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Financial News

Jun 2009 Financial News

Central banks working on regional regulator

Jun 03, 2009

The Caribbean’s central banks are moving to establish a region-wide banking regulator as authorities deal with the global financial crisis, the impact of cross border capital flows and the impact of Clico’s collapse on regional finance. So said Carl Hiralal, inspector of financial institutions at the Central Bank.

Hiralal said despite the strengthening of laws governing the local financial services sector, regional central banks are moving closer to share information and standardise their financial services regulations to improve oversight and facilitate innovation in the sector. Hiralal said regulators had already moved forward on the project with the establishment of a financial services supervisory college within the Caribbean to strengthen regulatory oversight, set protocols for the sharing of information and provide training for regulators.

He was speaking on Monday at Scotiabank’s launch of its Trincity Mall branch.
Hiralal said the supervisory college, which comprises regional regulators and Canada’s Office of the Superintendent of Financial Institutions, met last month to share information on cross-border financial institutions. The group has also working on a regional crisis management plan to deal with cross-border financial institutions, developing a database to share information and collaborating on strategies to regulate and strengthen the sector.

Source: Trinidad Guardian
Article by: Peter D. Neptune
Date: 03-06-09