A Bill for an Act to provide for the regulation of the banking sector has been brought before Parliament for debate and approval.
The Bill will also seek for the establishment of a single banking space and for incidental and related matters and the repeal of the Banking Act, No. 16 of 2005.
“The global economic challenges, which began in 2008, was to a large extent the results of weakness in the financial centre,” Prime Minister Roosevelt Skerrit told Parliament on Thursday. “We would have followed the news on the international press and we try to explain and even justify the actions that caused the fallout. It was quickly recognized that whatever the causes the action to resolve the weakness needed to be addressed swiftly and thoroughly.”
Skerrit said the Caribbean was not spared the effects of a global crisis.
“Our economies took a hit and our financial sector was negatively impacted…” he said.
He mentioned further that the Bill is expected to enhance the supervision of the banking system.
“This is the intent of the Banking Bill which is brought to the Parliament today,” the Prime Minister said. “It is to enhance the banking sector supervision so that depositors can be protected.
He explained that there are some fundamental differences between new Bill and the 2005 Act.
“The main difference is that the authority for licensing, regulation and supervision is now directly the remit of the Central Bank,” Skerrit explained. “This is to ensure that there is no ambiguity in the actions that need to be taken in respect to banking operations.”
Additionally,he said, in the 2005 Act the granting and revocation of a banking license was done by the minister Finance on the advice of the Central Bank.
“Another significant difference is the introduction of corporate governance measures which will ensure that boards of directors, shareholders and staff are more accountable for their actions in the operations of banks,” he stated.
Honorable men in the House listen to each other , life can’t continue this way. The olive branch must be respected and shine for us to see. We need the standard of our House to improve. Our young people are educated some are University graduants ; they are listening. I am humble calling on you all kindly do better than that, we are listening.
May God the Father give all Wisdom like Solomon to know the difference between right and wrong.
Haha, don’t be surprised if they set up their own bank in Dubai already to sidestep all that control and take care of their citizenship by investment money offshore.
Is it possible to find the text of this proposed legislation online somewhere so we can read what our representatives are doing in our name?
Skerrit you keep on using the financial crisis as a poor excuse,it is over so move on.Mr.Fontaine has been trying to work with you on the economy and with total disrespect you and your foolish boys just dont get it.Skerrit you will not stay in power forever.
These are the people some Dominicans what to run the country. They have no financial back ground or how to balance the books to ensure everything in the country run smoothly. WHAT A SHAME, THEY LOOK CLUELESS.
It was so disheartening to listen to the good old Economist Dr Fountain and his team of financial experts bring sensible debate to the BILL while the ICU mental patients on the Government side kept disrupting this intellectual discuss. Poor things had no clue what was going on. Shame!