THE Eastern Caribbean Currency Union (ECCU) Working Group on Commercial Bank Fees and Charges has been established and convened its first meeting via videoconference two weeks ago.
The establishment of the Working Group is one of the ECCB Monetary Council’s recommendations for addressing the increases in fees and charges for products and services offered by the commercial banks which operate in the ECCU.
The Working Group will conduct a comprehensive analysis and assessment of the suitability of fees levied by the commercial banks. The assessment will include a review of the fees and charges in other CARICOM member countries and consultations with key stakeholders, including the ECCU Bankers Association.
Shelton Daniel of Saint Lucia is the Chair of the eight-member group, which comprises representatives from civil society, the OECS Business Council, the legal fraternity and the financial sector. Lennox Andrews of Grenada is the Vice Chair.
The Working Group is expected to present a preliminary report on its work to the ECCB Monetary Council at the Council meeting in October.
The full composition of the ECCU Working Group on Commercial Bank Fees and Charges is as follows: Shelton Daniel – representative from civil society; Lennox Andrews – Economist; Denise Armstrong and Malcolm Alexander, former bankers; Deale Lee – Attorney at Law,Michelle Samuel – Accountant, AineBrathwaite and Gordon Charles, representative from the Organisation of Eastern Caribbean States Business Council.