Home' Trinidad and Tobago Guardian : June 13th 2014 Contents A23
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Actuary Neil Dingwall has been hired to
advise the Central Bank on the
restructuring and sale of the Colonial Life
Insurance Company (Clico).
He will advise the bank on the review
and development of Clico's operational
plan for its restructuring; preparations for
the offering and sale of the company's
traditional portfolio including the selection
of appropriate matching assets and
splitting of its liability portfolio; and
streamlining the operations of Clico.
In confirming plans to sell Clico's
insurance portfolio last month, Central
Bank Governor Jwala Rambarran had
promised that it would be done in "an
open, transparent" manner, through a
"market-based sale and transfer of its
traditional insurance portfolio to a buyer to
be determined". The Governor said the
"resolution strategy" is entering a new and
crucial stage and this was why it had hired
Dingwall as a special advisor.
Rambarran had said that as part of the
resolution strategy for Clico, the insurance
portfolio was being evaluated by an
independent valuation company.
He said the Central Bank had not
neither engaged with any prospective
buyers or made any decision on the
structure of the portfolio transfer.
Actuary to advise Central Bank on Clico sale
Members of the business community yes-
terday reported an improvement in the supply
of foreign exchange following several weeks
Representatives of the T&T Manufacturers
Association (TTMA), Supermarkets Associ-
ation of T&T, T&T Chamber of Industry and
Commerce and other business groups gave
that positive update yesterday after meeting
with Central Bank Governor Jwala Rambarran
and Larry Nath, president of the Bankers Asso-
ciation of T&T (BATT) yesterday.
However, TTMA CEO Ramesh Ramdeen
said although the group has been given the
assurance of relief, his members will continue
to monitor the situation.
"The framework, that they have given us,
the assurance they are putting in place, tells
us that we should expect some level of nor-
malcy before the end of this month," he said.
Last Friday, members of the business com-
munity voiced concerns about the supply of
US foreign currency saying they were not
pleased with the supply on the market. Ram-
barran and Nath had said then that the supply
would improve by the end of June.
Ramdeen said he has been meeting with
TTMA who indicated that the supply of US
foreign currency had returned to normal.
"They no longer have to go to three and
four and five banks to get money, it is not
back to 100 per cent at this point in time, but
as I said the framework that is in place gives
us the assurance that before the end of the
month, we think that things will normalise."
Ramdeen said the TTMA will be monitoring
the situation closely.
"We are going to track it, we are not going
to take the word of the Governor and Mr Nath
wholesale. We are going to continue to track
it from our end, examine what is happening
on the market," he said.
Gregory Aboud, president of the Downtown
Owners and Merchants Association said his
members felt "encouraged" by Nath s remarks
about the supply of US foreign currency.
"I believe Mr Nath has addressed the ques-
tions which have been circulating and the
doubts and fears which have been so prevalent.
Perhaps the most profound thing which was
said by Mr Nath was that there was no need
for substantiation or documentation for pay-
ment and this was an open free market and
that all needs would be met.
"This is a necessary statement and we are
extremely grateful for the comments and we
are waiting to experience the relief which was
promised," Aboud said.
Forex supply returning to normal
Luis Garcia, shows some
of his company's
products during the
showcase at the Hyatt
Regency Hotel, Port-of-
Spain, yesterday. In the
spotlight were Forza, Klip
Xtreme, Nexxt Solutions,
Nuqleo and Xtech---five
recognised brands of
PHOTO: ROBERTO CODALLO
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