Sir Courtney confirmed his appointment during a visit to the island last week, explaining he had worked with the Stanford Financial Group for almost 15 years.

The Stanford Group reportedly has more than US$45 billion in assets under management.

Describing the Stanford International Bank as an important unit in the Stanford Group, Sir Courtney told the DAILY NATION he was also on the board of the group's senior advisors.

"There are about 12 of us from around the world including Europe, South America, New Zealand, the United States and the Caribbean," he pointed out.

He explained that the bank was based in Antigua and operated under that country's offshore financial legislation.

"I am not an executive of the company; so I'm not based there. I go back and forth," he noted.

Sir Courtney, who turns 75 this week, said he had been "trying to retire for a long time".

"As long as I am of sane mind I don't really have to retire. What I hope to do is some more writing.

"Previously my writing was prompted by clients who wanted me to study a particular problem or for a conference, but now I want to do writing of a general nature. However, right now my concern is with my duties with the Stanford Financial Group," the respected economist noted.

Sir Courtney, the author of The Practice of Economic Management and the Central Bank's first and longest serving governor, said he was satisfied with the validity of his judgement as economic advisor to various political administrations in Barbados.

"I think history will judge me kindly," he said.

Having helped to shape the country's important economic policy, Sir Courtney said his sound judgement was one of the reasons why "Barbados' progress has been more elegant than other countries in the region". (GE)