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Bank of Antigua was an Antigua-based bank that was owned by the Stanford Financial Group and was central to the Ponzi scheme run by Allen Stanford. It was originally formed on the 10 February 1981 in St. John's. When the Ponzi scheme was exposed in 2009, the bank was taken over by the Eastern Caribbean Central Bank (ECCB) on 20 February 2009. [1]
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The currency union operates under the supervision of the Eastern Caribbean Central Bank (ECCB).The ECCB maintains a stable currency by ensuring sufficient foreign reserves and setting borrowing limits for governments and banks. [3] In 2009-2010, foreign reserve backing was 93.93%, well above the prescribed 60% requirement. [3]
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