MINISTER MAYNARD SUPPORTS THE BANKING (AMENDMENT) BILL, 2023

Basseterre, St. Kitts, April 5, 2023 (SKNIS): Constituency representative for St. Christopher #3, Honourable Konris Maynard supported the Bill entitled the Banking (Amendment) Bill, 2023 that moved through all its readings in the National Assembly by Prime Minister and Minister of Finance, the Honourable Dr. Terrance Drew on April 4, 2023.

Honourable Maynard said, “St. Kitts and Nevis, unfortunately, finds itself either last or second to last in a number of issues relating to the Eastern Caribbean Central Bank agenda for strengthening our finance sector and sometimes you have to look a little beyond the veil as to why that might be the case.”

“The Act is primarily trying to strengthen the corporate governance framework through the introduction of a few things which are a vetting process for officers and board nominees of its licenses prior to appointment or election,” he said. 

Minister Maynard added that the Bill will usher in what should have been the norm but is now legislated. He stated that it will prevent a situation where an individual who is not in good financial standing or in debt to a financial institution be put in charge to sort out the debt management problems that may have existed.

He added, “I want to commend the Easter Caribbean Central Bank on its efforts to strengthen our Easter Caribbean Union and make us a stable union as it relates to our currency and its currency management. As we seek to strengthen the frameworks of our banking system, we thank them for pushing forward on this agenda and we have given the commitment as the Prime Minister would have mentioned that we would seek not to be last in these things.”

He continued, “We give the commitment to pursue this agenda as most of our Caribbean colleagues have already pursued and so I want to commend the government for bringing this forward and I want those in this House to support the continued transparency and progressive steps to making our economy and our financial sector stronger.”

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