Shelton Daniel of Saint Lucia has been appointed to chair an eight-member group to conduct a comprehensive analysis and assessment of the suitability of fees levied by the commercial banks, the Eastern Caribbean Central Bank has said.
The Eastern Caribbean Currency Union (ECCU) Working Group on Commercial Bank Fees and Charges comprises representatives from civil society, the OECS Business Council, the legal fraternity and the financial sector.
According to the ECCB, the group convened its first meeting via video conference on June 30.
The ECCB said the group’s mandate includes a review of the fees and charges in other CARICOM member countries and consultations with key stakeholders, including the ECCU Bankers Association.
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 is expected to present a preliminary report on its work to the ECCB Monetary Council at the Council meeting in October.
The ECCB recently voiced concern over the increase in commercial bank fees and charges across the Easter Caribbean Currency Union and the effects on depositors.
In a statement issued to the regional media, the ECCB distanced itself from being responsible for the increase, saying that individual banks determine their fees and charges.
Recently RBC Royal Bank imposed a monthly charge of $25.00 on persons holding bank accounts.
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 – former banker;
- Malcolm Alexander – former banker;
- Deale Lee – Attorney at Law;
- Michelle Samuel – Accountant;
- Aine Brathwaite – representative from the Organisation of Eastern Caribbean States Business Council; and
- Gordon Charles – representative from the Organisation of Eastern Caribbean States Business Council.