CaribWorldNews, GEORGETOWN, Guyana, Tues. May 26, 2009: CARICOM finance ministers agree there must be a regional solution to the problems caused by the financial meltdown of the CLICO Financial.
The ministers made the determination following a meeting of CARICOM Finance Ministers and Financial Services Sector Regulators Monday, as they sought to resolve difficulties arising in the Caribbean insurance and banking sectors following the collapse of CLICO and the British American Insurance Company (BAICO).
At the meeting held on Monday at the Hyatt Regency Hotel, Port of Spain, Trinidad and Tobago, under the chairmanship of Ralph Gonsalves, prime minister and minister of finance of St Vincent and the Grenadines, the ministers said the protection of policy and share holders and the need to ensure that the companies remain the main concerns.
They also agreed that urgent action has to be taken to prevent a systemic financial crisis. CLICO Trinidad collapsed in February, triggering a region-wide fall-out through its many arms across the Caribbean.