The Eastern Caribbean Central Bank has noted with concern the situation surrounding the Stanford International Bank, an offshore bank registered in Antigua and Barbuda with international affiliates. The Bank of Antigua, which is owned by the Stanford Group is not an offshore institution. It is a domestic bank licensed under the Banking Act of Antigua and Barbuda and Regulated by the Eastern Caribbean Central Bank. Our inspections reveal that the bank is sound and has been compliant with the rules and regulations under the Banking Act. It has a Memorandum of Understanding with the Central Bank with respect to guidelines as set by the ECCB to further ensure its safety, soundness and accountability. The Bank of Antigua’s liquidity position is sound according to the Central Bank’s calculations as we have been monitoring the liquidity of the banks in the Currency Union very carefully since the onset of the international financial crisis. Based on the news surrounding the Stanford International Bank a number of depositors started withdrawing their funds from the Bank of Antigua causing some anxiety. The ECCB on being informed of this has been in close touch with the Bank and the Government of Antigua and Barbuda. We have examined the situation very carefully and can assure the public that there is no need for panic. We would like to point out the following: 1. The Bank of Antigua has sufficient liquidity at its offices and reserves at the Central Bank to meet the requirements of the public and its customers under normal circumstances. However, if individuals persist in rushing to the bank in a panic they will precipitate the very situation that we are all trying to avoid. 2. The Eastern Caribbean Central Bank and the Government of Antigua and Barbuda have a responsibility to preserve the safety and soundness of the banking system in Antigua and Barbuda in order to protect depositors. We will do what it takes in the current circumstances to execute this mandate. We exhort the citizens of Antigua and Barbuda to remain calm so that we can take care of this matter in a smooth and expeditious manner so that the situation can quickly return to its normal state. INSIDE GRENADA NEWS