Inland Revenue Division Grenada - Insurance and Banking sectors discuss current economic issues with Ministry of Finance

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Insurance and Banking sectors discuss current economic issues with Ministry of Finance

Thursday, 20 April 2006

St. George’s, Grenada, Thursday, April 20, 2006:

The Ministry of Finance held its first quarterly meeting for 2006 with the insurance sector and the commercial banks on Thursday April 13, 2006 and Wednesday April 19, 2006, respectively.

At both meetings, Acting Deputy Permanent Secretary, Mr. Mike Sylvester made a presentation on the current state of the economy. Mr. Sylvester informed the meetings that Government is closely monitoring the changes in the international economy, which can significantly impact on the performance of the domestic economy, as the basis for the implementation of appropriate and timely corrective measures.

Other issues discussed at the meeting with the insurance companies included the Draft Uniform Insurance Bill and statutory deposits.

With regards to the commercial banks meeting, discussions also focused on the Banking Act and the Grenada Authority for the Regulation of Financial Institutions (GARFIN) which will be tabled at the next sitting of Parliament on April 21, 2006. The Bankers also received a presentation on a new computerized system for the Lands and Deeds Registry. The presentation was made by the Registrar, by Mr. Robert Branch.

The Insurance and Banking sectors fall under the jurisdiction of the Ministry of Finance and quarterly meetings are held to deal with the matters that are pertinent to the sectors.

Ministry of Finance and Planning
(473) 435-0057

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