Caribbean leaders are of the view that the recent financial problems posed by two companies in the region may have significant implications for policyholders, depositors and investors.

In a statement issued at the just-concluded 12th Inter-Sessional in Belmopan, Belize, the Heads of Government noted the Caribbean financial sector is generally considered to be sound and well regulated with most of the prudential indicators being favourable, including ratios of capital adequacy, liquidity, loan performance, and foreign exchange reserves. Consequently, the assessment at the outset of the global economic and financial crisis was that the Region’s financial sector was fairly insulated from the ravages occurring in the developed countries. It was noted however, that the financial problems posed by the CL Financial Group and the Stanford Group of Companies may have significant implications for hundreds of thousands of Caribbean policy-holders, depositors and investors. Continue reading →