Office of the Prime Minister
Friday, February 6, 2009 – At a special meeting of the ECCB Monetary Council
held on February 3, 2009, the Honourable Prime Minister and Minister for
Finance, Honourable Stephenson King, and other members of the Council met to
discuss the impact of recent developments with respect to the CL Financial
Group, possible implications for the Eastern Caribbean Currency Union (ECCU) and
any action which may be required.
The Government of Saint Lucia in association with the Eastern Caribbean Central
Bank (ECCB) has been in consultation with the Governments of Barbados and
Trinidad and Tobago with a view to maintaining the stability of the financial
system, and protecting the interests of policy holders and investors.
Moreover, in keeping with regulatory arrangements for operating in the financial
sector, government continues to insist and ensure that CLICO and all other
operators in the sector, comply fully with all statutory requirements.
The Government of Saint Lucia is continuing to monitor developments regarding
the financial services companies within CL Financial Group, and will
subsequently apprise the public of any necessary mitigating action.