Antigua and Barbuda Now Has the Lowest Loan Default Rate in the ECCU

Antigua and Barbuda is now leading the Eastern Caribbean Currency Union (ECCU) when it comes to keeping bank loans in good standing.

Prime Minister Gaston Browne, who also serves as Minister of Finance, shared the update following a recent meeting of ECCU leaders. He revealed that Antigua and Barbuda currently has a non-performing loan (NPL) rate of just 3 percent — the lowest among member countries.

Non-performing loans refer to loans that borrowers are not repaying as agreed. A lower rate means banks are healthier and more customers are meeting their payment obligations.

“We have gone from being one of the weakest performers in the ECCU to one of the strongest,” Browne said. He added that local banks remain liquid and financially stable.

Despite global economic challenges, including geopolitical tensions, leaders of the currency union are projecting regional economic growth of about three percent this year. Browne said Antigua and Barbuda is expected to grow at an even faster pace.

Using Dormant Funds for Development
The Prime Minister also outlined plans discussed at the ECCU level to boost economic activity. One proposal involves making use of unclaimed or dormant funds currently held at the Eastern Caribbean Central Bank (ECCB).

According to Browne, more than $140 million from dormant accounts across the region is being held by the central bank. Some of these funds have been inactive for decades.

Regional leaders are considering legislative changes that would allow governments to use these unclaimed assets, along with profits from the ECCB, to finance development projects — particularly in areas such as food and energy security.

Of the total amount, Antigua and Barbuda’s estimated share is about $31 million.

Browne said his government is prepared to put measures in place to ensure that anyone who later comes forward to claim funds from dormant accounts would be reimbursed, even if the money has already been used for development purposes.

He emphasized that while there may be no legal obligation to repay such claims after long periods of inactivity, his administration intends to act responsibly and fairly.

The discussions form part of broader regional efforts to strengthen economic resilience and maintain growth across the ECCU.