Find Banking and Financial Services expertise in St Kitts and Nevis
In 2011 St Kitts and Nevis had around seven commercial banks, one offshore bank, one development bank and four credit unions. Of the commercial banks, the majority are foreign owned, and have a share of financial assets approximately equal to that of the state controlled banks. St Kitts and Nevis is home to the Eastern Caribbean Home Mortgage Bank, which is the only secondary market institution in the region, and is involved in the mortgage market.
Regulation of Financial Services
In understanding the financial system of St Kitts and Nevis it is important to appreciate the country’s membership in the Eastern Caribbean Currency Union (ECCU) which is a monetary union made up of eight English-speaking countries and territories of the Caribbean. In the early 2000s St Kitts and Nevis’ share of the ECCU’s total financial assets was 17%. Entry into and operations within the St Kitts and Nevis financial system is governed and regulated by the ECCU’s central bank, the Eastern Caribbean Central Bank (ECCB), and the Financial Services Regulatory Commission (FSRC). The ECCB also regulates the Caribbean Dollar, the single currency unit for member states. In order to strengthen information exchange, regulation, supervision and co-operation between offshore financial centres within the ECCU, the ECCB established Single Regulatory Units (SRU) for the supervision of the financial sector. The units’ remit covers the international sector, domestic banks and non-bank financial institutions including credit unions. In partnership with the EECB, which has the primary supervisory responsibility, the Financial Services Regulatory Commission (FSRC) is responsible for regulation of non-bank financial institutions. This includes insurance and pension companies, money services, credit unions and the Development Bank of St Kitts and Nevis. In addition, the FSRC is the primary anti-money laundering body in the country. The Commission regulates in accordance with the Financial Services Regulatory Commission Act (2009).
Development of Financial Services
The 2011 World Bank Ease of Doing Business Index ranks St Kitts and Nevis in a strong 5th position out of 32 countries in the Latin American and the Caribbean region. With regards to getting credit there is some scope for improvement coming 26th out of 32 countries within the region. However, the index reports that St Kitts and Nevis places in a moderate position amongst Latin American and the Caribbean countries in overall ease of doing business.
|Banking and Financial Services organisations in St Kitts and Nevis|
|Eastern Caribbean Central Bank||
|Saint Theresa's Medical University||
|St Kitts-Nevis-Angilla National Bank Ltd||
|St. Kitts and Nevis Development Bank||