NEW JBA PRESIDENT ELECTED

William Clarke, Managing Director of Bank of Nova Scotia Ltd., was elected President of the Jamaica Bankers Association (JBA) for the year 2004-2005 at the Annual General Meeting held on Friday, January 21, 2005. Mr. Clarke previously served as JBA President for the period 1999 – 2002 and replaces Raymond Campbell, who did not seek re-election. Patrick Hylton, Managing Director of National Commercial Bank was elected Vice President. Wayne Wray and Pamela Smith. were re-elected to the positions of Treasurer and Secretary, respectively.

New President William Clarke, in outlining his objectives for the year ahead, noted that he was honoured to be elected to serve another term as JBA President and that he greatly appreciated the confidence placed in him by his colleagues. “Being mindful of the influence which the Banking Sector has on the economic well being of all Jamaicans, added Clarke, “I commit to leading the organization so that there is full support of the policies and programs which will ensure that Jamaica's macro-economic indices remain strong ".

The JBA thanks Raymond Campbell for his leadership and valuable contribution to the banking sector since December 2002. During his term in office, he presided over the implementation of the separation of securities trading from deposit taking business within the banking sector, the review & drafting of Capital Adequacy Standards for the securities sector and the launch of the JBA website. He also worked diligently at improving collaboration with the Bank of Jamaica and the Financial Services Commission on industry regulations to foster a vibrant financial sector.

January 24, 2005