Rush on Banks
Published:Wednesday | February 18, 2009 | 5:23 PM
Finance ministry officials in Antigua are seeking to assure residents that their bank deposits are safe following a rush on the institutions.
Hundreds of depositors of the Bank of Antigua have been withdrawing their funds after bank owner Sir Allen Stanford was charged with fraud.
Branches in Antigua, Venezuela, Panama and Ecuador also had to cope with long lines of anxious customers.
The Eastern Caribbean Central Bank has also urged people not to panic, saying the bank had sufficient funds.
It also warned that a run on the bank would precipitate the very situation it is trying to avoid.
The US Securities and Exchange Commission charged Sir Allen with eight billion dollars investment fraud.
His whereabouts are unknown.
Prime Minister Baldwin Spencer has said the charges against Sir Allen could have catastrophic consequences for the nation but he also urged people not to panic.