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Prime Minister King meets with CL Financial Group


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Contact: Office of the Prime Minister

Friday, February 6, 2009 – At a special meeting of the ECCB Monetary Council held on February 3, 2009, the Honourable Prime Minister and Minister for Finance, Honourable Stephenson King, and other members of the Council met to discuss the impact of recent developments with respect to the CL Financial Group, possible implications for the Eastern Caribbean Currency Union (ECCU) and any action which may be required.

The Government of Saint Lucia in association with the Eastern Caribbean Central Bank (ECCB) has been in consultation with the Governments of Barbados and Trinidad and Tobago with a view to maintaining the stability of the financial system, and protecting the interests of policy holders and investors.

Moreover, in keeping with regulatory arrangements for operating in the financial sector, government continues to insist and ensure that CLICO and all other operators in the sector, comply fully with all statutory requirements.

The Government of Saint Lucia is continuing to monitor developments regarding the financial services companies within CL Financial Group, and will subsequently apprise the public of any necessary mitigating action.


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