Home' Trinidad and Tobago Guardian : May 25th 2014 Contents A65
May 25, 2014 www.guardian.co.tt Sunday Guardian
CENTRAL BANK OF
TRINIDAD & TOBAGO
Post Office Box 1250 Port-of-Spain, Trinidad, West Indies
Tele: 625-4835, Fax: (868) 623-1955
E-Mail Address: firstname.lastname@example.org
Further to the Central Bank's statement of Tuesday May 20, 2014, providing an update on the progress of the resolution of
CLICO, I assure the company's "traditional" policy holders that the terms and conditions of their policies have not changed at
all. CLICO will continue to pay your monthly pension, honour your health and life claims, renew all group and health and life
contracts, and receive and process your premiums. CLICO will continue to provide you with the same service to which you have
always been accustomed.
The Central Bank's plan for the resolution of CLIC0 has always included the transfer of the "traditional" insurance portfolio to
a third party insurance company and, as such, this group of policy holders was not included in the payout arrangement by
Government, but continued to be serviced by CLICO.
As a first step in the transfer of the traditional portfolio, an independent valuation is being performed in accordance with the
Central Bank Act. Following this exercise, the market will be invited to make offers for CLICO's traditional business through an
open and transparent process. The preferred buyer must meet the regulatory requirements of the Bank, including meeting cap-
ital and "fit and proper" requirements. Once a preferred buyer has been identified, the Bank will follow the transfer scheme
process under the Insurance Act.
The Central Bank is in control of CLICO, pursuant to Section 44D of the Central Bank Act Ch. 79:02 (the Act). This regulatory
action was taken on February 13, 2009, in order to safeguard the interests of policyholders and creditors and to prevent dis-
ruption, substantial damage or impairment of our financial system.
The Central Bank continues to undertake the resolution of CLICO in a transparent manner and I am committed to keeping pol-
icy holders informed on the progress.
OROPA---Enrico Battaglin sprinted to victory on
a tough uphill finish to claim the 14th stage of the
Giro d Italia yesterday as the race hit the first of
the high mountains.
The Italian came from behind to overtake Jarlinson
Pantano in the final 50 metres and edge out Dario
Cataldo on the line after a climb to the sanctuary
of Oropa, the scene of Marco Pantani s memorable
victory in 1999.
Pantano finished seven seconds behind.
"I didn t believe I could do it until the last kilometre.
My legs were at their limits, I was tired too," Battaglin
said. "Then I saw that others too were breaking down.
Then I gained some metres immediately, I gritted
my teeth and I passed them in the last 20 metres.
It is a superb win for me, what a fight."
Rigoberto Uran of Colombia retained the overall
lead but saw his advantage cut on the 164-kilometre
(102-mile) route from Aglie.
Cadel Evans---who wore the pink jersey earlier in
the race---gained five seconds and is now 32 seconds
behind Uran. Rafal Majka is third overall, 1:35 behind.
"We lost a few seconds, but it s no worry," Uran
said. "The team is doing well, I m calm. But the Giro
is still very open."
It was the second of three stages dedicated to Pan-
tani, the Italian cyclist who won both the Giro and
Tour de France in 1998. He was found dead in a hotel
room on Valentine s Day in 2004, and a coroner ruled
he died from cocaine poisoning.
As the Giro entered the final week, the race entered
the mountains and Friday s route had four categorised
climbs including the steep final ascent.
The breakaway of the day was formed of 21 riders
but the peloton were happy to let them go, with none
of the escapees less than half an hour behind Uran
in the overall standings.
The first two weeks of the Giro had been littered
with crashes on wet roads, and even though the day
was dry there was another crash with around 102K
(63 miles) remaining as the peloton went through a
roundabout. No one was seriously injured but
Kanstantsin Siutsou later quit the race.
Pieter Weening---who won the ninth stage---also
retired during the day.
The gap to the breakaway group went up to more
than ten minutes because of the crash but was back
down to 9:29 at the start of the category two climb
up to Alpe Noveis.
And the peloton had gained more than two minutes
at the top of the ascent after a gradient of up to 16
Nicolas Roche escaped from the break on the high-
est climb of the day, up the Bielmonte, which has
a ski station at the summit.
As he crested the top, he had ten seconds on the
remainder of the original break, which was down to
The Irish cyclist was caught on the descent and
Albert Timmer and Manuel Quinziato took over the
lead before the latter had a mechanical problem at
the start of the final climb.
Timmer made an attempt to stay in front but was
caught with 2K (1.2 miles) remaining by Cataldo and
Pantano and dropped shortly after.
Battaglin powered to catch the lead group inside
the final kilometre and he surged forward again on
the cobbled ramps up to the finish.
Strong climbers Nairo Quintana and Domenico
Pozzovivo will be looking to gain more time on Uran
as the Giro stays in the mountains.
Today s 15th stage is mainly flat before another
tough climb up to the finish of the 225K (140-mile)
leg from Valdengo to Montecampione. (AP)
celebrates as he crosses
the finish line to win the
14th stage the Giro
d'Italia, Tour of Italy
cycling race, from Aglie'
to Oropa, Italy,
yesterday. AP PHOTO
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