Banks Confident of Successful ECCB Intervention at FICS

The Bank of Saint Lucia Limited and 1st National Bank Saint Lucia Limited have expressed confidence in the Eastern Caribbean Central Bank’s (ECCB) ongoing intervention at Financial Investment and Consultancy Services Limited (FICS). In a joint statement, the two financial institutions, both clients of FICS, confirmed their support for the ECCB’s appointment of Niguel Streete as official administrator, earlier this month, to oversee the restructuring of the company. “Having met the official administrator and considered the issues being addressed, we are encouraged that there is a strategy in place for strengthening FICS’ operations and have committed our continued support of the organisation,” the statement read. The banks highlighted their trust in the ECCB’s approach, citing the Central Bank’s track record of successful interventions in similar cases across the region. “Our confidence in this process is strengthened by the fact that we are aware that the Central Bank has successfully undertaken similar interventions in the region; accordingly, we look forward to the success of this process,” the banks noted. Last week, FICS Chairman Lorne Theophilus told St Lucia Times that the ECCB’s decision on January 6 was aimed at strengthening the institution for long-term viability. He said FICS was collaborating with...