A press release issued by the Prime Minister's office on October 9th stated that the banking system of the Eastern Caribbean Currency Union (ECCU) remains stable and has not been impacted by the ongoing developments in the global financial market.

BASSETERRE, ST. KITTS, OCTOBER 9TH 2008 (CUOPM) – The banking system of the Eastern Caribbean Currency Union (ECCU) remains stable and has not been impacted by the ongoing developments in the global financial market.

“To date, the banking system of the Eastern Caribbean Currency Union (ECCU) has not been impacted by these events. The commercial banking system remains stable and adequately capitalized,” the St. Kitts-based Eastern Caribbean Central Bank (ECCB) said in a statement.

The ECCB said it is closely monitoring the ongoing global financial market developments and the initiatives by major central banks to stabilise global financial markets.

“The ECCB is keeping in close touch with the major financial authorities and continues to monitor very closely developments in the financial sector,” the statement said.

The worst financial crisis since the 1930s was stark reality for millions on Wednesday as retirement savings evaporated, jobs disappeared, stock market values slipped again and a dramatic cut in interest rates by central banks from Europe to Asia did little to stem three weeks of near panic.

Forerunner of the Eastern Caribbean Currency Authority (ECCA), the Eastern Caribbean Central Bank was established in October 1983. It is the Monetary Authority for a group of eight island economies namely - Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines.