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| Barbados Mulling Central Regulatory Body For Banking Sector |
by Phillip Morton, Investors Offshore.com
Thursday, February 12, 2009
A central regulatory body is on the cards to monitor the activities within the
banking sector and the credit union movement in Barbados, the government has announced.
Barbadian Minister of Economic Affairs, Trade, Industry and Commerce, David
Estwick said that proposals to introduce a regulatory body had been given conditional
approval from the cabinet and would now be subject to an evaluation, hinting
that the regulatory board would be in place before the end of 2009.
Estwick said that a regulatory body would become increasingly necessary with the roll out of the CARICOM Single Market and Economy, observing that
increased movement of capital across the region heightened the need for intensified regulation.
“Within CARICOM, there are provisions for cross-border trading and cross-border
movement of capital as we give credence to the CSME, in particular, the rules
of establishment that allow for the free movement of capital. So, therefore,
this requires that we look very closely at the organisational structure that
we have in place to ensure that we have a comprehensive, central, regulatory
body.”
Pointing out that the financial sector is already subject to adequate regulation,
Estwick noted that further regulation of the credit union movement would allow
for greater protection of members’ deposits.
“We want to look at
a central entity that will be able to deal with a lot of the non-traditional
instruments involved in investment and trading that may have caused some of
the problems that now exist within the United States,” he explained.
“Thus, we have to be very careful with the systems we put in place under
our central financial structure, we must ensure the regulation will facilitate
the new instruments of investment and capitalisation,” he concluded.
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