Contact:
Claudia Monlouis
Wednesday, February 8, 2006 – Cooperatives on the island are being
reminded to take an active part in the consultative process leading to the
establishment of the Single Regulatory Unit, expected to come to fruition during
the next financial year.
Permanent Secretary in the Ministry of Finance Trevor Brathwaite says the
Ministry would like to facilitate further consultations with those who have not
engaged in discussions on the issues surrounding the role of the Single
Regulatory Unit.
“Late last year we had consultations with the credit unions and at those
consultations we invited credit unions if they so desired, to ask us to have one
on one consultations. So far we have only received one invitation for
consultation from a credit union, but we expect that further invitations will be
coming.”
The introduction of the (SRU) is expected to have an overall impact on the
financial sector and will create an environment of increased financial
supervision and monitoring.
Brathwaite says the Single Regulatory Unit concept is currently unfolding in
several other Caribbean territories in an effort to address “fragmentation of
supervision in various financial institutions, insufficient legislation to
strengthen the hand of legislators and regulators, and an absence of a proactive
approach to emerging financial entities.”
Cabinet has recommended that the unit be established within the Ministry of
Finance.
