KINGSTON, Jamaica – Two banks in the British Caribbean territory of Anguilla have been taken over by regional regulators.
St. Kitts Prime Minister Denzil Douglas said Tuesday that the Eastern Caribbean Central Bank has taken control of the two banks in the territory of 16,000 people. The central bank is the monetary authority for Anguilla.
Anguilla's Chamber of Commerce says the local banks' nonperforming loans escalated in recent years. It says the takeover is "intended to stabilize both banks and return them to a state of normalcy. "
Anguilla Chief Minister Hubert Hughes says the global economic crisis has had a big impact on local loan performance.
Executives at the two banks, the National Bank of Anguilla and the Caribbean Commercial Bank, could not be reached for comment.