Chamber To Discuss Banking Act

JUST about two weeks after Sir Dwight Venner, Governor of the Eastern Caribbean Central Bank told regional journalists that the new Banking Act for OECS countries was passed in the parliaments of the sub-region to correct the deficiencies in the previous act, the St. Lucia Chamber of Commerce, Industry and Agriculture will tomorrow discuss the new measure and its implications.

Brian Louisy, the Chamber’s Executive Director said that tomorrow’s encounter will be an educational exercise for members. However, should members feel pained with certain parts of the Act, meaning that certain parts need to be changed or modified a bit they could bring the matter up to the Chamber which would then take it up with the government through the normal channels.

Tomorrow’s session is part of a series of discussions called the ‘Encounter’ the Chamber has embarked on to enlighten its members on a number of education and important issues that would impact on their businesses.

Tomorrow’s ‘Encounter’ will focus on the “New Banking Act – Key Provisions and Potential Impact”.

The panelists selected are Andy Delmar – President of St. Lucia Bankers Association, Thaddeus Antoine- Partner, TM Antoine Partners, Esther Browne Weekes- Group Managing Director, East Caribbean Financial Holding Ltd and Brenda Duncan – Managing Partner, BDO Eastern Caribbean.

According to Venner the global crisis, of 2008 has had a major negative impact on financial systems worldwide, including the Caribbean.

He noted that the fall of CLICO (Colonial Life Insurance Company) and BAICO (British American Insurance Company), two major regional financial institutions, has had a marked effect on countries in the region. They are still in the process of resolution although significant progress has been made.

Venner said that the new Banking Act was to ensure that the sub-region’s legislation is compatible with international standards, in order to preempt future crises, to enable the authorities to resolve failed banks more efficiently and effectively, to protect depositors and to maintain financial stability.