Nation e-Edition

60 to go

60 to go

By Shawn Cumberbatch | Thu, May 08, 2014 - 12:09 AM

Hard times have hit the Central Bank of Barbados and its staff are about to feel the fallout.

After three consecutive years of losses worth $8.4 million, the financial institution, and reportedly 60 employees, are about to become a major casualty of the economic recession they have been trying to help Government shield Barbadians from.

Central Bank Governor Dr DeLisle Worrell confirmed this development yesterday, telling the DAILY NATION that faced with diminished revenues and persistent losses, a decision was taken to “shrink our operation”.

But the veteran economist, who has been at the helm of the bank since 2009 and was a longstanding employee before a stint at the International Monetary Fund (IMF), said while there would be staff cuts, those affected would have their interests protected, hinting at the likelihood of substantial separation packages.

Please read the full story in today’s DAILY NATION, or in the eNATION edition.

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Posted by Simon Templar 5 months, 2 weeks ago
The governor presided over an unprecedented three consecutive years of losses at the Central Bank of Barbados. This wouldn't be tolerated in the private sector. He would have been removed or reassigned. So a loss making institution is lending to a broke government, and defending this policy stubbornly. Does anyone else get the rich irony?

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Posted by Simon Templar 5 months, 2 weeks ago
The governor claims to have been retrenched while at the IMF. Since he is familiar with the process, is he one of the 60 to go?

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Posted by Carl Harper 5 months, 2 weeks ago
It is scary that the Central Bank that keeps track of the country's finances and economic performance has been reporting multi-million dollar losses.

No wonder Barbados is in the fiscal mess it finds itself. The Central Bank cannot even get its own house in order and is now forced to send home employees.

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Posted by Lloyd Gulston 5 months, 2 weeks ago
I think that the government should seek to do the same with some of its appointed misfits. Many more need to be retrenched from within the ranks of the appointed with similar separation packages. Now is the opportunity to completely clean up all the messes that have led to low productivity outputs in some spheres of government.

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Posted by Bim Bum 5 months, 2 weeks ago
WILL the unions now go into another 'flat spin' over this?

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Posted by ego evaluation 5 months, 2 weeks ago
Where is all this separation money coming from, seems many people are being given early retirement and other special packages that sound very expensive.

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Posted by En Dee 5 months, 2 weeks ago
While it will be a difficult process for some employees, I see these changes as a necessary "right-sizing" which should have been taking place on an on-going basis. We tend to gain a little weight when things are nice and easy. Many of us had it nice and easy for years and the time has come to settle down. This trimming should be taking place across the Public Sector. Government should not be expected to continue providing jobs for everyone. To the laid-off employees: Life will go on and the ambitious among you will thrive. How do I know that? From very personal experience. Its an old cliché, but, one door closes and another opens. I am somewhat concerned, however, about the hit that severance payments will make on our finances. Nigel D.

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Posted by Bajan Fishermen 5 months, 2 weeks ago
The first person that should be let go from the Central back must be Dr. Worrell. He has been a disaster to the Barbados Economy, and have the audacity to send these people home. In any other country, this man would have been fired. He has been the worst Governor of the Central Bank of Barbados.

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