The House of Representatives in Antigua and Barbuda on Tuesday passed the Banking (Amendment) Bill, 2026, establishing a new framework for the management of abandoned deposits and unclaimed property while laying the foundation for greater regional investment using idle financial resources.

Presenting the bill, Prime Minister Gaston Browne said the legislation modernizes the treatment of abandoned property in the banking system, including dormant deposits and items left in safety deposit boxes, while strengthening the rights of depositors and their beneficiaries.

Browne explained that under the existing system, abandoned funds are transferred to the Eastern Caribbean Central Bank after about 10 years and, after roughly 20 years, can effectively be forfeited if no claim is made.

The amended legislation instead allows unclaimed funds to be transferred to the respective governments while preserving the right of depositors or their beneficiaries to reclaim the money indefinitely if they can prove ownership.

“If the governments were to utilize those funds, the depositors will have a claim into perpetuity,” Browne said, noting that the change offers greater protection than the existing law, under which claims eventually expire.

He told Parliament there are an estimated US$48 million in unclaimed deposits across the Eastern Caribbean Currency Union, describing the funds as an underutilized resource that could be put to productive use while still safeguarding the rights of owners and heirs.

The prime minister used the legislation to outline a broader vision for regional economic development, arguing that the Eastern Caribbean Central Bank should be allowed to invest a small portion of its foreign reserves in projects that strengthen the region’s economy.

He proposed using between 5 and 7 percent of the bank’s approximately US$6 billion in overseas reserves to finance strategic investments, particularly in renewable energy and food security, instead of leaving the money invested abroad.

“We have been bragging from time immemorial how our currency is so well backed,” Browne said, noting that the reserve backing remains close to 98 percent, well above the required threshold. He argued that deploying a small portion of those reserves would generate economic growth without jeopardizing monetary stability.

Browne said investments in renewable energy would reduce dependence on imported fossil fuels, lower electricity costs, strengthen foreign exchange reserves and help countries meet climate commitments.

He disclosed that Monetary Council members recently reached consensus on pursuing the proposal and said further amendments to banking legislation may be required to formally authorize the Eastern Caribbean Central Bank to make such strategic regional investments.

The prime minister stressed that the proposal does not involve giving away central bank reserves, but rather making repayable loans that would replenish the reserves over time while financing projects capable of generating long-term economic benefits.

He also argued that investments funded through the initiative should remain under regional ownership rather than being controlled by foreign private interests.

Browne said the government’s preference is for strategic projects, such as renewable energy plants, to include public and local investment so that profits remain within the region.

“We believe very strongly that ownership is empowerment,” he said.

As an example, Browne said Antigua and Barbuda has approximately US$38 million in unclaimed deposits. He suggested that after retaining a portion to satisfy future claims, the remaining funds could be used for national development instead of remaining idle.

The legislation also creates a framework for abandoned safety deposit boxes. Browne said valuables left unclaimed for 10 years may be sold at public auction, with the proceeds placed into a newly established Safe Deposit Box Liquidation Fund for a further 10 years to allow owners or beneficiaries additional time to make claims.

“We’re not just trying to go and confiscate people’s money. We’re not trying to steal people’s money. We’re trying to use that money for the development of our respective countries,” he told lawmakers.

During the debate, Barbuda MP Trevor Walker questioned the rationale for reducing the period before property is treated as abandoned to 10 years but said he supported the broader direction of the legislation.

Walker endorsed the government’s emphasis on renewable energy, saying the country should continue transitioning toward affordable renewable power while ensuring ownership of major investments remains in local hands.

“We must control it. It must not be outsourced,” Walker said, adding that the proposal represented the type of forward-looking policy capable of improving sustainability and reducing costs for citizens.

He ultimately declared his support for the bill, describing it as a bold initiative that would strengthen Antigua and Barbuda’s international reputation and move the country beyond traditional approaches to economic development.

This article was originally published by Antigua News Room. Read the original article here: Antigua and Barbuda Parliament Passes Law to Put Unclaimed Bank Money to Public Use.