Several bankers on the island are now expected to be better able to deal with delinquent accounts.
The bankers, who represent most financial institutions on the island, are currently taking part in a four-day workshop being conducted by the Eastern Caribbean Institute of Banking and Financial Services.
Chief Executive Officer of the National Cooperative Credit Union, Alymer Irish, explained there that a significant amount of the banks revenues comes from loans and that it is necessary to properly understand the underwriting and collection process.
He said it was important to understand the objective of risk analysts because of the financial meltdown.
“Our objective must be to minimize credit risks. We are still experiencing the effects of the financial meltdown and it was said that mortgages are partly responsible for it…” he explained.
According to Irish, the underwriting of a loan must be strong enough to create a reasonable expectation that it will be repaid.
Meanwhile Resident Representative of the ECCB, Edmond Robinson, says understanding the important role of money should begin at an early stage.
“We believe that having the appropriate skills to understand the importance and the role of money, savings, budgeting, credit and financial planning are critical to the development of our people, and as such, should be part of the instruction received by individuals from primary, secondary schools and beyond…,” he said.
Copyright 2012 Dominica News Online, DURAVISION INC. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.