Eastern Caribbean Central Bank Concerned About Monopolies in Commercial Banking
The Eastern Caribbean Central Bank (ECCB) says it is always concerned about matters of monopolies in the commercial banking sector.
ECCB governor Timothy N. J Antoine was responding to a question posed during a press conference Friday morning about monopolies where a single bank, in the case of Bank of Montserrat, is responsible for commercial banking activities on island.
Governor Antoine says that as a general principle, the central Bank wants to see competition in the market because it is believed that customers benefit best and most when they have choices.
While urging patience for a better outcome in the future, He mentions that credit unions have an increasing and critical role to play in meeting the needs of the people
ECCB governor Timothy N J Antoine.
Montserrat is the second stop on the governor’s 2022 round of Country Outreach Missions, which began with a visit to Anguilla from May 04-06.