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Ministry of Finance available to Facilitate Discussion on SRU

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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.

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