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KINGSTON — The Jamaica Deposit Insurance Corporation (JDIC) continued on a steady growth path during the 2009/2010 fiscal year, with its Deposit Insurance Fund (DIF) achieving $6.6 billion at the close of the period. This represented a 28 per cent increase, up from $5.1 billion in the previous financial year. As set out in the JDIC's annual report, which was...

KINGSTON — Former Minister of Water and Housing, Dr. Karl Blythe, says that while the National Commercial Bank (NCB) might have been “too big to fail”, after the 1990s meltdown, it should have been offered to the workers and the public, after the removal of the bad debts. “My concern was, having agreed that the National Commercial Bank was too...

KINGSTON — Former People’s National Party (PNP) Member of Parliament and Minister of Water and Housing in the 1990s administration, Dr. Karl Blythe, on Thursday July 14, 2011 urged the FINSAC Enquiry to determine if all FINSAC debtors were treated equally. Dr. Blythe said that the critical point in the Commission’s terms of reference was to determine whether or not...

KINGSTON — A Parliamentary Committee has been set up to review the Government's proposals for tax reform, which are slated to take effect on January 1, 2012. Leader of Government Business in the House, and Minister of Education, Hon. Andrew Holness announced the committee members at yesterday’s sitting of the House of Representatives. Chaired by Finance Minister, Hon. Audley Shaw,...

Attorney for the Jamaican Redevelopment Foundation (JRF), Sandra Minott-Phillips’ late objection to the appearance of former Minister of Water and Housing, Dr. Karl Blythe, at the FINSAC Enquiry on Thursday July 14, 2011, was sternly rejected by the Commission on Tuesday July 12, 2011. Mrs. Minott-Phillips objected on the grounds that the Commissioners had already rejected calling former Prime Minister,...

KINGSTON — The Financial Sector Adjustment Company (FINSAC) says it is awaiting advice from the Attorney General’s Department on how to respond to a new appeal for leniency from former Century National Bank (CNB) boss, Don Crawford. In a statement on Tuesday July 12, 2011, General Manager of FINSAC, Errol Campbell, reiterated that following representations from Mr. Crawford, the matter...

KINGSTON — Former Minister of Water and Housing, Dr. Karl Blythe, will appear before the FINSAC Commission of Enquiry at the Jamaica Pegasus Hotel, New Kingston on Thursday, July 14. Dr. Blythe is expected to answer questions from the Commission’s attorney, Judith Clarke, as well as attorney for several of the debtors, Anthony Levy, all day and could return, if...

KINGSTON — Minister of Finance, Hon. Audley Shaw, is challenging banks to “step up to the plate” in assisting Government efforts to enhance investment and grow the economy. While commending achievements in the commercial banking sector, he urged the institutions to become more flexible and creative in dealing with investors, including pointing them to cheaper government funds. “As persons come...

MANDEVILLE — Minister of Finance and the Public Service, Hon. Audley Shaw, says that the reduction in the crime rate has led to encouraging signs of growing business confidence, which will ultimately result in economic growth. “Business confidence is on the rise, not because of what the Ministry of Finance alone is doing, or other arms of Government are doing,...

KINGSTON — Minister of Finance, Hon. Audley Shaw, says he will meet with the International Monetary Fund’s (IMF) new Mission Chief, Luis Breuer on Wednesday July 13, 2011, to discuss all outstanding issues to be considered by the IMF Board for the December and March quarter reviews. He was speaking today at the official launch of the Royal Bank of...

KINGSTON — The Financial Sector Adjustment Company (FINSAC) has denied charges made by businessman Keith Foote that his penthouse apartment at Fisherman’s Point in the fabulous Turtle Beach area of Ocho Rios, was undersold in 2002 to help pay his debts arising from the 1990s meltdown. FINSAC's current General Manager, Errol Campbell, agreed with the suggestion put forward by the...

KINGSTON — Minister with responsibility for the Public Service, Senator the Hon. Arthur Williams, says he is committed to the mission of “bringing a well-defined package of solutions” to address the issues that currently affect the public sector. Senator Williams, who was recently promoted to his current position, now has the responsibility to drive the process in creating a transformed...