The chartered accounting firm of Wilson & Co. who have been the independent auditors of Capital Bank International Limited for the past 10 years, have suggested that the Monetary Council of the Eastern Caribbean Central Bank intervene immediately to arrange for the admission of Capital Bank International Limited as a fully fledged member of the Eastern Caribbean Central Bank Clearing House Facility as expeditiously as possible. In a letter to Sir Dwight Venner, Governor of the Central Bank, dated October 4, 2007, the auditors wrote in compliance with the Banking Act #19 of 2005 requiring them as independent auditors to report to the Central Bank upon completion of their audit of Capbank for the financial year ending March 31, 2007. The auditors reported on the Bank’s compliance with the Banking Act and its financial performance. The Bank’s financial ratios were also compared to the ECCB’s prudential guidelines for all commercial banks operating in the system. It was noted that the bank was performing below its true potential given the fact that the Bank is forced to operate on an uneven playing field. The auditor attributes this to the Bank’s continued exclusion from the ECCB Clearing House Agreement which has imposed considerable pressures on the institution, that inherently inhibit its capacity to realize its potential share of the commercial banking market in Grenada. The International Monetary Fund (IMF) in their just concluded Article IV consultation with Grenada has also called on the authorities to bring Capbank into the Regulatory System of the ECCB without delay. The management of Capbank welcomes these interventions at this time, since our calls have gone unheeded for over 10 years. Source: Capital Bank International Limited