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Health Check: Barbados’ Financial Services Sector

Carlon Walkes and Melissa Burrowes, representatives from Barbados’ two financial regulators, the Central Bank of Barbados and the Financial Services Commission, recently took part in a roundtable discussion on the 2018 Financial Stability Report, a joint publication by the two organisations, which examines the soundness of the local financial system.

Dubbed “Health Check: Barbados’ Financial Services Sector”, the hourlong forum explored the impact of last year’s domestic debt restructuring and the implementation of the IFRS 9 accounting standard on the stability and profitability of Barbados’ financial services sector. It also touched on other issues affecting the sector, such as increases in non-performing loans, excess liquidity in the system, and the need for more investment opportunities for the sector.

In addition to Walkes and Burrowes, the panel included Donna Wellington, President of The Barbados Bankers Association, Anthony Pilgrim from the Barbados Cooperative and Credit Union League, and Sagicor Life Inc’s Ed Clarke, who represented the insurance sector. Novaline Brewster, Chief of Corporate Communications at the Central Bank and Dr. Winston Moore, professor of Economics and deputy principal of the University of the West Indies, Cave Hill, moderated the discussion.

Health Check: Barbados' Financial Services Sector