Nassau, Bahamas – Paul J.I. McWeeney, Managing Director, Bank of The Bahamas International, wishes to clarify a statement which was published in a local newspaper and aired on a related radio station today, December 16, 2009, with regard to an increase in bank licence fees as announced by The Central Bank of The Bahamas.
The statement implied that Bank of The Bahamas was “unhappy” with a new fee schedule announced by The Central Bank of The Bahamas. That statement did not accurately reflect the Bank’s position.
While no one greets an increase in taxation or fees with open arms, the reality is that Bank of The Bahamas International fully understands and appreciates the need for adequate licencing fees as a source of revenue for the Government of The Bahamas. However, the Bank’s position is that, going forward, the greatest progress will be made with the clearing banks working in concert with the regulatory authorities, including Central Bank in order to assure that changes lead to the improvement of the sector as a whole. With regard to the fee increase, the banking sector’s demands on the regulatory system continue to grow as the nation’s economy evolves and the management of same requires support that must be adequately funded. We wish to make it abundantly clear that Bank of The Bahamas International has no objection to an increase in fees as announced so long as said fees do not impair the clearing banks’ ability to serve Bahamian needs. The Bank will continue to work with all in the sector for the ongoing betterment of the financial services sector.
Paul JI McWeeney, Managing Director