Business

Minister calls for a closer working relationship with credit unions

Minister in the Ministry of Finance, Ryan Straughn, is calling for a closer working relationship with the credit union movement to assist in enhancing their safety net to protect members from risks posed by online transactions and actions.

Mr. Straughn made this appeal as he addressed participants attending the Barbados Deposit Insurance Corporation’s (BDIC) Bank Intervention Simulation at Courtyard by Marriott Hotel.

He reasoned that the inclusion of credit unions as “part of the ecosystem” was necessary since they “were now systemically important financial institutions”.

“In the same way that they are important systemically, then obviously, we now need to ensure that there is a level of coverage and participation, recognising.the potential risks that they may be exposed to, to properly ensure that we safeguard our citizens accordingly,” Minister Straughn stated.

The “evolution and revolution” within the financial sector, along with the emergence of technology, he pointed out, has made it easier for fraudulent activity to occur.

“Our security systems have to be ‘beefed up’ because online phishing is one of those things that could undermine the integrity of any financial institution in Barbados…. Therefore, collectively, our financial participants must work collaboratively to ensure that we mount a very strong robust response to cyber security, in order to give our citizens the comfort that when we do our business, whether…at home or…as we travel, do things and interface publicly, that we know that we have the infrastructure in place working collaboratively with regulators outside of Barbados to protect the stability and integrity of our financial system,” Mr. Straughn said.

He continued: “These issues today are front and centre of our policy considerations because when BDIC started in 2007, we didn’t have online payments in the way that we have today. E-mobile apps and payment services ecosystem have revolutionised in the last 17 years and will continue to evolve. Therefore, we must be cognisant of the need not just from a legislative perspective…, we also have to consider the IT infrastructure that we are setting up with respect to our financial institutions.”

The Minister queried whether in the event of a failure there was sufficient operational oversight by the regulators – the Central Bank of Barbados, the Financial Services Commission, Ministry of Finance and the BDIC – to take “action overnight” to contain the situation.

“I believe that this workshop is particularly important, and I want to say to Barbadians that this is nothing sinister that is happening here this week…. This is real life work that regulators have to do every single day on your behalf, and therefore, I welcome the opportunity to engage, understand, and learn from the experiences of what is happening outside of Barbados.

“This is important and to ensure that we work collaboratively as regulators…to say to Barbadians that we are doing the work that is necessary not just for today, but to ensure that we set in motion, the set of processes that will allow us to keep pace with what is happening globally…”, Mr. Straughn emphasised.

The Minister also spoke about the importance of communication in the event of a failure to clear up any misinformation, and to keep the public abreast of any action that was triggered by the BDIC.

Mr. Straughn noted that Barbados had one main asset, which is stability, be it at the political, financial, and social levels, and if a bank failure had to occur, it would have a significant impact on the country.

“In a small country like Barbados, bank failure or the notion of a bank failure will have a significant impact on all of our lives. Therefore, as we go through these exercises and understanding not just from the operational side what needs to happen, but from our perspective, the Central Bank as well as the Financial Services Commission, working collaboratively with BDIC, is important for us to see the signals well in advance, in order to ensure that BDIC never has to implement anything that we may simulate this week. And I think that is the basis on which I preface my remarks because stability is the only thing that can keep Barbados above board,” he said. (PR/GIS)

Caption: Minister in the Ministry of Finance, Ryan Straughn, speaking at the Barbados Deposit Insurance Corporation’s (BDIC) Bank Intervention Simulation at Courtyard by Marriott Hotel

Business

GALA DINNER CELEBRATES 40TH ANNIVERSARY

The Light & Power Employees Co-operative Credit Union Ltd. (LPECCUL) marked an impressive milestone on Saturday night, hosting a memorable 40th Anniversary Gala Dinner at the Accra Hotel. The evening was a celebration of history, resilience, and growth, honouring LPECCUL’s four decades of commitment to financial empowerment and community service in Barbados.

Guests arriving at the gala were greeted with the warm sounds of steelpan music by Ms. Allana Goodridge, a graduate and former junior member of the credit union, who set an elegant tone for the evening. The festivities were expertly guided by Master of Ceremonies Paula Palmer, who delighted the crowd with a mix of exciting prizes and giveaways sponsored by Stade’s Distillery Visitor Centre.

A highlight of the evening was the special achievement award presentation by Mr. Anton Lovell, CEO of Co-Operators General Insurance Company Limited. Mr. Lovell recognised LPECCUL for its outstanding success and commended the longstanding partnership between the two institutions, underscoring the strength of their collaboration.

The evening’s keynote speaker, Lt. Col. Trevor Browne, a founding member of LPECCUL, delivered a compelling speech on the origins of the credit union. He shared insights into its formation, early challenges, and eventual growth, citing the various business ventures and investments made over the years. Lt. Col. Browne emphasized the importance of credit unions in Barbados expanding their focus to attract and support younger members, highlighting the value of investing in youth-led businesses as a way forward.

Closing the event, LPECCUL President Sheena Edwards delivered a heartfelt Vote of Thanks. She expressed deep appreciation to the evening’s special guests, including representatives from credit unions across Barbados, eight of LPECCUL’s original 40 founding members: Anthony Seale, Charles Holder, Donald Hoyte, Oliver Jones, Ian Bridgeman, Julie Alleyne, Keith Burnett and Lt. Col. Trevor Browne, and former company manager Curtis Smith. She also extended her gratitude to the dedicated LPECCUL staff, The Light & Power Employees Co-operative Credit Union Ltd.whose hard work and commitment have been instrumental to the credit union’s enduringsuccess.

The 40th Anniversary Gala Dinner was a celebration not only of LPECCUL’s history but also of its ongoing mission to inspire financial independence and support the community. As LPECCUL continues to innovate and expand its services, the credit union remains committed to fostering financial success for all members.(PR)

Business

Barbados To Host Regional Economic Conference

Local, regional, and international economics, finance, and development experts will gather in Barbados from November 6 to 8, 2024, for the 55th Annual Monetary Studies Conference (AMSC).

The event, which the Central Bank of Barbados is co-hosting with the Caribbean Economic Research Team (CERT), will be held under the theme: “Macroeconomic Management in an Era of Polycrises.”

“We are living at a time when our islands face multiple issues, ranging from high debt levels to climate change, to an aging population to geo-political tensions such as the ongoing Ukraine-Russia war and the Israel-Hamas conflict,” Director of Communications, Information, and Outreach at the Central Bank, Novaline Brewster, said.

“Each of these on its own would represent a challenge. Combined, they could threaten the stability of our economies and the livelihoods of our citizens. The AMSC gives us an opportunity to bring together some of the leading minds to share their insights and offer research-based approaches to addressing these various crises.”

Ms. Brewster revealed that to complement the more technical sessions, on the second day of the conference, November 7, at 4:00 p.m., American economist Professor Jeffrey Sachs will deliver the 37th Adlith Brown Memorial Lecture, the topic for which will be the same as the conference’s theme.

“In addition to the Adlith Brown lecture, we will be hosting a panel discussion entitled: “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment for Development Support” on the final day, November 8, at 10:15 a.m. The panel for that event will comprise several of our regional central bank governors,” she revealed.

Both the panel discussion and the lecture will be livestreamed on the Central Bank of Barbados’ Facebook page and YouTube channel.

Central Bank of Barbados will host the 63rd gathering of this group as Barbados’ Governor, Dr. Kevin Greenidge, is the current Chair of the committee. (PR/GIS)

Business

Barbados to Host Regional Economic Conference

Local, regional, and international economics, finance, and development experts will gather in Barbados from November 6 to 8, 2024 for the 55th Annual Monetary Studies Conference (AMSC). The event, which the Central Bank of Barbados is co-hosting with the Caribbean Economic Research Team (CERT), will be held under the theme “Macroeconomic Management in an Era of Polycrises.” “We are living at a time when our islands face multiple issues, ranging from high debt levels to climate change to an aging population to geo-political tensions such as the ongoing Ukraine-Russia war and the Israel-Hamas conflict,” said Novaline Brewster, Director of Communications, Information, and Outreach at the Central Bank. “Each of these on its own would represent a challenge. Combined, they could threaten the stability of our economies and the livelihoods of our citizens. The AMSC gives us an opportunity to bring together some of the leading minds to share their insights and offer research-based approaches to addressing these various crises.”

The three-day conference will feature sessions related to financial development and financial stability, adjusting to climate change, digital innovations and transformation, regional integration and governance, and regional economic development. Brewster revealed that to complement the more technical sessions, on the second day of the conference, November 7, at 4:00 p.m., American economist Professor Jeffrey Sachs will deliver the 37th Adlith Brown Memorial Lecture, the topic for which will be the same as the conference theme. “In addition to the Adlith Brown lecture, we will be hosting a panel discussion entitled “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment for Development Support” on the final day, November 8, at 10:15 a.m. The panel for that event will comprise several of our regional central bank governors.” Both the panel discussion and the lecture will be livestreamed on the Central Bank of Barbados’ Facebook page and YouTube channel.

The Annual Monetary Studies Conference, the oldest academic conference of economists in the Caribbean, is held in a different territory each year to coincide with the second of the Bi-Annual Meetings of the CARICOM Committee of Central Bank Governors. Central Bank of Barbados will host the 63rd gathering of this group as Barbados Governor Dr. Kevin Greenidge is the current Chair of the committee.