NCB Financial Group, parent of National Commercial Bank Jamaica recorded profits in excess of USD 157 million representing an increase of 40 percent over the same period in the previous year (ended June 30). This represents the bank’s best performance to date. The Bank’s expenses also increased by 37% for the same period, while net loans and advances increased by 70% over the previous year. Non-performing loans also increased from 2.6% to 4.8% in the same period. The Directors declared…
Grenada PM assumes Chairmanship of the ECCU
The Prime Minister of Grenada, Dr. Keith Mitchell has assumed the chairmanship of the ECCU, replacing Dominica’s PM, Roosevelt Skerrit. Mitchell claims that during his tenure he will be addressing issues such as Fiscal and Debt Resilience, De-risking, Bank fees and charges, establishing the ECCU Credit Bureau and fintech regulation and supervision. Read more HERE…
OECD Publishes New Tax Report
The OECD has published the report on the progress of implementation OECD tax standards. The document reports on the activities of the tax agenda for the period 2017-2018 and well as the progress which has been made therein by the Global Forum on Transparency and Exchange of Information for Tax purposes. Some snippets are as follows: 1.) By June 2018 (from 2009), jurisdictions would have identified EUR 93 billion in additional revenue due to tax transparency initiatives; 2.) Concerning the…
Bank of Asia Officially Launches in the British Virgin Islands (BVI)
The Bank will be offering services to the approximately 200,000 BVI-registered business with ties to Asia. The BVI has seen marked reduction in the number of companies registered in the BVI, particularly in the offshore banking sector. The reduction is attributed to the difficulty offshore banks encounter when trying to obtain banking services. The recent de-risking phenomena have forced banks to reassess their risk appetites which has significant spillover effects for the offshore sector. Bank of Asia is being touted…
TT Foreign Reserves Continue to Slide
As at June,2018 Trinidad and Tobago’s foreign reserves stood at USD 7.8 billion or 8.6 months import cover. Even though the country’s reserves are well above the international benchmark of 12 weeks import cover, the declining trend has become apparent. Reserves fell by 18% between June 2016 and June 2018. View Report HERE See Data Source…
New AML Newsletter with a Caribbean Focus
A new newsletter has been issued for compliance professionals which will examine in depth, issues of importance to the Caribbean. The AML Digest Newsletter is designed to examine AML topics in depth and to provide helpful information to compliance specialists. The newsletter edited by Louis Parris is now available for free download at: https://joom.ag/yHvY…
CAB Supports Payments Agenda
In fulfilment of its strategic imperative to deepen collaboration with key stakeholders in the regional financial services sector, the CAB has accepted an invitation from the ECCB to become a member of the Eastern Caribbean Payments Council (ECPC). The role of the ECPC is to ensure a safe, efficient and effective functioning payments system in the ECCU. Bulletin – Communication on ECCB payments council…
Advocacy Strikes Again! CAB’s Latest Contribution
The CAB has been pushing the regional financial sector’s agenda on many fronts including the U.S. legislative fora. Last week the Caribbean Central American Action (CCAA reached out to the CAB to get a better understanding of the current climate surrounding the loss of correspondent banking relationships in the region. The CCAA presented the findings…Click for More…
Prime Minister Ralph Gonsalves assumes Chairmanship of the OECS
Prime Minister of Saint Lucia, Mr. Allen Chastanet has handed the Chairmanship of the OECS to the Prime Minister of Saint Vincent and the Grenadines, Dr. Ralph Gonsalves. A summary of Mr. Chastanet’s achievements during his chairmanship can be found in the link below. Dr. Gonsalves will assume the chairmanship for one (1) year. Read more HERE…
Scotiabank makes big digital upgrades to ATM services
Scotiabank will be introducing Intelligent Deposit Machines “IDMs” in the coming months which will allow its customers to make “no-envelope” deposits at ATMs. Customers will now be able to put cash and cheques into and the machines. They will be presented with a picture of the motes deposited and upon confirmation will receive immediate credit for their deposit. Scotiabank expects that not only will the new IDMs increase the ease of deposits for customer, it will also reduce “empty- envelope”…