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Peers unite to recognise work of former governor

11/6/2009

THE Barbados Bankers Association (BBA) has joined with other officials in lauding the work of former Governor of the Central Bank of Barbados, Dr. Marion Williams, who recently retired from the Bank.

“Without the astute leadership and guidance from our regulators, we run the risk of economic turmoil and financial disaster at the level of the individual, as well as at that of entire countries, as we have seen recently,” said Robert Le Hunte, the BBA President.

“Thankful[ly], in Barbados that has not been our experience under your stewardship...with you at the helm of our regulatory body, we have all been better off,” he said.

Le Hunte, who is also CEO of the Barbados National Bank, said that the success of the Barbados financial service sector during the past five years bears out to that fact.

Le Hunte pointed out that the former Governor has been able to combine the theory of monetary policy with real world scenarios in order to deal with the day-to-day issues of banking in the developed world.

“We as bankers and others operating in the financial services sector and all economic sectors in Barbados, have sincerely appreciated your [practicality] and pragmatism in that regard,” he said.

He stated as well, that the stability of the local banking sector is due in large measure to the regulatory framework under which the banks operate and how that framework is managed.

In addition, said that the reputation of a central bank and its governor are extremely important to investors, coupled with its social and political environment with which this country is imbued.

“Investors across all sectors, individual or conglomerates, can and have exhibited confidence in their choice of Barbados as their domicile for their particular investment, whether resident or business,” according to Le Hunte.
Noting that much of that confidence had been because of the Dr. Williams, Le Hunte maintained that with Dr. Williams at the helm of the CBB, there has always been a sense of calm and confidence.

“Your stern though approachable manner, ability to listen actively, discern pertinent information, while conveying the impression that anyone and anything can be discussed with you is an enduring quality,” he said.

“We in the sector will also remember her insistence that we pass on the full reduction of the savings rate to the public in the face of normally compelling reasons [as to] why we should not,” he added.

“We in the BBA have certainly benefited from your guidance over the years, collectively as a body and individually as members. We have appreciated your willingness to entertain alternative points of views while remaining resolute in your convictions,” he added. (JB)

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