Eastern Caribbean Home Mortgage Bank only 5% exposed to Trinidad & Tobago
Monday, July 03 2017 @ 03:01 PM AST
Contributed by: amthompson
Eastern Caribbean Home Mortgage Bank (ECHMB) was created pursuant to the ECHMB Agreement Act (1995) and commenced operations on April 22, 1996. It is a privately managed corporation and the current 65 shareholders are all financial institutions from the Organisation of Eastern Caribbean States (OECS) as well as the wider Caribbean. These financial institutions include the Eastern Caribbean Central Bank (ECCB), commercial banks, social security agencies, insurance companies, mortgage companies, building and loan associations and credit unions. The largest shareholder is the ECCB, which currently holds 24.9% of ECHMB’s total shareholding.
ECHMB was established with the primary objective of developing the secondary mortgage market within 8 participating member countries of the OECS, namely Anguilla, Antigua & Barbuda, The Commonwealth of Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and St. Vincent and the Grenadines. The main activity of the Bank has traditionally been the purchase and sale of mortgages so as to develop and maintain a secondary market for residential mortgages in the member territories.
The bank is, however, very profitable, growing its profit after tax by 22.2% last fiscal year: