Revised Laws of Saint Lucia (2023)

Schedule

AGREEMENT ESTABLISHING THE EASTERN CARIBBEAN HOME MORTGAGE BANK

ARRANGEMENT OF ARTICLES

AGREEMENT ESTABLISHING THE EASTERN CARIBBEAN HOME MORTGAGE BANK

PREAMBLE

An Agreement made on the 27th day of May 1994 between the Governments of Anguilla, Antigua and Barbuda, The Commonwealth of Dominica, Grenada, Montserrat, Saint Christopher and Nevis, Saint Lucia, and Saint Vincent and the Grenadines (hereinafter referred to as “the participating Governments”).

WHEREAS it is desirous:

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   (a)     to promote and maintain the availability of affordable home financing and to assist primary lenders to promote and maintain the availability affordable home financing in the territories of the participating Governments;

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   (b)     to establish and maintain an organised regional secondary market for mortgages in the form of a Common Home Mortgage Bank to increase the availability of mortgage credit and provide liquidity and flexibility to primary lenders in the territories of the participating Governments;

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   (c)     to promote and increase the efficient mobilisation and allocation of long-term savings for investment in housing and to further the economic development of the territories of the participating Governments;

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   (d)     to develop the housing and home finance industry and to promote services and benefits to industry by improving the efficiency and effectiveness of the mortgage underwriting process; and

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   (e)     to promote the growth and development of the money and capital markets and to enhance the monetary integration of the territories of the participating Governments.

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   (Amended by S.I. 34/1996)

IT IS HEREBY AGREED as follows: