Cabinet Approves Revised Budget to Complete FINSAC Report

Cabinet has given approval for a revised budget of $58.3 million for the completion of the Financial Sector Adjustment Company (FINSAC) Commission of Enquiry Report.

Making the disclosure at yesterday’s (September 13) post-Cabinet press briefing at Jamaica House, Minister of Education, Youth and Information, Senator the Hon. Ruel Reid, said approval was also granted for a recommendation to the Governor-General for an extension of three months to complete the work.

“We agonised over this particular decision, and what was presented to us was the actual amount of files and actual work now to be done, which has been costed independently. On that basis,

Cabinet was convinced that the expenditure could be supported, and we feel, therefore, that this revised budget will finally give us a completed FINSAC report,” he said.

The FINSAC Commission was set up in 2008 to look into the collapse of the financial sector in the 1990s, the operations of FINSAC in relation to delinquent borrowers, and to make appropriate recommendations in order to prevent a recurrence.