ST. JOHN’S, Antigua, Jul 15, CMC -The Antigua and Barbuda parliament has given the green light to legislation establishing a new framework for the management of abandoned deposits and unclaimed property while laying the foundation for greater regional investment using idle financial resources.
Prime Minister Gaston Browne, successfully tabled the Banking (Amendment) Bill, saying it modernises the treatment of abandoned property in the banking system, including dormant deposits and items left in safety deposit boxes, while strengthening the rights of depositors and their beneficiaries.
The legislation also creates a framework for abandoned safety deposit boxes. Browne said valuables left unclaimed for 10 years may be sold at public auction, with the proceeds placed into a newly established Safe Deposit Box Liquidation Fund for a further 10 years to allow owners or beneficiaries additional time to make claims.
Prime Minister Browne told legislators that under the existing system, abandoned funds are transferred to the St. Kitts-based Eastern Caribbean Central Bank (ECCB) after 10 years and, after an estimated 20 years, can effectively be forfeited if no claim is made
The amended legislation instead allows unclaimed funds to be transferred to the respective governments while preserving the right of depositors or their beneficiaries to reclaim the money indefinitely if they can prove ownership.
“If the governments were to utilise those funds, the depositors will have a claim into perpetuity,” Browne said, noting that the change offers greater protection than the existing law, under which claims eventually expire.
Prime Minister Browne told the Parliament that there are an estimated US$48 million in unclaimed deposits across the Eastern Caribbean Currency Union (ECCU), describing the funds as an underutilized resource that could be put to productive use while still safeguarding the rights of owners and heirs.
The ECCU comprises Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines. They all share the same monetary system and use the ECCB as their official currency.
Prime Minister Browne said that the legislation should allow the ECCB to invest a small portion of its foreign reserves in projects that strengthen the region’s economy, proposing using between five and seven per cent of the bank’s approximately US$6 billion in overseas reserves to finance strategic investments, particularly in renewable energy and food security, instead of leaving the money invested abroad.
“We have been bragging from time immemorial how our currency is so well backed,” Browne said, noting that the reserve backing remains close to 98 per cent, well above the required threshold.
He said that deploying a small portion of those reserves would generate economic growth without jeopardizing monetary stability and investments in renewable energy would reduce dependence on imported fossil fuels, lower electricity costs, strengthen foreign exchange reserves and help countries meet climate commitments.
He said the ECCB’s Monetary Council members recently reached consensus on pursuing the proposal and said further amendments to banking legislation may be required to formally authorise the ECCB to make such strategic regional investments.
Browne said that the proposal does not involve giving away Central Bank reserves, but rather making repayable loans that would replenish the reserves over time while financing projects capable of generating long-term economic benefits.
Browne said the government’s preference is for strategic projects, such as renewable energy plants, to include public and local investment so that profits remain within the region.
“We believe very strongly that ownership is empowerment,” he said, giving as an example, the fact that Antigua and Barbuda has approximately US$38 million in unclaimed deposits.
“We’re not just trying to go and confiscate people’s money. We’re not trying to steal people’s money. We’re trying to use that money for the development of our respective countries.”
Opposition legislator, Trevor Walker questioned the rationale for reducing the period before property is treated as abandoned to 10 years even as he supported the broader direction of the legislation, describing it as a bold initiative that would strengthen Antigua and Barbuda’s international reputation and move the country beyond traditional approaches to economic development.
CMC/jh/ir/2026