Prime Minister Freundel Stuart greets Director of the Canadian Imperial Bank of Commerce and Chairman of Risk Management, Nicholas Le Pan; while CIBC First Caribbean International Bank’s Executive Chairman, Michael Mansoor, looks on. (C. Pitt/BGIS)
Prime Minister Freundel Stuart has expressed confidence in the local banking sector despite the effects of the ongoing economic crisis.
He made this observation recently during a meeting with Director of the Canadian Imperial Bank of Commerce in Canada and Chairman of Risk Management at CIBC, Nicholas Le Pan, other officials of the Bank, and Central Bank Governor, Dr. Delisle Worrell, at Ilaro Court.
He acknowledged that the banking sector had been experiencing its own challenges and disclosed that government, through the implementation of regulatory policies, had ensured that confidence in the economy was not undermined by "any of the challenges faced by what was going on in the international environment".
Mr. Stuart added: "At the policy level, we had to pay particular attention to ensuring that initiatives were put in place to keep enough people employed so that they can continue to discharge their obligations at their respective creditors and I think that we have been managing quite well in this regard.???? Obviously, this climate is not conducive to the perfection of anything and, therefore, when we audit our performance, we have to audit it within the context of that recognition."
The Prime Minister said government was able to secure the cooperation of officials in the financial sector by maintaining confidence in the economy.
In turn, Mr. Le Pan also emphasised the importance of working collaboratively in a sustained manner to achieve long-term developmental goals.
??"…That commitment actually starts with a framework that follows through with a partnership based on the fact that a long-term commitment on both sides was needed to make it work. So, this must be complemented by the infrastructure and the human resources on a sustained basis to make it work…," he added.