ST. GEORGE’S, GRENADA , May 5, 2015 – GIS:  Grenada has joined Eastern Caribbean Currency Union (ECCU) neighbours Antigua and Barbuda, St. Vincent and Dominica in passing modernised legislation to establish a single banking space in the ECCU.

The Upper House passed the Banking Bill 2015, which repeals the Banking Bill of 2005.

This will strengthen the Eastern Caribbean Currency Union, by modernising the regulatory environment that governs financial institutions in the currency union.

Part of the legislation speaks to the appointment of an official administrator by the Central Bank for a licensed financial institution or licensed financial holding company that is failing.

The bill was tabled by Government Senator Simon Stiell who said the single banking space is at the heart of the legislation.

According to Senator Stiell, any financial institution that is issued a license here in Grenada can also operate in any other country if not all member state.

While he did express some concerns, Senator on the opposition side, Nazim Burke said they are in support of the legislation and cite the need for the process.  Burke said he believes that the law is “necessary and progressive in its intents, its purpose and its structure,” therefore he stands supportive of the bill.