A former Governor of the Central Bank of Barbados is advising the creation of a stronger framework for the supervision and regulation of indigenous Caribbean financial institutions.
Winston Cox suggests this would be a “beneficial outcome” of the collapse of regional financial giant CLICO.
The financial expert said Caribbean jurisdictions had only recently started to establish the appropriate domestic institutions and build the internal cross-border co-operation and information networks to supervise domestic and regional financial institutions.
“They were galvanized in this direction by the failure of CLICO?which forced national regulators of the different financial institutions to work together to develop models for preventing the spread of contagion from one financial service to another . . . to develop crisis containment and resolution measures and to develop stronger cross-border co-operation.”
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