The CARICOM Central Bank Governors group has approved the application of the Financial Services Regulatory Commission (FSRC) of Antigua & Barbuda to be admitted as an associate member of the Caribbean Group of Banking Supervisors (CGBS).
In this regard, as an associate member, the twin island will enjoy all the rights, privileges and responsibilities of core membership.
In addition to Antigua & Barbuda, the membership consists of banking supervisors from 15 other territories namely Aruba, Bahamas, Belize, British Virgin Islands, Cayman Islands, Curacao, St. Maarten, Eastern Caribbean Central Bank, Guyana, Haiti, Jamaica, St Vincent and the Grenadines, Surinam, and Trinidad and Tobago.
The CGBS, established by CARICOM Central Bank Governors in 1983, is mandated to enhance and coordinate the harmonisation of the bank supervisor practices with a view to bringing them in line with internationally accepted practices.
The banking body is a regional grouping under the Basel Committee for Banking Supervisors, and its chairmanship, currently held by Jamaica, is restricted to the different CARICOM member Central Banks as the CGBS is a creation of the CARICOM Central Bank Governors.