| Bankers
meet with BOJ Governor on new Special Deposit Requirements
January
13, 2003
Members of the Jamaica Bankers Association met today with
the Governor and other representatives of the Bank of Jamaica
to discuss their concerns regarding the requirement that banks
place 5 % of their prescribed liabilities as a Special Deposit
in cash at the Bank of Jamaica as of Friday, 10th January, 2003.
JBA President Raymond Campbell, speaking on behalf of the Association,
said, “ We were able to clarify important operational matters
in order to comply with the Ministerial Order to place monies
on Special Deposit. We wish to go on record that we support the
regulators’ desire for more orderly money and foreign exchange
markets.
We also discussed in the meeting our concern that other financial
institutions not regulated by the central bank are able to take
deposits without the requirement of prudential reserves and thus
place our members at a competitive disadvantage. We understand,
however, that the Governor and his staff have this matter on their
agenda and are collaborating with other regulators and the Ministry
of Finance to address it.”
The Jamaica Bankers Association represents the interests of the
country’s six commercial banks and eight merchant banks
on policy matters. |
