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KINGSTON — Kingston businessman, Aubrey Smith, told the FINSAC Enquiry Wednesday April 27 that he had no outstanding debt with Century National Bank (CNB) when it was taken over in 1996, although he has ended up owing over $15 million in bad debts dating back to his relationship with CNB. Mr. Smith has taken the matter to court, seeking a...

KINGSTON — Minister of Finance and the Public Service, Hon. Audley Shaw, will open the Budget Debate in the House of Representatives April 28, where he will outline how the Government intends to finance the $544.7 billion budget for 2011/12. The presentation will be streamed live on the Jamaica Information Service’s website at: www.jis.gov.jm. Minister Shaw, on April 14, tabled...

KINGSTON — Governor of the Bank of Jamaica (BoJ), Bryan Wynter, says that despite rising world commodity prices, Jamaica's monetary authorities were able to reduce inflation from 13.3 per cent in 2009 to 7.8 per cent last year, a  5.5 percentage points reduction.  He also noted that the 7.8 percent headline inflation for the past fiscal year, was close to...

KINGSTON — Attorney for the commission enquiring into the FINSAC issue and those representing the Jamaican Redevelopment Foundation (JRF) Inc., clashed verbally on Tuesday April 19 over the cross examination of witnesses. The conflict was triggered by the Commission’s attorney, Judith Clarke’s decision to cross examine former National Commercial Bank (NCB) managing director, Jeffrey Cobham, at the end of his...

KINGSTON — Former Managing Director of the National Commercial Bank (NCB), Jeffrey Cobham, told the FINSAC Commission of Enquiry Tuesday (April 19), that some local businesses which wilted under the 1990s financial meltdown, could have had a greater chance of recovery with reduced interest rates. However, he said that while the situation was constantly discussed with then Minister of Finance...

Minister of State in the Ministry of Finance and the Public Service, Senator Arthur Williams, has responded to queries from several media houses about talk of a fourth year of wage freeze. In rejecting the suggestions, Senator Williams emphasized:“There was never any talk of, plan for, nor contemplation of any fourth year of wage freeze”. Senator Williams says that Mr....

KINGSTON — Former head of the defunct Eagle Group of Companies, Dr. Paul Chen Young, has accused the Financial Sector Adjustment Company (FINSAC) of abrogating its duty to protect locally owned businesses in the 1990s, resulting in the life insurance and banking institutions being sold out to overseas interests.  “The wholesale take-over of financial institutions by FINSAC was totally contrary...

KINGSTON — Former Eagle Group chairman, Dr. Paul Chen Young, says it will take many years for Jamaica to recover from the failure of the Financial Sector Adjustment Company (FINSAC) to fulfill its mandate in the 1990s. FINSAC was established in 1996, to plug the losses resulting from the 1990s financial meltdown, which has been blamed primarily on the Government’s...

KINGSTON — Some $722 million is to be expended by the Planning Institute of Jamaica (PIOJ) during the new fiscal year to continue its economic planning activities. As set out in the Estimates of Expenditure, which is before the House of Representatives, the allocation will go towards the funding of a number of programmes being undertaken by the institute. These...

KINGSTON — Accounts lecturer, Anthony Hutchinson, told the FINSAC Enquiry Wednesday April 13 that although he never challenged the right of the Jamaican Redevelopment Foundation (JRF) Inc. to charge interest on his bad debt, he was not sure that it was entitled to do so. “My first issue was to pay off the debt. That interest rate, as unreasonable as...

KINGSTON — Up to 4,000 more Jamaican families will each year have the opportunity to own their dream home, with the assistance of the Jamaica Mortgage Bank (JMB), through its Secondary Mortgage Market (SMM) facility, which was launched Wednesday April 13 at the Terra Nova Hotel, Kingston. The SMM is a mechanism that provides liquidity to mortgage originators by allowing...

$1.15 Billion of $1.84 Billion for GoJ Institutions & Contracts    The Minister of Finance and The Public Service (MOFPS) has issued summary data for waivers approved for the month of February, as set out in the table below. A total of $1,841,789,198.88 waivers was issued, with the bulk ($1,151,291,466.46) going to GoJ-related transactions. Government contracts accounted for $643,054,642.37 of...