Bank of Jamaica also released a statement, which gave assurances that its supervised deposit taking institutions, remain adequately capitalized and liquid and that all deposits in their institutions remain secure.
However, development Economist Dr. Chris Stokes is questioning the oversight of the Financial Services Commission (FSC), a self-financing regulatory body that was given wide ranging powers to supervise, investigate and sanction entities falling under its jurisdiction.
Chairman of GK Capital Dennis Chung also dismissed suggestions that Jamaica’s financial systems are in jeopardy. Both economists suggest that a trust deficit with the FSC can be avoided if the entity is transparent in its communication on the breakdown at SSL.
Watch the full report here:
Reporter: Javine Mclean
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