Caribbean Association of Banks supports Harmonized Credit Reporting Bill

By Caribbean Association of Banks

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newsPRESS RELEASE – The Caribbean Association of Banks (CAB) commends the Eastern Caribbean Currency Union’s (ECCU) Monetary Council for approving the Harmonized Credit Reporting Bill and Regulations for the OECS Region, at its 87th Meeting of the ECCU Monetary Council on 2nd March, 2017.

The CAB views the approval of this bill as a step in the right direction to facilitate the establishment of credit bureau services in the OECS. The CAB is pleased to note that the Council has set a deadline of September 2017, for enactment of this bill in the respective territories.

In some territories, the current Foreclosure Legislation has created some additional difficulties for Banks in reducing their non-productive loan portfolios, thus increasing their associated credit risks.

The inability of a Bank to liquidate bad loans impacts its profitability, Government’s revenue and restricts lending to the productive sectors of the economy which are necessary to stimulate growth.

Early enactment of legislation which has been agreed by all member states, is critical to the effective functioning of the banking sector and we encourage Governments to expedite the process of enacting Harmonized Foreclosure Legislation within the ECCU.

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  1. This proposal is layered in obfuscation.

    It is as clear as mud. What will happen to the borrowers? The intentions of the proposers are clearly hidden.

    This reeks of an abdication of corporate social responsibility. The implications for ethical behaviour are enormous. Spell out the social outcomes and mechanisms. Set out the ethical boundaries if you dare.

    • What will happen to the borrowers? They will learn to pay on time, so that they can borrow with ease tomorrow.

      • People are being taken advantage of by these actions. They should not be allowed to borrow if the institution does not have evidence that they can repay. It is the greedy officers’ fault.

  2. This is definitely needed.

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