A retired banker is urging regional governments to redirect millions of dollars in unclaimed bank deposits toward healthcare, education, or a university campus — rather than a proposed OECS airline. According to Antigua Observer, Everett Christian made the remarks on the Big Issues programme on Observer Radio on Sunday.
Christian argued that the funds should benefit people across the entire sub-region rather than a single sector. He also raised questions about the legal framework governing how the money could be used.
He pushed back on the notion that an act of Parliament would be required before the funds could be accessed, contending that ambiguity within the Banking Act itself leaves room for a claim.
"No, I personally do not share that view because, as I said, these funds have been paid into the central bank after the 15-year period, and they're vested in the Crown for the 15 years," Christian said. "So that, yes, while there may be — I say 'may be' because I didn't really see that set out in the Act — there may be some measure through which you can make a claim at the Central Bank."
Regardless of the legal technicalities, Christian maintained that the funds should serve a broader public purpose.
"I think those funds should be used for developmental purposes so that they would benefit all of the people of the OECS who are the ones who contributed," he said.
When pressed to name a specific project, Christian pointed to a regional university campus and also raised the possibility of a ferry service as an alternative to an airline.
"I haven't given a whole lot of thought about that, so I wouldn't like to throw out anything, but just because you posed that question to me, I'm thinking like UWI Five Islands Campus — that may be one that you can say the sub-region could benefit from and not just Antigua and Barbuda," he said. "So that may be a project that could be worthy of financing. Maybe a ferry service rather than an airline service may be more viable, and with the ferry, you could have it every day."
Christian also questioned whether launching another regional airline makes financial sense, pointing to LIAT's turbulent ownership history. He noted that current majority owner Air Peace holds approximately 70 percent of the carrier and said flights and routes have been reduced since that takeover.
His comments come as officials weigh using roughly $50 million in deposits — unclaimed at the Eastern Caribbean Central Bank for between 25 and 30 years — to help fund the proposed airline. As reported by Antigua Observer, that plan still depends on the outcome of a viability study.
