| FSC, bankers say banks are strong |
 |
 |
 |
| Thursday, 05 August 2010 09:33 | |||
|
Bankers are hoping to help customers sleep better this week, letting them know they are doing just fine. Following months of challenging times in the banking sector, including the closing of the first indigenous bank and most recently rumours of more banks closing, the Bankers Association and the Financial Services Committee have released a joint statement reassuring the public banks operating in the Turks and Caicos Islands are strong. “Despite many months of unparalleled turmoil in the financial markets, world economy, national economy and national politics and the difficulties experienced by TCI Bank, active banks in the Turks and Caicos Islands remain in a strong position,” the group stated. His Excellency the Gov. Gordon Wetherell agreed with that assessment, saying rumors of further bank failures are not true. “There have been some rumours recently about the stability of the active banks in the TCI," Wetherell said. "These have been unfounded. The public will take comfort from this clear message from the chairmen of the Bankers Association and the Financial Services Commission.” The Bankers Association and the FSC said banks in the TCI are in a strong position, crediting their conservative lending policies and security-backed lending; international parents or majority shareholders; years of experience and a proven track record for this measure of success. “All of the retail banks currently trading in the TCI benefit from significant shareholding or complete ownership by international or foreign institutions, including CIBC, Royal Bank of Canada, Scotiabank, Cayman National and Belize Bank,” said Anton J. B. Faessler, president of the Bankers Association. “Our lending ratios are above international standards.” Sandy Lightbourne, chairman of the Financial Services Commission, agreed. “All the active banks in the TCI are well capitalised and respect lending limits set by national legislation, which do not allow one lender to borrow more than 25 percent of capital, and all banks meet or exceed the 11 percent capital adequacy requirement.” The group says that although the appointment of provisional liquidators for TCI Bank Ltd. shook the confidence of many in the country, the TCI’s banking sector as a whole is in good shape for the future.
|
Related Articles
Latest Local News
|
Tourist Board expands adding two new staff members The Turks and Caicos Tourist Board announced this week it welcomed two new staff members to further More... |
|
Cruise terminal to open April 8 Beginning Monday, April 8, thousands of cruise ship passengers will again begin to enjoy the More... |
|
2013 TCI Elecrotal List Available TCI 2013 Electors’ Register is Ready! Supervisor of Elections Mr. Dudley Lewis has announced More... |
|
Misick Declared By-Election Winner Supervisor of Elections Dudley Lewis has advised that the Progressive National Party's (PNP) Amanda More... |
|
New Board leads TCHTA On Wednesday, March 13, Turks and Caicos Hotel and Tourism Association (TCHTA) bid farewell to its More... |