KINGSTOWN, St. Vincent, CMC – The St. Kitts-based Eastern Caribbean Central Bank (ECCB) Friday said it had placed the 114-year-old indigenous First St. Vincent Bank Ltd. (FSVB) under receivership, adding this means that the bank is effectively closed.
The ECCB, acting under St. Vincent and the Grenadines banking law, appointed a receiver for FSVB but did not disclose the name.
“Depositors’ accounts valued up to the sum of EC$100,000 (One EC dollar=US$0.37 cents) will be transferred to BoSVG (Bank of Saint Vincent & the Grenadines),” said the ECCB, which is the monetary authority for the island and seven other economies in the Eastern Caribbean.
It said for accounts valued over EC$100,000, the sum of EC$100,000 will be transferred to BoSVG, and the balance exceeding EC$100,000 will remain in the receivership.
“Depositors with balances up to EC$100,000 will have full access to their funds from June 1, 2023, at BoSVG’s Card Distribution Centre,” the ECCB said, adding that as of March 31 this year, the bank reported EC$46.8 million in total assets, which accounted for 1.6 percent of the total banking assets, estimated at EC$2,953.4 million here.
ECCB said it would host a news conference next Tuesday to explain the receivership.
and then  Friday said it had placed the 114-year-old indigenous){kind=link}