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Our mission is to ensure the safety and soundness of the financial system. We advance and administer a regulatory framework that contributes to public confidence in a competitive financial system.
The need to effectively monitor and understand cross-border banking operations is expounded in Principle 12 and 13 of the Basel Core Principles for Effective Supervision: September 2012. Due to their nature, cross-border operations of international banking groups present unique challenges to supervisors in conducting effective supervision, which are not encountered with solo monitoring.
The Financial Institutions Act Cap 324A (FIA) and the International Financial Services Act 325 (IFSA) provide the Central Bank of Barbados (Bank), with discretionary intervention powers to address identified areas of weaknesses in the financial condition or operational practices of licensees, or their non-compliance with applicable laws, regulations or supervisory instructions. The intervention process is intended to identify areas of concerns early and to minimize potential losses to depositors or other creditors as well as maintain the overall stability of the financial sector.