Conservatives Banking Practices Saved Region

Due to the conservative practices of the regional banking fraternity, it is able to hold its head above water in these times of finanacial crisis.

Making this assertion, Group General Counsel for Republic Bank Limited Jacqueline Quamina said that the financial crisis overseas showed the wisdom of the region’s conservative.

“Our wariness and caution about the exotic have protected a lot of us from the exposure to securities such as credit swaps and derivatives and other fancy instrumens. I firmly believe that if you can’t explain it to me properly and I can’t write it, we cannot do it,” she said.

Speaking at the opening for the 35th Caribbean Association of Indigenous Banks, on Monday evening at the Hilton Hotel, she noted that while the financial crisis continues to sweep the world, the common trend is that Caribbean indigenous banks are holding their own throughout this period of change.

“While the aftershocks continue and the final tally remains in question, …. our financial institutions generally breathe a sigh of relief,” Quamina noted.

Pointing out that the evidence of the maelstrom would be found in declines of tourism and trade, due to the regions strong linkage with the United states, she nevertheless stated, “I think I can say with confidence that we are holding our collective heads above water.”

Addressing her banking counterparts, Quamina said, “Surival has been our only goal, our membership sets us to do more. We must be relevant, successful creative and innovative all at the same time.”

Source: Barbados Advocate

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