The recently concluded 28th inter-sessional meeting of the Conference of Caricom Heads of Government has decided on several different measures to address the impact of de-risking on the regional banking industry.
According to the communiqué issued at the conclusion of the meeting on Friday, the Heads of Government recognized the need for a regional approach and serious action to deal with the challenge posed by the de-risking strategies of the global banks which result in the withdrawal of correspondent banking services.
In considering measures to mitigate the impact of de-risking they recognised the need for continued urgent action to strengthen the integrity of the financial system in Caricom member states and to diminish the perception of the Caribbean as a high-risk region.
“In that regard, they considered the Strategy and Action Plan submitted by the Committee of Central Bank Governors and requested the Committee of Ministers of Finance with responsibility for Correspon-dent Financing to assume the oversight of its roll-out,” the communique explained.