THURSDAY, MARCH 13, 2025
VOLUME 119, No.11
Easter feature Page 2
www.thevincentian.com
‘Tek back yoe visa’ Page 3
ECCB TO PLACE CAPS ON BANK FEES Bill, said that among the provisions being added to AT LONG LAST, persons the Banking Act, the here will get some redress amendment now allowed as it pertains to the fees for the Eastern being charged when doing Caribbean Central Bank transactions of one kind or (ECCB) to place caps on another with local banks. the fees that banks This with the passing impose on customers. of an Amendment Bill to Back in 2022, Timothy the Banking Act in Antoine, Governor of the Parliament on March 6. ECCB, outlined Minister of Finance measures to be taken to Camillo Gonsalves, who address the issue of bank moved the motion for the
Animal/Human violence Page 16
Questions unanaswered Page 28
Account holders, especially personal account holders, have been crying out for some time about the number of charges and the amounts affixed while not receiving commensurate interest on their accounts.
fees and charges. Governor Antoine said the ECCB was mindful of the concerns and had taken steps to prepare legislation to set up an ‘Office for Financial Conduct’ which he said will provide guidance and in some cases mediate and resolve issues that arise in respect of bank fees and charges.
by DAYLE DA SILVA
ECCB enhances capacity Page 6
EC$1.50
A Basic Bank Account
Other provisions of the Bill include financial inclusion for all. “Many of us complain about in St. Vincent and the Grenadines and across the region of how difficult it is to open a bank account,” Gonsalves said. The revised Bill introduces the concept of a basic bank account, which he explained was free to open, and will not attract charges for deposits or withdrawals, but will attract interest and will not
institutions to engage in activities that they were not under the previous Act. A provision strengthening the ECCB’s oversight powers over banks through the currency union, Gonsalves explained was a process of guidelines for banks that may be affected by the ECCB’s actions. And the other major provision is the improvement of data protection, consumer protection Other measures and market conduct supervision. “What this legislation does is The Amended Bill, according to insert into the Act consumer Gonsalves, is a shared set of protection provisions and amendments for members of the introduces market conduct Eastern Caribbean Currency supervision which is the Union (ECCU) to ensure that regulatory process that would banks operated under the same ensure financial consumers are set of rules and regulations. protected from unfair business The other provisions include practices and helps to maintain the modernization of the scope of the integrity of the financial services offered by banks and now system,” Gonsalves said. permitted licensed financial be subjected to a minimum balance requirement. It may be subject to a maximum balance however, because it was a basic account and it will not have an associated chequing or overdraft facility, the finance minister explained. As such, owners of these accounts will not be able to conduct other types of large transfers and the like, he said.