you Crusader is off limits when it comes to anything that may/could be damaging to the UPP Admin.I am sure others would agree with me.
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Antiguan Woman

When Lord When???

#32 Antiguan Woman » 2011-07-23 21:46

I hope ACB will be wise enough and keep these predators far far away. For yrs they preached about the former Govt not paying external debts,well as the older folks would say "PARSON CHRISTEN THEM PICKNEY FUSS" The Paris Club sits pretty while ABI sinks.This has nothing to do with external factors.I get really agitated each time i hear the PM asking us to be patient and tolerant of his complete Ignorance of running Govt,this is becoming like a circus, we are the spectators grinning each time these Clowns make some stupid blunder.What a mess.
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Antiguan Woman

RE: ECCB Takes Control At ABI Bank

#31 Audrey » 2011-07-23 20:15

While we had members of the millionaire club building shabby roads and sidewalks the good doctor was in charge. While the driver of the delivery van turn minister of sports was busy fencing Antigua, once again the good doctor was in charge. I remember LMR that idiot putting up a banner giving the good Dr 'minister of the year' for treasury bills. Its fair to say the good dr stint as finance minister was most damaging.
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Audrey

@Maestro

#30 Reality » 2011-07-23 17:01

It was the ECCB which took over, not the FDIC. Only time will tell how safe the deposits are.
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Reality

@ P.L.S. Abbott - Revelations: Expose the Hypocrites

#29 John French II » 2011-07-23 15:04

Notes From A Native Son Of The Rock. Excellent Information. Each One Teach One. With The Utmost Respect.
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@ Skeyewill & Dig It

#28 John French II » 2011-07-23 13:32

Notes From A Native Son Of The Rock. My Friends, May I suggest that you revisit Woods' comments. The Red Senator is not the "Man for All Seasons". The ECCB and Sir Dwight have not Caused The Liquidity Problems at BOA and Now ABIB. What we need are Statesmen with Good Governance. Rabble rousing and Xenophobia may appeal to some and elicit support of a people who are their wits end but does not provide solutions. I am sure you know we just sent a Sergean to Rwanda. May I suggest that you Follow the Money. Who owns the Bank's Corporate Headquarters Building in the City? If you wish to understand how things are done in the upper strata of the CSME go back and ask who owned the aircrafts of Air Jamaica? The answer is not Butch Cassidy on the Beaches but the Sundance Kid in his PJs. For those who want to understand the role of the ECCB. It is not the US FED.
www.eccb-centralbank.org/about/who-we-are.asp Respect.
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@woods

#27 Perplexed » 2011-07-23 13:18

Have you guys forgotten that this was the major bank that backed the government bonds that were iussied under the good doctor when he was the minister of finance?
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Perplexed

Opportunity for ECAB

#26 Maestro » 2011-07-23 13:17

Now ECCB has intervened all deposits and creditors will be safe. The question now is who will the next owners be? If Weston was right my bet is on ECAB.

@Tenman
Do you believe the ex general manager now with the government had a hand in this?

@Beauty
When persons who are extremely close to the Government hold influential positions in private organizations and if those persons allow themselves to be guided by their political friends you can see how Government will be apportioned some or most of the blame. Fortunately or unfortunately recent events has place the burden of responsibility on the gate keeper (including the BOARD) ala Mr Jarvis of MBS fame.

I n the interest of public confidence I doubt anything close to an inquiry would take place but it would be very interesting to find out what really went wrong.
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Maestro

RE: ECCB Takes Control At ABI Bank

#25 Reality » 2011-07-23 12:05

I guess this was the piggy bank that the Antigua started to drain once Sir Allen's went empty. :cry:
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Reality

Good point 'Audrey'''''

#24 P.L.S Abbott » 2011-07-23 11:26

The Govt is in Bed with Abi's Fatcats. There are ruining the country at APUA, Customs ,IRD,STATE INS..ECT..
There failure is rewarded with big Chairmanships at APUA,where they are bankrupting these National Institutions with no accountability ,going on a bencorp/chinese spending spree.Then over taxing the people at IRD/Customs with ABI'S former GM in charge!!!!!!!!! !!.....Can someone look at the amount of social security funds sir xxxxxx placed at abib??????????? ?
This is ONLY the tip of the ICEBERG'''''''' '
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@Skyewill

#23 Dig It » 2011-07-23 11:18

Skyewill, I agree, Lennox Weston, should be able to discuss the isssue not only on ZDk but Observer and Crusader as well! Yet, for all intent and purposes, it seems that Weston was right all the time when he accused the UPP of "abandoning indigenous banks" in the country. And, if Sir Dwight Venner have his way with the government in this country and the region, he will be able to promote the "consolidation of the banking sector" into one sub-regional bank under the OECS. Skyewill, time will tell, and, as the Monarch said "as long this earth goes around the sun, that day will come." What hidden in the dark, will come out in the light? And, those who used subliminal messages to fool the people will be exposed, in their attempt to keep us in the dark! They fool us sometimes, but they can't fool us all the time! Yet, many people inf this country are aware of what's going on! We may not know it all but we remain alert in watching the shop, when others don't!
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RE: ECCB Takes Control At ABI Bank

#22 Beauty » 2011-07-23 10:27

I find it strange anyone would blame the government for this situation. As the poster Beef said in a related story, a problem in Antigua is people taking responsibility. Where is the Board and management on this, the Board of ABI is ultimately responsible. They are the ones who made the decisions for the bank. How did the govt get into this people? I swear the word 'government' is the most popular word in Antiguans mouth.

I think from this Antigua should be learning a lesson about composition of Boards. Sometimes I look at how a Board is comprised and I wonder how the people are able to make decisions and based on what knowledge since they possess no knowledge of the type of business. We need to stop comprising Boards of friends and just popular people but put persons with knowledge of the industry which the company operates who can make sound decisions. Also, I hope this is also a wake up call to owners to keep stock of their investments, look at statements, get advice, ask the Board questions when things dont look right. IT IS YOUR RIGHT.

By the way people, this takeover has been in the pipeline 4 - 5 yrs now.
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woods

#21 tenman » 2011-07-23 10:16

Woods you hit the nail on the head. I recall a discussion on this very issue via caribarena during the discussion on the call, by Dwight Venor, for banks to merge (see http://www.caribarena.com/antigua/news/economy/10376-weston-says-local-banks-in-trouble.html)

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tenman

RE: ECCB Takes Control At ABI Bank

#20 Audrey » 2011-07-23 10:15

The former manager and the human resource manager of ABI are now gainfully employed with the government after ruining the bank. One driving around with patriot on her vehicle with 5 jobs the other ha**ing the tax payers
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Audrey

Correction

#19 Dig It » 2011-07-23 10:00

Meant pt. 2 in my last post instead pt. 1.
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Dig It

PM-we bear with you long enough pt 1

#18 Dig It » 2011-07-23 09:54

Like many of you, I really hope "normalcy" and "stability" will remain at at ABI Bank and in our financial sector! That will be a great test for the government to get their wishes from the people to bear with them! We will just to wait and see what happens this Monday morning. Let us hope Mr. PM and Lovell will be able to get folks off the long line.
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@ Antigua

#17 BEEF » 2011-07-23 09:36

You seem to be the "stupid blogger" here. Obviously you don't read and you do not listen to the radio stations in Antigua. I wonder if you even live on this good land? If you read the news and listened to what was going on you would see the damn connection between the management of the bank and the government you idiot.
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PM-we bear with you long enough pt 1

#16 Dig It » 2011-07-23 09:34

The question I want to know is how long the ABIB has been “experiencing difficulty?” Why this was kept a “secret” from creditors and depositors? By all means, the PM and Lovell need to tell the people because the time frame is very important here! Word is the street is that they knew since 200$ (you do the math)! Mr. PM, you have asked the people to bear with you since 2004, in your attempt to rescue the country and make all wrongs right! Now, with this latest development at the bank and its “inadequacy of liquid assets,” the PM is appealing to the nation for “patience, faith, and support as the government works along with the ECCB to help resolve the issues involved.” I wish him well on that!
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RE: ECCB Takes Control At ABI Bank

#15 BEEF » 2011-07-23 09:02

Did I hear that the Global meltdown cause the collapse of the bank? What a joke. When will it end?
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BEEF

Bare us

#14 P Apple » 2011-07-23 09:02

Is it "to bear with us" or after the UPP "bare us", we going have nothing left.
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P Apple

@ hot mess & PEACE

#13 Skyewill » 2011-07-23 07:55

Why can't he do it on Observer or Crusader, Why just ZDK? My people need to stop playing politics. The real problem is us. Vote for who you want but remember the future and Antigua's Children when you choose a scum bag based on what party he/she is from. All the people need to know not just Red 7 Blue people. Curruption must end in order for Antigua to come back. Instead of the Airport project we need a really nice jail cause a lot of people need to be put there. There need to be a call to action.
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Skyewill

RE: ECCB Takes Control At ABI Bank

#12 Seriously » 2011-07-23 07:01

I wonder if Justin "Not Ready" Simon will do as good a job protecting ABI depositor's investments as he did for SIB depositors. :zzz
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Seriously

RE: ECCB Takes Control At ABI Bank

#11 Antigua » 2011-07-23 06:05

You stupid bloggers....wha t does management of ABI has to do with the Government?
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Antigua

All bloggers

#10 woods » 2011-07-23 01:09

The Government, the Board of Directors of The ABI Financial Group and a certain former CEO of ABI is to blame for this mess. There was the obvious over extension years ago by procuring the Jolly Beach Resort, the purchase of lands at Weatherils with the Hadeed Group *Note - This prime real estate has been allowed to lay idle while both groups argue over the land.

Then most recently there was the ill advised loan of over 100 MILLION to the Government to cover the expansion of the parking apron and extension of the runway at V.C. Bird International of which not one penny has been recovered by the bank. Now I have read all of the blogs here and not one of you are coming close to the real issue that plagued this institution. Its shareholders and executive were just too close to the Government, they were without real vision and were just greedy. End of story.

What is Stanford's percentage of share holding? If this bank falls another indigenous institution can/will fall since they also have major shares in ABI.
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woods

noticed

#9 tenman » 2011-07-22 23:29

I noticed that the PM stated that there was a problem with management at ABIB. Anyone can explain why the country manager of ABIB, E. Christian, is now working for the government? What part did he play in this mess ?

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tenman

Fed up

#8 hot mess » 2011-07-22 23:14

Please give lennox Weston and opportunity to discuss this issue in laymans language on ZDK. I am tired of the Prime Minister asking the people of this country "to bear with us."
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hot mess

Smart One

#7 tenman » 2011-07-22 23:11

Smart One I for one saw financial statement (audited) for the year 2009 and will request the one for 2010 from them. They used to have them at the waiting area at the bank but you can request one if you are a client

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tenman

Living In The IMF's NEST - Have Mercy Pon Us. PT22

#6 John French II » 2011-07-22 23:07

Notes From A Native Son Of The Rock. Notwithstanding all of the platitudes and high sounding words you will hear, this came as a thief in the night to most of you. Thanks to the ECCB and Sir Dwight, stability is being ensured again on the Rock. You are now witnessing all of the dire consequences of the things I have been, as one of my fellow travelers says, a voice crying in the Wilderness. Let me state this, the Sir Deputy GG Lord of Cushou Hill, rather than playing footsie with the Blues, should have been more forthright with, to put it bluntly, "Pickey Head People".
History will Judge Them Harshly. They have all been as Fanon said, "Sham from Beginning to End". I also went against the grain and stated that had it not been for the ECCB Antigua & Barbuda and Dominica would have been totally Bankrupt and Destitute inspite of the rabble rousing of Senator Red. Sir Dwight Vener must be commended.
Heaven Help The Nation Of Antigua & Barbuda - Redonda?
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John French II

Living In The IMF's NEST - Have Mercy Pon Us. PT1

#5 John French II » 2011-07-22 23:02

Notes From A Native Son Of The Rock. Many Moons ago, I warned my Fellow Travellers that there were liquidity problems looming large in the Financial Sector. No one, repeat not one gave my comments a peep. The dice has been rolled and you now have the end result. This is not the only one. Our Main Industry is also in Crisis. The Utilities Producer is also in Crisis. Many Years ago the Economy was placed in Jeopardy by the reckless adventures of the Good Doctor. The situation has been further exacerbated by the Bretton Woods Bandits, the IFC happily housed in the Dr. PM's Office, The Nation has no shame with such an accommodation, the IMF, which is calling all of the economic and financial shots, The Paris Club and the World Bank. As the Chinese Proverb says, we live in interesting times. Many Men, Many, Many, Many, Many, Many Men wish death Pon "Pickey Head People". Have Mercy Pon Us.
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John French II

When you nuh know you just nuh know #2

#4 Smart One » 2011-07-22 22:40

And although we saw a decline in the earnings the balance sheet showed a very strong company with about a $1Bln in asset, some good ratio’s. Therefore things must have gone wrong in 2009 and 2010. But as per statutory obligations a corporation must produce its financials three months after it’s year end. Who are the auditors? And where are they. The 2008 auditors where Pannel Kerr Foster. This name also surfaced in the MBS enquiry. Perhaps they should again be asked to answer questions. In all of this the shareholders could be holding the empty bag. And I have not seen the financials to make that statement stand. The depositors and creditors might be safe with the intervention of the ECCB but that only if we remain CALM. I hope there is a fall back plan. Cause they would have to find a $1Bln to pay the depositors. Can we borrow this from IMF? Guess not? Therefore everyone hold your breath. Don’t make a sound and XXXXXXXXXXXXX
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Smart One

When you nuh know you just nuh know #1

#3 Smart One » 2011-07-22 22:40

It amazes me each time when you have issues in this country you never hear from our professionals that can make a meaningful contribution. They are always staying at the side looking on. The Government is telling us to remain calm. They told us we were in the luxury compartment of the Express train to Prosperity. They told old the economic crisis in the world would not affect us. They told us so many things that I cannot remember half. Yes a run on the bank is not the wises thing that should happen, but I’ll bet that none of them have their monies there stacked away. Because they knew for long time what was coming. And now that it cannot go for any much longer now the poor man is ask to stay calm and TRUST. I really believe we need to have a Public hearing to know what went wrong with the ABI Bank. And if certain people have over the years put their monies in safer banks. Cause just like insider trading this would be wrong. When last was the last financials statement produced? I check their website and the last financial statement posted is from 2008.
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Smart One

What ?

#2 Business woman » 2011-07-22 22:13

What crazy **ing govt is this give to ** up ,we see clearly that the govt dont have a clue how to run a country and by the way ,they still want more money from us guess ,School fee for govt school ,get to ** out of office
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Business woman

L. (CHOKO) WESTERN TOLD US IT WOULD HAPPEN

#1 PEACE » 2011-07-22 21:42

Mr L. (CHOKO) Western,was told he did not know what he was saying.Mr L.(CHOKO) Western,said two persons nwo adivsors to the Gov't,help with the way the bank has found itself in.He also said the Gov't loaned so much money from the bank is a nother reason,for what is happening with the bank.
Between now and Sunday Mr L (CHOKO) Western should be allowed a stint on Radio Z D K,on this matter.
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PEACE

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