Press Statement re CLICO

Created 02 Feb, 2009
Categories General Press Release
Views: 1780

The Central Bank has taken note of the developments within the Trinidad and Tobago financial system as it relates to the Clico Group of companies.

The Bank as regulator of Clico Mortgage & Finance Corporation, an indirect subsidiary of C L Financial, wishes to assure the public that Clico Mortgage & Finance is a well run organization with assets to support its liabilities.

The Bank’s inspection of the operations of Clico Mortgage & Finance over the years has assured us that the entity is sound.

The uncertainty in the Trinidad market should not be translated into uncertainty in the Barbados market.

This institution has the confidence of the Central Bank and the Bank is prepared to provide liquidity support, if needed. Given the strength of the company’s balance sheet, customers have no need to fear for the safety of their deposits.

Generally, the Barbados banking system remains well capitalized, sound and liquid, and over and above the existence of deposit insurance, the Central Bank remains committed to providing support and inter-bank guarantees to banks under its jurisdiction so as to ensure the continued integrity of the financial system.

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