Financial Services Commission To Be Established

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Minister of Economic Affairs and Empowerment, Innovation, Trade, Industry and Commerce, Dr. David Estwick????

Government is moving swiftly to keep its promise to establish a Financial Services Commission to monitor the activities within the banking system and the credit union movement.

Minister of Economic Affairs and Empowerment, Innovation, Trade, Industry and Commerce, Dr. David Estwick, reiterated this while addressing a Barbados Workers’ Union Cooperative Credit Union Retreat at the Grande Salle, Tom Adams Financial Centre, Bridgetown, last weekend.

In highlighting the importance of the planned Commission, he said the body would seek to strengthen the regulation in both the banking and non-banking sectors.

While Barbados can boast of a well managed financial sector, Dr. Estwick said, the revised regulatory system would allow for "greater protection of members’ deposits as well as improving the confidence which the public and small investors have in the credit union movement".

The Economic Affairs Minister also revealed that the institutional strengthening project, in collaboration with the Credit Union League and the Inter-American Development Bank (IDB), was in the final phase and should come on stream by late December.

Among the benefits of this programme, he noted, were the provision of technical assistance to Credit Unions and training of the staff of the Cooperatives Department in risk-based supervision.

He opined: "Without any doubt, I believe that the institutional strengthening initiatives will solidify the functioning and operations of the Credit Union movement, in this period of financial and economic downturn.

jwilson@barbados.gov.bb

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