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Feb 1, 2016

High-Level Delegation Returns from Washington

Dean Barrow

With the loss of some existing correspondent bank relationships, the country is facing what Prime Minister Dean Barrow has called an existential threat and a potentially huge crisis. To stave off that threat, the PM headed off to Washington last week, accompanied by Financial Secretary Joseph Waight, Governor of the Central Bank Glen Ysaguirre and Ambassador Mark Espat. The high-level delegation is back, but with what news? Well, following a press briefing called by the PM this morning, the news is that the Belize jurisdiction appears to have received high marks from all U.S. regulatory agencies.

 

Prime Minister Dean Barrow

“We met firstly with the Office of the Controller of the Currency, the OCC and we met with the head of that office, the Controller of the Currency Mr. Thomas Curry. One of the reasons we met with that office is because the OCC is regulator for thousands of banks including a small bank out of New York that was doing one aspect of the correspondent banking business for us. That bank has indicated that it will be pulling out in the not so distant future. We wanted to be absolutely certain that it is not pulling out because of any pressure brought upon it from the OCC as its regulator. We were very pleased to get the confirmation from the OCC that it didn’t even know of the particular bank we’re talking about that is now saying it will pull out. It’s a small bank and the OCC regulates thousands of banks. The name was not immediately recognizable to them. They gave us the assurance that if that little bank is pulling out it cannot be as a consequence of anything said to it, hinted to it, signaled to it by the OCC suggesting that well there is something a little bit shaky about the Belize jurisdiction and you might want to consider your options…absolutely not. The OCC said we don’t do that in any case, and even if we did there would be no reason to do it in this instance because there is nothing wrong with the Belize jurisdiction, there is nothing wrong with the Belize banking sector.”

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3 Responses for “High-Level Delegation Returns from Washington”

  1. Spike says:

    With all the ways Belize is deteriorating, I don’t blame banks or anyone else for pulling out.

  2. Primary Thief, Ali BaBarrow says:

    “there is nothing wrong with the Belize banking sector.”

    absolutely, this was a government payed junket to the US to buy clothes and liquor.
    These clowns in the US mean nothing to us. We are golden, best of the best.

    Patty says hilarious, I say hilarious, you say hilarious.

    Now the Belize financial system another story, soon I will pass a constitutional amendment to fix it.
    Thieves are masters of manipulating trust, we can find the suckers.

  3. Primary Thief, Ali BaBarrow says:

    Forgot to ask, how was the visit to the White House?
    Too low level? not enough time? You turned down Obama?
    hilarious!!

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