Changes In SVG Banking Sector Bill

A Bill which will see changes to the regulation of the Banking Sector here in St. Vincent and the Members of Parliament is being debated by Members of Parliament today.

Prime Minister Dr. Ralph Gonsalves says the Banking Bill is one of a package of reform requiring urgent action as outlined in the strategy for strengthening the resilience of the financial system of the Currency Union as agreed by the Monetary Council

He says the objective of the reform is to ensure the soundness and stability of the financial system and to facilitate the establishment of a single financial space in the sub region.

In his contribution to the debate in the Bill this morning, the prime Minister outlined the proposed reform measures.
Meanwhile … Opposition Leader Arnhim Eustace said the new Bill provides a better framework in relation to bank supervision