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Free to borrow

Free to borrow

Barbados now has access to over US$500 million in financing from the Latin American Development Bank (CAF) following a decision by the island to acquire more shares in the institution. This was revealed today by Minister of Finance Chris Sinckler as he led off debate on the Latin American Development Bank Amendment Bill 2017 in the House […]

Shame on the bankers, cries Clarke

Shame on the bankers, cries Clarke

Chief Executive Officer of the Caribbean Credit Bureau (CCB) Grady Clarke has launched a verbal attack on the Barbados Bankers’ Association (BBA), saying it should stay out of the credit bureau business and stick to banking. Clarke has also strongly hinted at moves to stop to the association’s plan to have an international credit bureau […]

RBC to close Six Roads branch

RBC to close Six Roads branch

RBC Royal Bank is closing its Six Roads, St Philip branch, transferring the services to the Broad Street, Bridgetown branch.    Managing Director Robert de Silva told Barbados TODAY in a statement via email that the decision was taken to merge the two branches “after careful consideration” and “as part of managing our business”. It […]

Credit bureau nearly a reality – bankers body

Credit bureau nearly a reality – bankers body

Barbadians could soon get to check their credit scores, with the Barbados Bankers’ Association (BBA) announcing that the long-awaited credit bureau was one step closer to becoming a reality. However, as the BBA mulls over which international provider will get the proposed contract, the Barbados-based Caribbean Credit Bureau (CCB) Limited has raised an objection, saying […]

Stephen: Tax clearance issue must be addressed

Stephen: Tax clearance issue must be addressed

Economist Jeremy Stephen is warning that if the commercial banks’ concern regarding the tax clearance certificate was not addressed as quickly as possible it could have “quite serious” and far-reaching effects. Just Tuesday, President of the Barbados Bankers Association (BBA) Donna Wellington warned that until there was clarification on the process of obtaining a tax […]

Won’t be bullied

Won’t be bullied

Describing as “unfortunate and unwarranted”, the decision by commercial banks to suspend over 300 real estate-related transactions estimated at more than $200 million, Minister of Finance Chris Sinckler Wednesday accused the financial institutions of finding every practical reason to oppose the changes made to the Barbados Revenue Authority (BRA) Act. In a stinging rebuke of the […]

Banks have a right to refuse slot machine cash – BBA

Banks have a right to refuse slot machine cash – BBA

Commercial banks here are making it clear they will not risk their relationship with corresponding banks around the world to satisfy slot machine operators. President of the Barbados Banking Association (BBA) Donna Wellington today defended the rights of the financial institutions to refuse large deposits from these operators. “Each bank currently enjoys cordial relations with […]

$200m holdup

$200m holdup

Commercial banks have had to suspend over 300 real estate-related transactions estimated at $211 million due to a “lack of clarity” on the processes involved in the issuance of a tax clearance certificate by the Barbados Revenue Authority (BRA). And President of the Barbados Bankers’ Association (BBA) Donna Wellington has warned that until there was […]

Central Bank tightens monetary policy

Central Bank tightens monetary policy

Come the middle of June commercial banks operating here will have to hold a higher percentage of Government bonds and other promissory certificates than they currently do. Acting Governor of the Central Bank of Barbados Cleviston Haynes today announced changes to the monetary policy as Government seeks “to address the situation of the size of […]

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