PM Browne Says Unclaimed ECCB Deposits To Help Fund Proposed OECS Airline

Prime Minister Gaston Browne says unclaimed deposits held at the Eastern Caribbean Central Bank could help finance the creation of a proposed regional airline for the Organisation of Eastern Caribbean States.

Speaking on Pointe FM, Browne said discussions are continuing among OECS leaders on establishing a regional carrier as part of wider efforts to strengthen economic integration and transportation within the sub-region.

He said part of the funding could come from millions of dollars in dormant bank deposits currently held within the banking system.

“Part of the funding will come from these unclaimed deposits, about 50 million US dollars worth of unclaimed deposits,” Browne said.

Browne stressed that the proposal would not permanently deprive individuals or families of their money and said provisions would remain in place for future claims.

“The way in which we’ll handle these unclaimed deposits, it doesn’t take away the right for somebody to come subsequently say they want the money,” he said.

He explained that around 10% of the funds would remain at the central bank to satisfy any future claims by depositors or beneficiaries.

“So, if claims arise, the government will remain responsible,” Browne said.

The prime minister said the proposed airline forms part of a broader push for deeper OECS cooperation in areas including transportation, trade, energy and procurement.

“I’m hoping that we can get that effected,” Browne said in reference to the proposed airline initiative.

Browne, who currently chairs the Eastern Caribbean Currency Union, said regional governments are exploring ways to pool resources and reduce costs through greater collaboration across the OECS.

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