LISTEN: $140M In Unclaimed Bank Accounts Could Soon Be Used For Development, PM reveals

$140M in Dormant Bank Accounts Could Be Released for Development

The Eastern Caribbean Central Bank’s Monetary Council is considering legislative changes that would allow more than EC$140 million in dormant bank deposits to be released to member governments for development financing.

Prime Minister Gaston Browne disclosed the proposal during the Browne and Browne Show, explaining that the funds represent unclaimed or inactive accounts that have been held by the central bank for years.

According to Browne, approximately EC$31 million of the total amount is attributable to Antigua and Barbuda.

“These funds have been sitting at the central bank for decades,” Browne said, noting that some accounts have remained dormant for 10 to 30 years.

He said the council has asked the central bank to prepare the necessary legislative amendments to allow the money to be transferred to governments while still protecting the rights of legitimate claimants.

Under the proposal, governments could provide an indemnity arrangement to ensure that if a rightful owner comes forward in the future, the funds would be repaid.

Browne said the objective is to put idle resources to work within the region’s economies, rather than allowing them to remain unused.

The discussions form part of broader fiscal and development strategies being considered by the Monetary Council, including initiatives to address food security, energy resilience and regional connectivity.

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