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Bank boss’ say on CLICO plan

Yvette Best

Bank boss’ say on CLICO plan

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Central Bank Governor Dr Delisle Worrell says Government’s exposure will be “extremely manageable” if the restructuring plan submitted to the court last year by the judicial managers for CLICO International Life (CIL) is followed.
That plan offers up the embattled insurance company for sale.
“We are awaiting the result of that [court] process. That process is in train. People who have expressed interest have been given access on a confidential basis to the accounts of the company and, in due course, offers will be made,” said Worrell, while explaining that “potential purchasers may request some contribution from Government in order to complete the deal”.
However, he said the cost to Government could be as low as $60 million and it would not be required to find that amount in cash, “so that the potential impact of a CLICO settlement on Government is extremely manageable, and what is more, may not be necessary at all, depending on the terms of the sale of the company”.
The governor was speaking during the monthly meeting of the Barbados Association of Insurance and Financial Advisors at the Lloyd Erskine Sandiford Centre on Friday.